Overtime discussions around next big opportunities for the Start-ups world reflects that it’s an era of emerging verticals. After banking, financial services and insurance (BFSI) and Telecom, healthcare and retail seems to be the next big growth vertical opportunities for Indian Start-ups.
According to Gartner, “Health care providers in India are expected to spend $1.08 billion on IT products and services in 2014, an increase of 4% over 2013”. This forecast includes spending by health care providers (includes hospitals and hospital systems, as well as ambulatory service and physicians’ practices) on internal IT (including personnel), hardware, software, external IT services and telecommunications. The growth in Healthcare related software will be led by growth in vertical specific software (software applications that are unique to a vertical industry. These are stand-alone applications that are not modules or extensions of horizontal applications).
This set to bring a plethora of new opportunities to the Start-ups eying on this >USD 1 billion domestic healthcare market. The attraction towards this growing space also shows some of its foothold in Phase II of NASSCOM 10,000 Tech Start-ups applications. Approximately 6-8 per cent of Phase II applications are focused around Healthcare vertical with promising opportunities in areas like healthcare services platform, medication adherence, clinic management etc.
Another promising area for Start-ups is Retail/E-commerce. The detailed analysis of applications received in Phase II reveals that almost 10 per cent of them are related to Retail or E-commerce. The emerging themes covers solutions around smart advertising, POS billing solution, collaborative platform and location based advertising etc.
Emerging Start-ups like Audianz, Envids Technologies, Green Commerce Solutions have already begin promising steps into this direction.
As the economy is fundamentally shifting towards a retail business-to-consumer market, there exists a whole set of opportunities to reinvent this whole chain from buying insurance to selecting a doctor to prescription and to medication. Similarly, online retail business is set to offer phenomenal opportunity to the Indian market in combination with mobile technology, which is contributing approx. 30% of Indian e-commerce traffic. With more action on mobile commerce front going forward, India is all set to offer flouring opportunities to the growing Start-ups community.