India is at 3rd position in terms of number of startups just behind US and UK
What started a crazy of newness and innovation and built up as the ‘globally loved’ Information Technology industry has turned into a routine today. With companies like Google, Microsoft and others in Silicon Valley in the US and Infosys, IBM and TCS in India; the business just doesn’t seem to rest. Apart from the IT sector there’s a brand new term that is spreading like fire today; it’s known as the “STARTUP CULTURE”.
Startup business pattern too is a copy from the US but India has proved to be better as the scope of innovation is massive within an unbelievable span. I am sure you must have heard, read and written lots about the on-going startup party in India. Today, I intend to bring together some facts and figures that are most likely to be the future of Indian Startup culture. Here are the few estimates about startups in India by 2025.
Presently, India has about 3.1k startup companies and they are growing at an average of 800 per year. This growth is expected to jump as high as to 2,000 per year by 2020. According to NASSCOM; India currently stands at the 3rd spot for the largest startup base following just UK (3.5k) and the US (41k). NASSCOM further furnishes that the IT sector in India has a potential of being a $100 million industry by the end of 2025.
Few enhancers to Indian Startups for the future:
Mobile Internet Penetration- Currently the percentage is at around 8-10% which is assumed to grow and reach 50-60% by 2025. There are around 100-130 million mobile Internet users now which is likely to reach 700-800 million during the same period.
Cloud Technology- There is a less than 10% of total usage now; which is expected to be 55% by 2025. Less than 2 million small and medium business units in India are potential users of the technology, the same probably will be around 20 million business units by 2025.
Digital Payments- Presently digital payments technology is utilized by 6%- 0.6 million (or even less) users in the country. This is ought to grow vastly to 6 million that is more than 60% by 2025.
Automation and Knowledgeable work- People using smartphones with intelligence applications in them are just about 60 million. This number by 2025 is likely to have a whopping unlimited growth rate and may reach more than 700-750 million.
IOT (Internet of Things) – There are 9 billion connected devices today around the world which is estimated to be more than 50 billion by 2025. IOT in India is expected to reach anywhere in the range of 2-10 billion whereas there is no solid presence of connected devices today in the country.
Other technologies like smart transportation, renewable energy and use of digital identity are innovative developing practices that are likely to catch popularity and turn the startup industry buzzing in India.
Zomato, Flipkart, Paytm, Ola, Freshdesk, BookMyShow with many others are success stories of Indian Startup culture
Startup impact on several sectors in India in the future:
Financial Services: Although the sector going digitalized today, only around 36% of the total population has access to a bank account. This number is fast growing and banking and other financial services is most likely to witness massive business by 2025 with help of the relative startups. Average income of a middle class person in India is calculated to rise by 5-30% within the same duration.
Agriculture and Food Industry: Hybrid farming technologies and the use of mobile and Internet is likely to enhance business of more than 100 million framers in India by 2025; this will improve consumption rate and quality of 300-400 million consumers in the country.
Education and Skills: Digitalization of education is eyed to be the most intelligent and repaying technology of all time in India. Startups in the field of education and skill management are at all time high. The condition is expected to be move towards betterment and the country is expected to have more than 24 million high school and college literate workers with an additional 33 million lingual trained employees by 2025.
Healthcare: There is a desperate attempt by India to improve its healthcare industry and match the same with international standards. Startups with relative technologies have been working hard in partnership with the public sector. By 2025, Indian healthcare is expected to be at par with the US counterpart industry with more than 400 million ‘poor section Indians’ availing benefits.
Government Services: This is undoubtedly the worst working body in India. According to a study 50% of the expenses in the sector is done aimlessly and turns down as losses for the governing bodies. However, there are strategies like National e governance that need to be developed and put to practice by 2025.
Infrastructure: India is one of the fastest growing countries in the world in terms of infrastructure developments. Electronic toll points and smart highways can bring down the travel times by 10-15% by 2025. Housing and related development projects-SMART CITIES is likely to rise by 50% during the period and the entire industry will be contributing a whopping share of around $ 30 billion as compared to $ 45 billion in the US by 2025.
Therefore, there’s no doubt that India is growing to become a talent rich- STARTUP NATION, How ready are you to be a part of it?