These 4 Future Ready Sectors Have A Promising Growth Ahead In India

With time, the different sector replaces the growing sectors as back in 2000, the growing sectors were different compared to the 2021 growing sector. 2021, EV, Fintech along with some other sectors such as Healthcare witnessed a good growth number. However, these will continue their growth journey, but 2022 will be a promising year for these 4 future-ready sectors and that evolving in India and other parts of the world.

Artificial Intelligence (AI)

AI may aid in the enhancement of the customer experience, the optimization of company operations, the rise of revenue, and the adoption of novel business models. Organizations have started raising spending for AI initiatives and even adopting an AI-first strategy after noticing changes in the business world and realizing how AI might assist. Businesses are using a variety of AI tools, including CRM, ERM, and others, to manage operations, extend supply chains in response to real-time or forecast demand, and increase ROI and cost savings.

According to an International Data Corporation (IDC) report, India's AI industry is predicted to reach $7.8 billion by 2025, rising at a CAGR of 20.2%. By the end of 2025, the AI software category will have dominated the market, growing at a CAGR of 18.1% from $2.8 billion in 2020. Applications accounted for the biggest part of revenue in the software (AI) sector, with a 52% increase in revenue by 2020.

Drone Technology

Drones have been around for a long, but their usage in many industries has just recently been investigated in the aftermath of the Covid-19 epidemic. Drones were deployed to sanitize communities, issue notifications, and conduct continuous surveillance of locations to ensure that lockdowns were effectively enforced in April-May 2020. 

According to BIS Research, a worldwide intelligence firm, the global drone industry is expected to reach $28.47 billion this year, with India accounting for around 4.25% of that total. In addition, in CY2021, India's drone industry is estimated to reach $1.21 billion. According to various reports, it is expected to reach $1.81 billion by FY2026, increasing at a CAGR of 14.61%.

Internet of Things (IoT)

According to PR Newswire, the Indian IoT industry is predicted to develop at a compound annual growth rate of 13.2% from 2020 to 2025. In India, IoT use is growing, but businesses are grappling with legacy systems, communication protocols, and the high costs of large-scale IoT deployment. By using their worldwide knowledge and range of IoT products and services, IoT suppliers can assist businesses with their digital transformation, including automation.

Over the projected period, the market would benefit from the increased implementation of IoT in precision farming. Precision farming involves the use of mapping tools, AI, robotics, sensors, GPS, and many types of data analytics software to personalize plant care. As of now, the market of IoT is dominated by global companies like Amazon Web Services, Cisco System Inc, Google, Oracle Corporation, and various others.

Semi-Conductors

Semiconductor chips demand is estimated to climb to almost $100 billion by 2025, up from $24 billion currently as technology such as IoT and 5G is booming. Furthermore, the present geopolitical context places a premium on the security of essential information infrastructure, which is why reliable semiconductor and display sources are critical. As of now, India's semiconductor demand is fulfilled by imports, which the GoI is planning to change. As a result, GoI incentivizes the value chain in order to make India economically self-sufficient and technologically advanced. With a budget of about Rs 76,000 crores, the government envisioned a comprehensive program for strengthening India's semiconductor and display manufacturing ecosystem.

Talking about the recent development, the GoI has established a comprehensive program for the creation of a sustainable semiconductor and display ecosystem in the nation in order to make India a worldwide center for Electronic System Design and Manufacturing. India has chosen to establish a "full ecosystem" for semiconductors, which would encompass design, manufacture, packaging, testing, and other services. The Ministry of Electronics and Information (MeitY) has invited 100 academics, R&D organizations, start-ups, and MSMEs to apply for the Chips to Startup (C2S) program, which is part of the program.