Areas like mobile payments, big data analytics, healthcare are attracting many an entrepreneur.
Entrepreneurs are exploring new areas to start their business venture. Areas like mobile payments, big data analytics, healthcare, mobile services and apps are seeing more activities from new startups. Even some of the existing startups are changing tracks and entering into these areas.
“For thousands of years we have been using coins and then cash. Now with innovation happening full throttle in payments, we will all be paying through mobile and online.
The mobile payment space has come up in a big way in the past year or so,” says Amit Goel, CEO, Knowledgefaber, which is doing a study on innovations and startups in India.
According to a report by Knowledgefaber on payment technologies, mobile payments market is growing at a compound annual growth rate (CAGR) of 68% from 2011 to 2016.
Says Bipin Preet Singh, CEO, MobiKwik: “After e-commerce, m-commerce is the next big thing. With smart phones getting cheaper, there are people who are accessing the internet for the first time through mobiles. In fact, venture capitalists (VC) are also showing interest in this field.”
According to IT research firm Gartner, mobile device sales in India are forecast to reach 251 million units in 2013, an increase of 13.5% over the sales in 2012.
Mobile applications is another area which is generating interest from VCs and angel investors. The booming app market is driving startups to venture into this space.
“The mobile app space is going through an evolution. People now want deeper and richer apps, which provide them more than just information. There is so much scope out here,” says Kiran Dattar from Moxtra.
Similarly, big data and analytics, which has been the talking point in terms of job opportunities, has seen many new firms come up in this space in the past few years. Experts predict that by 2020, there will be a 4,300% increase in annual data generated.
MarketsandMarkets, a research firm, predicts that the global big data market will grow at 26% CAGR from 2013 to 2018. “Indeed the whole field of big data is booming, and many organisations are actively looking out for the right talent to analyse vast amounts of data. According to our latest report, we see that India will remain the preferred destination for analytics outsourcing as compared with other Asian countries like Philippines and China, which shows that there will be a growing need for trained resources,” says Gaurav Vohra, co-founder, Jigsaw Academy, an analytics firm.
Even the booming healthcare sector, which is expected to zoom to $100 billion by 2015 from $50 billion in 2011 as per Fitch estimates, is seeing traction in the startups space. E-healthcare firms are capitalising on this growth by launching various Android and iPhone apps. In fact, this sector has vast scope wherein there are different firms doing different things.
“I started my firm five years back. However, between 2009 and 2011, there was not much activity happening in this space as everyone was interested in e-commerce. However, with VCs no longer showing much interest in e-commerce, e-health has picked up,” says Kunal Sinha, founder and CEO, HealthcareMagic, a city-based e-healthcare firm.
Meet the newcomers
Mobile Payment: iKaaz, Quikcilver, Ezetap, Lets Talk Payments
Big data analytics: Bizosys, Affine, Crayon data
Healthcare: HealthcareMagic, HealthkartPlus, mydentist.co.in
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