The business sector of India is quickly changing, with digital, IT, finance and other such sectors picking up more and more, and starting to take over other industries. It is quite interesting how we are moving away from the traditionally big industries like textile, cement, and chemical, and to newer industries that are following the latest developments around the world. Granted these businesses are still big, however, the newer ones are also picking speed in how much profit they bring home. As we step into 2024, the world is abuzz with innovation and the promise of exciting new industries emerging. Here are 5 emerging industries to keep your eye on in the coming year:
- IT Industry: The IT industry of India continues to remain one of the most profitable and ever-rising ones till yet. By 2025 it is expected that the IT industry will be earning a revenue of around $350 billion with the digital sector providing 38% of it. Apart from this the ever-expanding nature of Artificial Intelligence (AI) and machine learning is said to add about $1 trillion to the Indian economy by 2035. In 2017, NASSCOM revealed that the approximate revenue of the IT sector of India stood at a good $160 billion, and it raised its contribution to Indian GDP to 7.7% from its earlier 1.2% in 1998.
- Gaming Industry: Gaming is certainly looking the golden child of profits at the moment. With it being one of the biggest industries around the world, and expected to reach a whopping revenue of $180.1 billion by 2021, it is seeing no slowing down as of yet. As per reports more than 2.5 billion people around the world are engaged in gaming in some way or another. Games like PUBG and Call Of Duty are the big earners, where the former taking the title of the best-selling and most played video game ever, having a total of 400 million players worldwide and the latter having over 250 million players. In fact, not long ago, Mukesh Ambani one of the richest man in India and the biggest entrepreneur even said “Gaming will be bigger than music, movies and television shows put together.”
- EdTech: The education technology sector in India has seen significant growth, especially with the shift towards online learning. Continued advancements in technology may lead to further innovations in this space. Using data analytics and AI, EdTech platforms can tailor instruction, content, and assessments to meet the unique needs of each student. The global personalised learning market is set to grow at about 18 per cent, reaching $23 billion by 2028 as platforms leverage state-of-the-art technologies like NLP and machine learning. Education marketplaces and platforms are rapidly emerging to match learners with their desired skill development programs from a diverse range of education providers. These platforms help learners compare options to make informed selections while simplifying the search, application, and enrolment processes. The expansion of skills-based hiring and demand for micro-credentials demonstrates the need for wider access and visibility across the growing spectrum of 21st-century education providers.
- Quantum Technology: No longer solely theoretical, quantum computing and communication are making headway with practical applications. This industry promises groundbreaking advances in materials science, drug discovery, financial modelling, and more. Expect to see increased investment, commercialization efforts, and potentially the first truly world-changing quantum applications.
- Food and Agri-Tech: Agriculture technology and innovations in the food supply chain are areas of interest. This includes precision farming, farm-to-table technologies, and food processing. To boost innovation and entrepreneurship in agriculture, the Government of India is introducing a new AGRI-UDAAN programme to mentor start-ups and enable them to connect with potential investors. The agriculture sector in India is expected to generate better momentum in the next few years due to increased investments in agricultural infrastructure such as irrigation facilities, warehousing and cold storage. Furthermore, the growing use of farm mechanization and new verities, are likely to improve the yield for Indian farmers. India expected to be self-sufficient in pulses, oilseed, maize and other crops in the coming few years.
These are the top 5 emerging industries in India in 2024 that you will be hearing about. With the growth of the Indian economy and the increasing demand for services and products, these industries are set to grow exponentially in the next few years. As the Indian economy continues to grow, the opportunities for businesses in these industries will only increase. Although it has been some time since we’ve seen a market environment such as the current one, we have funded in past decades incredible founders and startups that ended up rising quickly above the rest. The difficult market in which they started ended up being a key reason for their future growth and success. Embrace the challenge and what 2024 has in store!