Thanks to the new technologies which constantly change the world, here are twelve of the fastest growing industries.
As the world becomes increasingly advanced and interconnected, new sectors must keep up with the latest demands. From biotechnology to artificial intelligence, we count down twelve of the fastest growing industries.
Cyber security
The global cybersecurity market is expected to grow from $149.46 billion in 2019 to $152.21 billion in 2020 at a compound annual growth rate (CAGR) of 1.83%. The slow growth is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities that led to decline in the bottom line. As a result, companies' budgets for cybersecurity software is expected to decline. The market is then expected to recover and reach $208.28 billion in 2023 at CAGR of 11.02%.
EdTech
The ed-tech industry refers to the education industry advanced with technology. Technology companies working in the field of education comes under the ed-tech 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.
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 $7.8 billion. Moreover, India has 110 million mobile internet users of which 25 million are in rural areas.
FinTech
‘Fintech‘ is a term used for technological innovations in the financial sector. In simple words, it refers to companies or services that use technology to provide financial services to businesses or consumers. As far as the Indian market is concerned, digital payments have become really mainstream and the industry alone has a lot of players in the market. Fintech industry may expand to many other articles and may soon include insurance and education as well. As per Deloitte & CII’s Vision 2020 report, India is speedily heading towards becoming a digital economy with over a billion mobile phones, 330 million internet users, and 240 million smartphones.
Healthcare
Healthcare comprises hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance, and medical equipment. According to IBEF, the Indian healthcare sector is expected to reach Rs 19,56,920 crore (US$ 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).
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. According to experts, about 500 million people in India play video games daily. While games like PUBG, FreeFire and Call of Duty are popular among the action-loving youngsters, online Rummy and Poker get much more attention from the people above 35.
Online Grocery Sales
The Online Grocery Sales industry has grown rapidly as online shopping has increased, and thus, industry services have substantially improved. Over the five years to 2020, domestic consumers' affinity for the internet has driven industry growth. Broadband connections and per capita disposable income have increased, aiding robust revenue increases. Therefore, industry revenue has grown at an estimated annualized rate of 24.1% to $27.0 billion over the five years to 2020. Moreover, due to intensified consumer health concerns amid the COVID-19 (coronavirus) pandemic in 2020, Online grocery sales expects revenue to increase 72.7% in 2021 alone as consumers opt for contactless delivery offered..
e-Commerce
The fast-growing e-commerce market in the country will touch $84 billion in 2021 from $24 billion in 2017 on account of a healthy growth in organised retail sector, a report said. A fast-growing economy and robust demographics provide a positive outlook to the consumer businesses in India, according to a report by Deloitte India and Retail Association of India.
Video Conference solution
Email may be quick and easy but nothing beats the power of face-to-face meetings. In fact, meeting face to face is 34 times more successful than email communication. With more employees working remotely, traveling and enjoying flexible schedules, the need for more personal conversations can really only be done with video conferencing software. Fortunately, there’s a huge market full of endless options for different types of video conferencing software. Currently the market is lead by companies which includes zoom, microsoft teams, gotomeeting, Skype, webex, eztalks, starleaf. The industry will grow compound by 200% is the expert prediction.
Food delivery service
This report provides the strategists, marketers and senior management with the critical information they need to assess the global online food delivery services market. The global online food delivery services market is expected to grow from $107.44 billion in 2019 and to $111.32 billion in 2020 at a growth rate of 3.61%. The slow growth in 2020 is mainly due to the economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to grow and reach $154.34 billion in 2023 at CAGR of 11.51%.
Accreditation for Businesses
Certification is an endorsement of quality. In the fast growing digital world, we need value and trust in the market place. Accreditation is an essential service required to automate your business, regulate your process, increase customer base and revenue, build confidence and trust among your customers and clients. Certification for Digital standards like OACORDe is expect to grow 200% in 2021.
Video streaming
2019-2020 Revenue Growth is 24.0%. The Video Streaming Services industry is booming as entertainment is being delivered to consumers in new and innovative ways. Industry operators provide infrastructure for customers to watch videos via the internet. Video streaming services generate revenue through paid subscriptions, video-on-demand transactions and paid advertising. Demand for industry services hinges upon the quality and variety of content available on a streaming platform, in addition to its price and accessibility. The number of consumers that have cut the cable and transitioned to use of one or more industry services has increased sharply over the five years to 2020. In 2021, the industry is expected to grow 300% as per study.
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