The current economic conditions due to the coronavirus have deteriorated considerably. However, there is still hope that we will come out of it stronger. For that, we will have to emphasize on restructuring our economy and making policies for its betterment.
Keeping that in mind, we bring you the top 5 industries that are bound to see growth in the coming years.
1. Ed-Tech
The ed-tech industry refers to the education industry advanced with technology. Technology companies working in the field of education comes under the Edtech industry. It is one of the fastest-growing industries globally.
The Indian market is particularly big on the ed-tech front as the culture has always been inclined towards education. Many companies like Byju’s, Edukart, Zeus Learning, etc. have been doing pretty well since they established.
As per a study conducted by KPMG, the estimated market size for the ed-tech industry i.e. online certification and the reskilling industry is estimated to be $463 Mn (2021) growing at a CAGR (compounded annual growth rate) of 38% since the year 2016.
2. Digital Marketing
Digital marketing encompasses all marketing efforts that use an electronic device or the internet. The digital marketing industry in India is worth more than $68 billion. Advertising via mobile phones and tablets rose to 200 percent, which is $6 billion. This market is estimated to soon touch $7.8 billion. Moreover, India has 110 million mobile internet users of which 25 million are in rural areas.
3. FinTech
‘Fintech‘ is a term used for technological innovations in the financial sector. In simple words, it refers to companies or services that use technology to provide financial services to businesses or consumers.
As far as the Indian market is concerned, digital payments have become really mainstream and the industry alone has a lot of players in the market. Fintech industry may expand to many other articles and may soon include insurance and education as well.
As per Deloitte & CII’s Vision 2020 report, India is speedily heading towards becoming a digital economy with over a billion mobile phones, 330 million internet users, and 240 million smartphones.
4. Healthcare
Healthcare comprises hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance, and medical equipment.
According to IBEF, the Indian healthcare sector is expected to reach Rs 19,56,920 crore (US$ 280 billion) by 2020. Rising income level, greater health awareness, increased precedence of lifestyle diseases and improved access to insurance would be the key contributors to growth. Health insurance is gaining momentum in India. Gross direct premium income underwritten by health insurance grew 17.16 percent y-o-y to Rs 32,683.55 crore (US$ 4.68 billion) in FY20 (up to November 2019).
5. Gaming
India is already amongst the top five countries in the world for mobile gaming and it’s soon to be amongst the top three. As per a few reports, the sector is expected to reach a figure of Rs 11,900 crore by FY 2022-23.
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According to experts, about 500 million people in India play video games daily. While games like PUBG and Call of Duty are popular among the action-loving youngsters, online Rummy and Poker get much more attention from the people above 35.
