You need to have an idea about the best industries to start a Business 2020 if you are thinking of starting a business for the first time. You also need to consider factors like demand and competition, so that you have a profitable business in the long run. Though there are numerous business ideas, it can be difficult for you to choose the right one.
Here is a list of the top 5 fastest growing & some of the best industries to start a Business 2020.
- Ed-Tech
Ed-Tech refers to education technology and it is one of the fastest-growing industries in the world today. With the emergence of e-learning, the ed-tech industry has received a major boost.
As per findings, the Indian ed-tech startups have received an investment of $1.8 Bn between 2014 and 2019. Test preparation, online certification, and skill development are the subsectors in this industry with test preparation having the highest demand and capital inflow. So if you are passionate about imparting education, this can be an obvious choice for you.
- Healthcare
The healthcare industry in India is growing tremendously. Changing lifestyle, environmental instability, greater health awareness, the emergence of new diseases, easy access to health insurance, and penetration of technology has played a key role in its growth.
As per findings, the healthcare market in India is expected to reach Rs. 8.6 trillion in 2022. In FY20, the health insurance sector has witnessed a growth of 17.16%(amounting to Rs. 32,683.55 crores) in gross direct premium income.
- FinTech
FinTech stands for financial technology and India is being considered as the world’s largest fintech hub. FinTech companies make use of technology for providing financial services to individuals and businesses. The digital payment system in India is set to witness further growth because WhatsApp, the global messaging app, is about to launch its payment services.
According to Deloitte & CII’s Vision Report 2020, India is set to become a digital economy with 330 million internet users and 240 million smartphones. In 2019, the Indian FinTech sector has collected funds worth $3.18 Bn.
- Gaming
India is one of the top five countries in the world when it comes to the mobile gaming market and very soon it is going to be in the top three slots due to the increasing number of smartphone users. The gaming industry occupies a major part of the entertainment sector.
The gaming industry is expected to reach around $200 Bn in 2022 with a compounding annual growth rate (CGAR) of more than 9%.As per findings, every day about 500 million people in India play video games.
- Data security
Due to the increasing number of data security breaches, data security has emerged as one of the fastest-growing industries in the world. There are endless opportunities for entrepreneurs who wish to venture into the field of cybersecurity and data protection.
As per findings by PWC, the Indian cyber security market is expected to reach USD 3.05 billion by 2022 from that of USD 1.97 billion in 2019 at a CAGR of 15.6%.
These are the 5 top industries to be a part of in 2020.
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