The rise of the Indian economy may be increased by the better utilization of new technologies and industries of startups. Startups can contribute and support economic openness and skills improvement based on technologies and business ideas.
In 2018, trends framing the startup ecosystem in India is digital adoption and consumerism. It is analyzed that the average age of a startup founder is 28 years in which 9% of them are women entrepreneurs. The increasing trend of the contribution of domestic consumption to GDP may see a change in the next decade.
India is willing to spend on digital services that assist them in their work and many other aspects. Our country is the second largest online market which is close to 500 Mn internet users behind China. By 2021, it is estimated to be 59% of countries population is expected to have internet access and the government is pushing towards digital initiatives and affordability of smartphones is supposed to be continuing in both rural and urban areas.
The Indian startups tasted waters in 2018 and emerged with a great force. The industries will sense a higher growth that may include the enhanced techniques in 2019 and further.
Artificial Intelligence (AI)
AI is characterized by the potentiality to learn and reason more about tasks, to merge information from multiple domains and simultaneously being more secure, fair and scalable. AI economic impact will come from the consumption side via more personalized, better higher-quality and more driven products and services. It is scaled globally that AI market would be as extensive as $15.6 trillion by 2030, in which $3 trillion could be of India using the AI.
Apps and Platforms
The dawn of emerging technologies like IR, voice, 5G, and voice will transform consumer behaviors in the year ahead. In 2019, unique VR content like social VR should engross consumers. These startups over decades have been witnessing adaptability process of industry verticals from first mobile consumption to change in use of operational data, content-based commerce, digital payments, and robotics.
The business industry can expect an implementation of blockchain across various sectors and evolving technologies such as brain-computer interface, smart robots which brings efficiency in business processes. Improper governance and Costs could be a challenging factor to develop blockchain projects.
To overcome this challenge, it will require a new set of expertise and skill sets. As we know that technology enhances over time, standards will change to speed up with the technology. In the future, there may be a balance between scalability and security and decentralization. Overall blockchain technology may have the capacity to revolutionize every sector.
Data is rapidly increasing, and companies will have a thought about monetizing their data and as well as using data more innovatively to develop value for business and customers. Data monetization may correlate with better performance, adding new services to existing offers of the company, and collaborating with other organizations to create piles of shared data.
The fundings and investing in Indian startups has immensely grown to 110% annually from $2 Bn in the first three quarters of the year 2017 to $4.2 Bn in 2018. Bengaluru achieves a number 1 position making Delhi-NCR score 2 positions for deal values and volume. Other metropolitan cities like Mumbai settled for the third position, whereas Chennai and Pune are in the top five. The industry ecosystem needs to have an affordable and accessible technology that will provide opportunities to promising entrepreneurs to scale their innovations and to achieve a positive impact.
Internet of Things (IoT)
The Indian business may witness the evolution of an IoT run market to manage, operate, and monitor. IoT with the help of Blockchain can be used for solving industry problems and providing an alternative to cloud-based systems enabling device-level electronic commerce.
Trends you will see in 2019
In 2019, the startup ecosystem may evolve from confrontations like fundraising, regulations, scaling correctly, mentoring cash flow and finding the right employees. India might risk itself if squandering on the demographic opportunity like not able to create quality employment chances at a scale. Funding and investing in both human and physical capital, innovation, finding techniques in growing business may increase economic activity in India may lead to global innovation ranking.
Innovation efforts could encourage financial performance. Innovation program combined with business strategy, culture and focus on the end user to meet market expectations may lead to transforming the customer experience. With the help of Government initiatives like Skills India and Startup India will see definite progress in the “Startup ecosystem”.