COVID 19 has significant effect on our daily life. From suspension of flights and trains to the restriction of the flow of people and cars, it has also created unparalleled instability across markets. However, some sectors still see this hour of turmoil as an incentive to innovate their current market models and build alternatives.
Considering the health of students, institutions has been closed and regular classes are on hold during lockdown period. Online learning has burgeoned as the most promising method for educators and students to ensure that the pandemic will not affect the learners. In this scenario many online educational platforms offered discounts on different courses and certain workshop are free of charge. As a result, virtual classrooms suddenly become trend rather than a glitch. This pandemic changed the traditional model of learning to more intimate, immersive and interactive.
According to Statista, online education market reached 1.96 billion in 2021 which is increased by 52% in comparison of 2016. Furthermore, as per World Economic Forum, the global E education system reached USD 18.66 billion in 2019 and projected to grow USD 350 Billion in 2025 Whether it is language apps, virtual tutoring, video conferencing tools, or online learning software, there has been a significant surge in usage since COVID-19. This shows that the E-Education market grow positively in upcoming years. The pandemic has only helped to intensify this development by making automated systems and technologies more effective for educators and learners. “Survive and prosper” is a new mantra for players in the Indian education market. On the flip side, online education comes in shades of grey it allows the learners beyond the norms. A learner has access unlimited topics and even discuss with global experts on the other side, some of them cannot afford and imagine the E- education facility According to the latest figures released by UNESCO, some 1.3 billion learners around the world were not able to attend school or university as of March 23, 2020.
The past decade has already witnessed a shift in consumer perception towards online shopping. However the COVID 19 situation has shown an unprecedented growth in the online shopping market. Not just apparels & clothing, Covid 19 has seen created a new opportunities for online grocery sellers. COVID 19 has changed people’s thoughts and migrate us to online shopping such as Grofers, Big basket and Milk basket, Amazon, Myntra, others. The global leaders of shopping app also started to supply grocery items and this activity suddenly changed our thoughts. The explanation for that? And guarantee that social distances are complied with. And space players are capitalizing on this pattern to build themselves as an integral part of the everyday value-added grocery chain. Enormous discounts are currently being offered on different products, while unit limits have been placed on the purchase of basic commodities to ensure that the needs of all are met.
The survey conducted by UNCTAD and Netcomm Suisse eCommerce Association, in collaboration with the Brazilian Network Information Center (NIC.br) and Inveon, shows that online purchases have increased by 6 to 10 percentage points across most product categories. This suggests that E retail is going to be a sunrise market in the long run, well after the COVID-19 chapter comes to an end. Moreover, according to IBM’s 2020 U.S. Retail Index report, the pandemic has fast-tracked the shift to digital shopping by approximately five years.
BFSI (Financial Services and Insurance):
The Indian banking sector has grown exponentially since the financial crisis of 2008 until a year before the outbreak of COVID 19. The emerging slowdown has now been intensified, with the whole economy scraping to a screeching halt. India is a cash-driven economy that, through large-scale steps such as demonetization, has not increased its reliance on cash. This seems to be shifting, as the viral nature of the novel coronavirus has made the Indians circumspect for currency.
The fall out of COVID 19 continuously challenging the banking sector and disrupt economies around the world however the bank and capital market sector somewhat successful in balancing the ship. They help small medium enterprises, struggling industries and developing markets to make certain that all sections of the global economy shall successfully move on the other side of this crisis. In place of collecting or investing on properties now people more believe on liquid funds and deposits. On the flip side, the gross premium collected by insurance companies in India increased by 2.56 trillion in FY 012 to 7.31 trillion in 2020 as per India Brand Equity Foundation. Which shows the market growth and opportunities in BFSI market. Furthermore, as per IRDAI, the health insurance increased at CAGR 22% in the FY 2019-20.
Online Gaming and E sports:
Since people are expected to sit indoors and maintain social distance from others, they need to keep themselves busy. Internet gaming has come to their rescue. The pandemic has given the gaming industry a boost. With endless opportunities to choose from and a range of emerging developments, such as the rise of AR and VR, gaming is now all about experience, and players in the industry are determined to deliver a highly engaging and captivating experience. As per World Economies Forum, the global video game market forecasts to generate USD 159 billion in 2020 which is more than box office revenue and almost three time music industry revenue.
During Covid 19, healthcare sector become one of the largest sectors in India in terms of revenue and employment. Since healthcare services across the globe have spread worryingly thin the role of med-tech in cushioning the effect cannot be emphasized enough. In this journey medicine tech has supported pharmaceutical industry at every move form infrared thermometer to life saving ventilators. Other than that, the influx of cloud-based computing solutions has helped physicians, academics and health care agencies handle the enormous volume of paperwork and data that has been available in recent years.
Telemedicine is another field of med-tech that has served as a savior of patients and has made it easier for them to communicate with physicians in practice. This has been especially beneficial for people in rural areas and in Tier II and Tier III cities. Taking into consideration the harm caused by the pandemic, it is no wonder that the med-tech sector has seen a boom in revenue.
Indian Government has been allocated 35600 Crore (USD 5.09 Billion) For Nutrition related programs. In Union Budget 2020-21, the government has announced USD 9.87 billion outlay for health sector that includes USD 915.72 million for PMJAY.
The Government of India plans to increase healthcare expenditure to 3% of the Gross Domestic Product (GDP) by 2022.