The business sector of India is rapidly changing especially Post Covid with the new government and its approach like “Make in India” policies and making India self reliant policies which promote the growth of Infrastructure and developmental activities in India. At present, India is the fifth-largest economy in the world. Some industries can help the country emerge as a major player in the field of trade and commerce in the years to come.
Here we take a look at some of the hotshot industries in India and how well are they doing:
The healthtech sector in India received funding of $586.93 Mn last year. The healthtech market in the country is likely to grow to $373 Bn by 2022. Some of the famous startups in this sector include Practo, PharmEasy, and CureFit. The rise in population, instability in the environment, and changing lifestyles of the people are causing new diseases to appear.
To deal with such diseases and concentrate on mass scale solutions, the government is attempting to boost technology and automation in the country’s healthcare sector. The healthcare industry in India is growing by leaps and bounds due to the greater use of technology, better connectivity, and improved healthcare policies. This sector is expected to grow three times to Rs 8.6 billion by the year 2022.
Over the last few years, India has been experiencing a boom in the fintech industry and is the second-largest fintech hub in the world. The fintech sector received gross funding of $3.18 Bn in 2019. Some of the leading fintech companies in the country include Cred, Google Pay, PhonePe, and Paytm. The sector has been a hot sector for startups for years and is one of the most lucrative domains for business in the country. The digital; payment space here is going to have interesting times since WhatsApp is launching its payment services in phases.
According to the Vision Report of Deloitte and CII, India is going to become a digital economy with more than a billion mobile phones, 240 million smartphones, and 330 million internet users. B2B startups are also coming up in the fintech domain. Other domains where fintech businesses are venturing into this year including offering insurance to people and education. Experts believe that competition in the industry will intensify this year. But, fintech will continue to be one of the fastest-growing industries in Asia’s third-largest economy.
Between 2014-2019, investments worth $1.8Bn were made in the ed-tech startups in the country. The test preparation sub-segment has the highest capital inflow and demand within the country. India’s economic growth in the technology domain has also boosted the demand for skill development related solutions. India is a market where there is a lot of emphasis on education. Most guardians want their wards to go for higher education and therefore, are willing to pay for these services.
According to a study done By KPMG, the estimated size of the online certification and reskilling industry in India will be $463 Mn(2021). It is growing at 38% CAGR (compounded annual growth rate) since 2016. The major theme and benefit of the ed-tech industry are inclusion and personalization.
Companies in India tend to have poor data security. However, in recent years, the BOYD (Bring your own device) work culture is gaining popularity in many offices across the country. The greater the amount of time people spend on the internet, the more vulnerable they are to data breaches and violations of their digital privacy.
Because of scandals such as Cambridge Analytica, companies are now are of the risks they are exposed to. Data privacy breach makes data security a lucrative area where it is worth investing. As per a PwC report, the cybersecurity market in the country is likely to grow from $1.97 billion in 2019 to $3.05 billion by 2022.
The world has changed for all of us, whatever were the forecasts, plans, estimates and projections until 2019 has all gone for a toss in 2020. This year has turned the world upside down and therefore everything in it, the people, the work, the nature, the industries. We all have to prepare ourselves to see the unseen and unimaginable now. These industries are just a few and minor things in the ocean of changes we are about to welcome.
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