The entire world is affected by coronavirus pandemic. Many countries are in total lockdown, due to this the economic condition has deteriorated substantially. There are many people facing issues like unemployment. There will be layoffs to cut off expenses. But things will come back to normal and we will surely fight back with this coronavirus and also the economy. The government will surely restructure the policies and economy for the betterment of its people. Some industries are least affected by the recession. There are many industries that will see huge growth in the coming years. Let us check the fastest growing industries to start a business.
1. Digital Marketing
Digital Marketing will surely rule the world soon. Things have already started taking shape with the use of internet media and electronic devices. India has more than 110 million cellphone internet users and moreover 25 million are in rural areas. Currently, the digital marketing industry in India is worth of whooping $6 billion. This market will soon touch $7.8 billion.
2. Healthcare
Healthcare industries comprise hospitals, clinical trials, telemedicine, health insurance, medical devices and equipment, outsourcing, and medical tourism. As per the India Brand Equity Foundation (IBEF), the healthcare sector in India is expected to reach US $280 billion which is approx INR 19,56,920 crore. Moreover, Health insurance is gaining popularity in India and now people are keen to take health insurance in India. The advanced technologies are coming for treatments.
3. Ed-Tech
The ed-tech industry is the education industry advanced with the technologies. The companies that are working for education comes under the Ed-tech industry. No economic breakdown can stop children a better future. Ed-Tech is the fastest growing industry globally. As per the study by KPMG, the ed-tech industry that includes the reskilling industry and online certification is estimated to be $463 million until 2021.
4. Gaming
Do you know India is among the top 5 countries in the world for mobile gaming? India will soon be in the top 3. According to the reports, about 500 million people in India play video games daily. The gaming sector is expected to reach a whopping figure of INR 11,900 crore by 2022-23.
5. FinTech
FinTech is a technological innovation in the financial sector. The companies that use these technologies to provide financial services to consumers or businesses come under FinTech. Digital payments have become mainstream in the Indian market. The FinTech industry will expand to education and insurance as well. As per the Deloitte and CII Vision 2020 report, India is soon becoming a digital economy with over a billion mobile phones, over 330 million internet users, and around 240 million smartphones.
These are the fastest growing industries to start a business. Which industry surprised you the most? Let us know in the comments below.
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