What industries should excite you in 2020?
Are you planning to start your new business venture?You must be wondering if you have your eye on the right industry or not?Starting your own business is not easy. There are so many things to consider, from market demand to competition, but it will all be worth it. To help you drive the wheel towards the road to success, we’ve rounded up 5 fastest growing industries to start your business in 2020:1. Ed-tech
- From 2014 to 2019, more than $1.8 Bn has been invested into Indian ed-tech startups.
- The sub-segment of test preparation has the highest capital inflow & the greatest demand in India.
- India’s tech economy growth has also pushed the demand for skill development solutions.
- Test Preparation (from k-12 to entrance exams)
- Online Certification
- Skill Development
Fundamentally, India is one such market where there is a lot of focus on education. Most parents aspire to see their children aim high in education, and hence, people are willing to pay for these services.
- 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.
- The key theme and major advantage for the ed-tech industry is: Personalisation and Inclusion
Data Points for the Industry:
- Indian Health-tech sector recorded a total funding of $586.93 Mn in the year 2019
- Indian healthcare market to be valued at $372 Bn by 2022.
- Some of the popular healthtech startups are CureFit, PharmEasy, Practo, etc.
- Indian healthcare industry is growing at tremendous pace and is considered as one of the fastest growing industry due to increased penetration of technology, improved connectivity and enhanced healthcare policies.
- Indian healthcare market is expected to grow threefold to Rs.8.6 trillion by 2022.
3. FinTechData Points for the Industry:
- India is experiencing a ’FinTech Boom’ by emerging as the world’s second largest fin-tech hub.
- Indian Fintech sector received a total funding of $3.18 Bn in the year 2019
- Some of the popular Fintech companies are Paytm, PhonePe, Google Pay, Cred, etc.
, the global messaging app, is coming in a phased manner with its payment services.What’s the upside of FinTech industry in India?
- 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.
- B2B startups in FinTech industry are climbing the ladder
- Some of the other areas where Fintech businesses are moving in 2020 includes taking insurance to the masses & a new wave of Fintech in education.
Data Points for the Industry:
- Smartphones accounts for a majority of online gaming revenues in India
- India fantasy sports operators witnessed a 7 times growth since 2016, while the user base grew 25 times in India
- 250 Mn online gamers and game developing companies were recorders in the year 2018, while the numbers were 20 Mn and 25 Mn, respectively in 2010.
- Gaming industry was estimated at more than $150 Bn in 2019, and this figure is anticipated to grow to nearly $200 Bn by 2022, with a CAGR of over 9%.
- The impact of mobile gaming is nowhere more evident than in India, where it always has always been considered a niche form of entertainment.
5. Data SecurityData Points for the Industry:
- The Indian business ecosystem’s poor data security is no secret
- The BYOD (Bring your own device) work culture is now prevalent across many offices and workplaces in India
- India business & enterprises don’t have adequate visibility into their cybersecurity health
- Data privacy breach makes Cyber Security one of the fastest growing industries and creates endless opportunity for entrepreneurs and business owners willing to bet on cybersecurity and data protection as a business.
- According to a report by PwC, the cyber security market in India is expected to grow from USD 1.97 billion in 2019 to USD 3.05 billion by 2022, at a CAGR of 15.6%