Summary: 10 fastest growing business industries are Education (EdTech), E-Retail, Medical, IT/ITeS, E-Commerce, E-Fitness, Gaming, E-L&D, SaaS & Remote-Working Tools.
Some sectors have changed the COVID-19 pandemic crisis into an opportunity to enhance their entire existing models. For these industries, the contagion has been proven to be a fertile ground for innovations which will be a part of the post-COVID-19 world.
Here is a potential list of some of the fastest growing business industries in the country:
1. Education (EdTech):
Due to the entire Pandemic, the educational institutions had to be shut, which forced the institutes to switch to online classes. Hence, virtual and online Learning has become the new normal. The Indian online education sector has been making advancements and gaining hype for a long time now. The education industry is, of course, one of the fastest-growing business industries currently.
Retail was always considered as one of the fastest growing industries, and due to COVID-19, E-retail has come into the picture. The entire model of the mom-and-pop shop has now switched to online retail platforms. This is because firstly to surely maintain social distancing and secondly with everyone staying at home; there is an added demand by the households for the extra consumption. Hence E-retail no doubt comes under the category of the fastest growing industry in the country.
Since the 2008 financial crisis, the Indian banking industry has no doubt seen considerable growth, which has terms in the BFSI sector as one of the fastest-growing business industries. However, COVID-19 Pandemic should be treated as an opportunity by the BFSI sector as it allows it to bring some fundamental reforms in the way the banks work. BFSI no doubt will be the fastest growing business in COVID-19.
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The entire concept of hygiene has emerged massively today, which makes the medical as the fastest growing small business in COVID-19. Hence, there is a drastic rise in the consumption of wellness and nutrition products, and it is expected to rise with time.
The COVID-19 Pandemic has double the work for the IT sector employees due to everything transforming from offline to online. Hence this is the reason why IT companies have emerged as the fastest-growing businesses in India. The Indian IT companies should take advantage of the situation of being the fastest-growing businesses and restructure their entire proposition.
E-Commerce which is the fastest growing business industries, has picked up the pace ever since there has been an advancement in the technology. The E-commerce industry has boomed like anything due to COVID-19 Pandemic, as people are not stepping outside their homes and are trying to maintain social distancing.
All the fitness centres such as gyms, Zumba classes, dance classes had to be shut due to the lockdown. But staying at home has made people more aware overall, which has made them conscious of their diet and regular exercise. E-Fitness is an emerging industry where people are getting in touch with experts through online platforms to perform live workouts.
Sitting at home has given everyone the extra free time they had been lounging about. Many people are super passionate about ‘Gaming’. Hence, the gaming industry is one of the fastest-growing sectors during this entire COVID-19 Pandemic.
Learning should never stop, come what may and this has undoubtedly been proven even after the worse situations which every industry is facing. The Learning and developments have shifted online where many companies are coming together to provide fun learning and certification courses to people to upskill themselves.
10. SaaS & Remote-Working Tools:
With the changes taking place, the SaaS and remote working tools will be used in facilitating all the projects which are on-going and provide a road map for future events. For many business operations, these serve as the founding stones by accelerating the current working conditions to bring in better productivity.