The Indian economy has been one of the fastest-growing economies in the world for some time now. Increasing levels of disposable income, favourable demographics and easy credit availability have helped many industries prosper over the years.
Factors such as the growth of the internet, focus on environmental issues, cost-cutting and evolving technologies have also facilitated the growth and development of various new and established industries. In 2020, many different sectors are expected to continue on their success journey and maintain high levels of growth.
Top 7 Industries Expected To Grow In 2020
- Infrastructure
- Finance
- F&B
- Franchise Industry
- Healthcare
- Renewable Energy
- Virtual Reality (VR) and Augmented Reality (AR)
Let’s have a look at seven industries that are going to expand in the coming year:
- Infrastructure
Infrastructure is considered one of the fundamental driving forces in the growth of an economy. State-of-the-art infrastructure is crucial for the growth of well-established as well as growing industries.
As a result of the efforts put into modernising India’s frail infrastructure, the infrastructure industry is expected to experience tremendous growth in the upcoming year. Residential housing, as well as big infrastructure and construction firms, are also expediting the growth of infrastructure in India.
- Finance
Big banks are innovating and digitising their operations to appeal to a younger customer base. In 2020, banks are expected to shift from a product-centric to a more customer-centric model. This new model will help increase customer satisfaction and provides customised financial services.
Other trends that can influence the finance industry in 2020 are fin-tech and cryptocurrency. The fin-tech market in India is likely to expand to $31 billion in 2020 and increase the reach of its services in smaller cities significantly.
- F&B
The F&B industry in India offers high-growth as well as high-profit business opportunities. Particularly, the food processing sector has enjoyed a rapid increase in foreign direct investment and has witnessed an increasing demand for Indian food groups as well.
Apart from restaurants, the Indian market is witnessing a boom in food-delivery apps, packaged food products and organic products too. Exploring an F&B business opportunity in India is an excellent way to set your foot in the industry (more on this in the next point).
- Franchise Industry
Another promising industry that is all set to grow at a healthy rate in 2020 is the franchising industry. Known as a low-risk business venture for new investors and a relatively sure way to grow for experienced, the franchise industry is India is evolving rapidly. When you invest in a franchise, you buy the right to use the trademark, name, business processes and assets from the franchisor. Usually, the franchisor provides the necessary guidance and networking assistance. There are several franchise business opportunities in India that you can consider to get started.
Several international franchises have already spread in India, while many more are expected to arrive in 2020. To get started, begin by researching the industry you’d like to explore. Then, make a list of all the franchises that you’re interested in. Start evaluating your options and contact the franchisor(s) that you think shares your business goals. It goes without saying; you’d want to focus on securing the investment capital from the get-go. Get a franchise consultant in India on board and make sure to review the key elements of the franchise agreement carefully.
- Healthcare
The growth of hospitals, medical devices, clinical trials, telemedicine, medical tourism, health insurance and medical equipment has grown several times over in the last few years.
Biotechnology, the use of artificial intelligence and robotics in healthcare, mental health and data management along with health apps have promoted the need for better spiritual, psychological and physical health among Indians. If you have some experience or knowledge of the industry, it would be a wise choice to explore a business opportunity in the same.
- Renewable Energy
India’s capacity for the utilisation of renewable energy, such as wind and solar, has increased tremendously in the past few years. Favourable policies by the government, decreasing prices and huge investments have supported the growth of these sectors. The boom in this industry is a result of increased awareness of global warming and other environmental threats. Thus, if you can set up a business in this industry, you will most certainly be witnessing a continued growth, as the demand will only increase with time.
- Virtual Reality (VR) and Augmented Reality (AR)
Despite being a relatively newer industry in India, VR and AR are already helping well-established technologies and are transforming industries (like the video game industry). From real estate to automotive to advertising, every industry is implementing these latest technologies to engage their customers more effectively. In the coming year, both VR and AR are going to change the way we view the entertainment, education, medicine, architecture, defence and aeronautics industry.
Along with being cost-effective, a franchise comes with lower risk as it works on a tried-and-tested business model. If you want to taste quick success and are happy to take calculated risks, franchising can be an excellent business idea for you to try.
2020 is going to be a golden year for established industries like franchising and new ones like virtual and augmented reality. Global exposure, advancement in technology, better entrepreneurship opportunities, and a rise in the income of the population will sustain the growth of above-mentioned industries in India.
If you are planning to jump on the entrepreneurship wagon, do not forget to consider the industries and business plans mentioned about. To know more about how you can start a franchise business of your own, reach out to us by filling out this form.
Karan Makan
Technology Engineer and Entrepreneur. Currently working with International Brands and helping them scale their products Globally through different ventures. He owns Multiple Food Brands and is on a continuous spree to acquire many more businesses in the coming years. With over 10 years of experience and strong background in Brand Acquisition, Karan Makan is soon poised to be a Brand in the coming years.
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