The recent pandemic did not halt India’s incredibly fast-growing economy, but it did make a dent. Many businesses found a way to prosper in the changing business landscape, opening additional sites, branches, and other ways to adapt.
-
- 3 minute read
The country has long been known for its burgeoning manufacturing and technology industries, which have become helpful in recent years as many enterprises have had to close. Many others have worked out how to expand their businesses and attract an audience stranded at home due to a medical crisis. As a result, there is a lot of buzz about all industries taking over the market in the coming year. With the new normal now in place, one needs to look keenly at the dynamic changes in the industries.
Here are some of the top industries that will be trending in India by 2022:
Edtech
The emergence of Covid-19 provided India’s academic technology (“EdTech”) sector with a once-in-a-lifetime chance. The regular face-to-face connection between a teacher and pupils suffered a major setback, and a radical change to the unusual online learning style occurred practically instantly. This shift propelled the EdTech business into the forefront, and it acquired the necessary financial and legislative encouragement to grow in the fiscal year (FY) 2021-2022. The EdTech sector’s stratospheric expansion is evidenced by a significant inflow of funds, acquisitions, and the formation of new start-ups in the preceding fiscal year.
Ecommerce
Despite the outbreak of the Covid-19 pandemic, India’s e-commerce growth slowed dramatically in 2020. However, projections for this year and forecasts through 2022 suggest a strong increase before leveling out until 2025. According to research from GlobalData, a London-based reporting, and analytics firm, e-commerce revenues will expand at a percent per annum (CAGR) of just over 18 percent between 2021 and 2025, reaching $120.1 trillion (or Rs 8.8 trillion). The e-commerce channel is presently on a fast-rising trend, according to card payment rates and GlobalData’s e-commerce statistics (see chart below). Between 2017 and 2020, the economy’s growth dropped from about 30% to just over 12% the year before.
Fintech
This might not be new, but the tech industry’s evolution has resulted in new forms of professions and services. Financial apps, for instance, became one of the most prominent start-up sectors last year, according to Statista. With the growth of mobile, a large portion of the population has begun to depend on digitalization for day-to-day tasks. Although previous people have resisted adopting a digitally advanced lifestyle, many have been forced to learn how and where to pay bills and manage their finances using smartphone applications rather than a computer in 2022. As a result, hundreds of new applications are added to the app store every day, including apps that collect payments and make it easy to make payments.
Digital & Social Media Marketing
Many organizations are figuring out how to remain appealing in the electronic era, especially to the proliferation of smartphones. As a result, the number of young individuals pursuing jobs in branding and understanding methods to become marketing specialists has increased dramatically. In addition, now that having a social media presence is necessary, a massive burgeoning sector will continue to generate money as older firms turn to younger advertising to remain ahead in the marketplace.
Online Gaming
Gaming has become a very popular and successful sector in India due to technological advancements in internet access, mobile phone usage, and video game consoles. More gaming businesses are opening up and generating better, higher-quality games as gamers focus on streaming live broadcasts on YouTube and Stutter. Similarly, the internet gambling sector has continued to expand in this regard, with justgamblers.com noting that 15 new websites have launched in the last year alone.
AI & Automation
AI software, such as Amazon’s Alexa and Google hubs that rely on voice activation to execute different functions, is now available to more households than ever before. This has opened up India and fostered the establishment of comparable local enterprises specializing in developing this technology, consolidating it to make it simpler to use, or even experts with the know-how to repair it. Restaurants and other companies are also adopting automation, from ordering meals from a menu to replacing employees with trained robots. Economists predict that additional employment in programming, maintenance, and other related fields will emerge as this business grows.
Pharma With Digital Healthcare
The pandemic also wreaked havoc on the healthcare business. Patients who regularly visited their doctors were suddenly unable to and had to rely on video conferencing with their medical providers. In addition, it became difficult to obtain medicine because many pharmacies were closed and had reduced personnel. At the same time, the healthcare system was overburdened. This has sparked a tech transformation in the medical business worldwide, particularly in India, where digitization has become a need due to the country’s massive population. This opened the door for new businesses to enter the market, such as those that assist hospitals in effectively storing and processing patient information, transfer papers, and arranging meetings and other services. According to Nidhi Jain, President of KareXpert, in a discussion on financialexpress.com, these healthcare technology enterprises will continue to grow into a trillion-dollar sector.
For more information on trending industries, head over to PayU India.
