Top Growing industries in Near Future
In 2022, the most promising sectors are EVs, Fintech, and Digital. Indeed, the market will boom back as there is no significant threat of the Covid-19 pandemic, and everything is getting back to normal. This constant growth will strengthen the major sectors, and the government is also backing all the primary industries.
So, here we’re mentioning the sectors that will skyrocket in this third decade of the 21st century.
Automobile
The global automobile sector is heading further with the bullish signal, and the sales volumes have significantly improved; the credit goes to the EV buzz. The automobile sector is getting bigger and bigger day by day despite the worldwide shortage of semiconductor chips.
Furthermore, the government also backed the automobile sector through various favorable policies like Fame-II Scheme. This essential backing from the government will be really beneficial for the automobile sector in the longer run.
Since the last few years, due to favorable government policies, it has become easier for the automobile giants to adopt the latest technologies.
Textile
Despite the peak pandemic, the textile sector wasn’t much affected but didn’t contribute much to the country’s GDP. However, as the enterprises, commercial establishments, schools, etc are reopening, the textile industry is again getting back on track.
As the Chinese textile is getting banned and ‘The society accepts vocal for Local’ concept, these factors have fueled up the textile exports. As per one CIRISIL analysis, the textile firms will be acknowledging strong growth by 2025.
However, the government should also come up with new policies and make changes to the taxation system to help the textile sector. Moreover, this is a good period for young talents and entrepreneurs to join this ever-growing sector.
Retail
Currently, the retail business is going under a significant transition because of the changes in customer behavior worldwide. This sector is still under the recovery stage from the Covid-19 pandemic.
As the customer needs are changing and increasing, the retail giants are adopting digitization and developing new-age technologies for improving their daily operations. The industry’s future is entirely dependent on the latest technological advancements.
As retail consumers are shifting to digitization, the retail giants cannot survive without adopting the new technologies. E-commerce is keeping the sector alive,which is the future of retail.
Consumers are happy to shop from e-commerce portals, which is a threat to offline merchants. E-commerce is causing the biggest transformation in the retail sector, and the sector isn’t going in the red zone in the upcoming 5-10 years.
FinTech
Before the Covid-19 pandemic, FinTech was constantly flourishing worldwide, and young entrepreneurs were joining and promoting this industry. When the entire world was badly suffering from the Covid-19 pandemic, FinTech was one of the few hopes for all the major industries to survive in the crucial period.
The latest technological advancements, financial market fluidity, and consumers’ interest in adopting Fintech solutions are the driving factors of the FinTech industry.
2019, 2020, and 2021 were the years of acceptance for this industry, but the upcoming years will be full of revolutions and innovations.
Pharma
The healthcare sector is closely linked to the pharma sector, and both the sectors are named as the fastest-growing sectors in the last 2-3 years. As the healthcare sector, pharma is looking forward to having some good promising years in this decade.
According to some official reports, the pharma sector will grow by 9-10% every year. However, in the Q2 of the financial year 2022, the growth rate of the pharma sector was significantly decreased because of the high price pressures from the US market. Nevertheless, the growth of the domestic pharma market is very solid, so there is nothing to worry aboutthe pharma sector.
Real Estate
After being one of the worst affected sectors due to the Covid-19 pandemic, investors and residential consumers are again taking an interest in real estate. As the banks have released flexible loan tenures and other favorable policies for residential consumers and investors, the real estate sector is slowly moving further.
The Omicron threat did influence the real estate market again, but there wasn’t any significant impact. The average sales volume of the real estate sector is constantly improving.
As per the real estate experts, digital marketing would be the next big thing in the real estate sector. Digital marketing would be the solution to all the obstacles in this sector. Moreover, this is an excellent time to invest in real estate as the market rates are down.
Healthcare
The last two years weren’t the best for the healthcare sector, but slowly this industry is recovering and coming back on track. The upcoming years will probably be good for the healthcare sector; this industry is well-planned and well-equipped.
One of the key driving factors of this sector is the rapid development and adoption of digital healthcare technologies. According to Invest India Research, the healthcare sector in India is expected to touch $380 billion in the next 5-6 years. The hospital business in India has already captured 80% of the healthcare sector.
Renewable Energy
The worldwide renewable energy sector is expected to boom in the upcoming years as the government authorities are focusing on EVs and solar power equipment manufacturing. The major factor driving this sector is private and public renewable energy companies focusing on increasing the renewable energy-producing capacity.
The best part is the government is backing this sector through different renewable energy policies, raising awareness among society, and providing investment for development and manufacturing renewable energy equipment. Unlike other sectors, we cannot evaluate the growth of this renewable energy industry, but this will be the next big thing in the upcoming years.
Chemical
India is one of the major players in the worldwide chemical industry. Our country is a major dye provider and exporting agrochemicals, dye, and medicines to numerous countries like the US, Japan, Turkey, Spain, Switzerland, and the UK.
India’s chemical industry will be touching nearly $70 billion in the upcoming years. Besides large organizations, small and medium-sized organizations are the major players in the chemical industry. The increased domestic demand for chemicals is the primary reason for the high chemical prices. As a result, the chemical industry becomes a promising sector in the third decade of the 21st century.
Final Thoughts
Predicting the future of the industries isn’t the exact science, but experts believe these industries to really boom in the upcoming years. This means there is a lot of room for the young talents- you just find your niche, and the future of these industries is bright.
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