The year 2019 was generous for startups. The year offered significant exposure to myriad companies in their respective fields. To further extrapolate, if the consensus of the year’s business trends is observed, tech-startups are leading the way. This pattern can be attributed to a host of new innovations, born each day. The following sectors showed maximum traction in 2019:
- Voice Recognition
- Big Data
- Edge Computing
What is important to understand is that some of the above will soon become mainstream and many would start working in tandem in the form of tech collaborations, which is innovative combinations of above the technologies, targeted at delivering real solutions to business problems.
Here is a list of trends that are emerging in the year 2020.
1) Remote Healthcare
Healthcare has not been the focus so far, specifically, medicare; that is pertaining to services that help an individual monitor their health regularly.
Though this is an easy task at hospitals, it becomes tricky once a patient is discharged. Adding to the viability of such services is the fact that 75% of healthcare costs are accounted to the management of chronic diseases, daily. Hence, there is an emerging need for devices that can monitor and report a person’s health in real-time to reduce response duration and completely remove the need for constant checkups.
Remote healthcare deals with the development of such solutions using scalable technologies. Pager, Doctor on Demand and MD Live are some of the examples of successful startups in remote healthcare.
2) Retail distribution and supply chain
Logistics is probably one of the most grueling, but the equally important process when setting up a new business. Adding to the challenge are ever changing customer expectations – from one-week delivery to two hours, we have truly evolved. With retail distribution making up 10% of the global GDP, it is a core sector. Distribution and delivery of products take longer to streamline and if not handled correctly, may cause the customer to lose interest in a product/ company altogether. An effective retail distribution and supply chain management using technology is a strong value differentiator going forward. Many startups are all set to take advantage of this demand.
3) Learning and education methodologies
We have entered an era where learning, be it at the school level or after getting a job, never seems to stop and is no more contained to physical classrooms. Today, each of us is looking to upskill in some field or skill, but access to a good education can sometimes be restricted by factors like access or finances. This has given rise to platforms that can provide the necessary education at a student’s convenience. Today, learning and education methodologies are a booming sector where companies provide material for students that teach them new subjects and skills for new age jobs from the comfort of their homes. In recent years, about 46% of students have subscribed to online classes. UpGrad, uDemy and Byju’s are few well-known startups that have gained popularity in this sector.
4) Content consumption behavior
You may have the best-designed product, but there is no use of it if the customer isn’t aware of its existence or feels the need for it. A brand’s reach and presence amongst its customers is one of the most important factors that affect sales. Corporations spend a lot of their resources in building the best campaign to reach their target audience, but they don’t necessarily know the best way to project the presence of their products. Content consumption behavior is a service that helps compute the best platform which can be used by a corporation to reach its consumer set(s). In 2020, where new businesses will emerge, there will also emerge startups that can carry out content consumption behavior analytics and provide these startups with insightful solutions. Pattern sense, DDMR, and Connection are a few examples of startups who have already solidified their credibility in this field.
5) Workspace as a Service
Gone are the days of buying lockable spaces, investing resources in the spaces and then building great looking offices from scratch. With the ever changing landscape of corporate India, the evolving needs of a startup and the evolution of cutting- edge technologies, access to services such as infrastructure, support services (human resources, accounting, content, design etc.) is bound to undergo significant changes. Co-working spaces and inspiration hubs will emerge in 2020 as spaces where startups and established corporates will not only be able to plug and play in terms of infrastructure, but will also get an environment to collaborate and co-build companies using shared teams. This will come along with aspects like work life balance, health and wellness, connecting various communities, mentorship and so much more.