The healthcare industry (also called the medical industry or health economy) is an aggregation and integration of sectors within the economic system that provides goods and services to treat patients with curative, preventive, rehabilitative, and palliative care.
It includes the generation and commercialization of goods and services lending themselves to maintaining and re-establishing health. The modern healthcare industry is divided into many sectors and depends on interdisciplinary teams of trained professionals and paraprofessionals to meet health needs of individuals and populations.
The healthcare industry is one of the world’s largest and fastest-growing industries. Consuming over 10 percent of gross domestic product (GDP) of most developed nations, health care can form an enormous part of a country’s economy.
In India Healthcare has become one of largest sectors – both in terms of revenue and employment. Healthcare comprises hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance and medical equipment. The Indian healthcare sector is growing at a brisk pace due to its strengthening coverage, services and increasing expenditure by the public as well private players.
Healthcare industry is very broad and developing through Healthcare information technology is the area of IT involving innovation by way of the design, development, creation, uses of machine learning, IOT, and maintenance of information systems for the healthcare industry. Automated and interoperable healthcare information systems are expected to lower costs, improve efficiency, provide accurate clinical results and reduce error, while also providing better patient care and service.
The education industry is booming across the world. The industry generates large scale revenues and employment.
The revenue from higher education alone in the US is worth over $400 billion. However, the state of the education industry in most developing countries, such as Afghanistan, Bangladesh, Pakistan and nearly all of Africa, is bleak. The literacy rate in these countries is still below 60%.
In India, the education sector is poised to witness major growth in the years to come as India will have world’s largest Tertiary-age population and second largest graduate talent pipeline globally by the end of 2020. The education market in India is currently valued at US$ 100 billion and is expected to nearly double to US$ 180 billion by 2020.
The education industry consists of schools, colleges, universities and various government & private institutions. The education industry provides its students with the knowledge and skills to adapt to a continually changing working world. The industry consists of an expanding array of organizations that strive to provide lifelong learning to its customers. The education sector can be broadly classified as primary education, secondary education, higher education and vocational education. The Education industry is crucial to the workforce capability of all other industries, but it also faces unique workforce development challenges of its own. With its responsibility for skilling the current workforce and preparing future generations for work and life, the Education industry is subject to intense public and political scrutiny and to frequent waves of policy change and review.
The Retail industry has emerged as one of the most dynamic and fast-paced industries due to the entry of several new and online players. India is the world’s fifth-largest global destination in the retail space.
India’s retail market is expected to grow at a Compound Annual Growth Rate (CAGR) of 10 percent to US$ 1.6 trillion by 2026 from US$ 641 billion in 2016. While the overall retail market is expected to grow at 12 percent per annum, the modern trade would expand twice as fast at 20 percent per annum and traditional trade at 10 percent.
India’s Business to Business (B2B) e-commerce market is expected to reach US$ 700 billion by 2020.Online retail is expected to be at par with the physical stores in the next five years.
India’s total potential of Business to Consumer (B2C) is estimated to be US$ 26 billion, of which $3 billion can be achieved in the next three years from 16 product categories, according to a study by Federation of Indian Chambers of Commerce and Industry (FICCI) and Indian Institute of Foreign Trade (IIFT).
India has replaced China as the most promising markets for retail expansion, supported by expanding the economy, coupled with booming consumption rates, urbanizing population, and a growing middle class. India is expected to become the world’s fastest growing e-commerce market, driven by robust investment in the sector and rapid increase in the number of internet users. Various agencies have high expectations about the growth of Indian e-commerce markets. Indian e-commerce sales are expected to reach US$ 120 billion! by 2020 from US$ 30 billion in FY2016.
In India the Government has an ambitious target of skilling 500 million by 2022. Currently the system has the capacity to train only 3 million youth against 12 million entering the labour force annually.
Currently, 90% of the jobs in India are skill-based, a sharp contradiction to the current figure of only 6% trained workforce in India. Skills sector is expected to become an over $20bn market opportunity yearly (stated in Kotak Securities report 2011). The Government aims to increase this training capacity to 15 mn/year by setting up new 1,500 ITI/ITCs and 50,000 skills development centres to be promoted in the PPP mode.
National Skill Development Policy 2009 has mandated NSDC to constitute Sector Skills Councils (SSCs) in India. The objective is to establish 28 Sector Skills Councils. SSCs are national partnership organisations that bring together all the stake holders – industry, labour and the academia for the purpose of workforce development for particular industry sectors. SSCs will be autonomous bodies registered either as Section 25 companies or public limited companies. The Government will provide the initial funding. Subsequently SSCs will become self sustaining organisations. NSDC has incorporated SSCs for Automotive, Security and Energy sectors. SSCs for Retail, Media & Entertainment and IT/ITES have been approved by NSDC Board and Healthcare, Foundry, BFSI and Electronics & Hardware are under consideration.
Digitization, AI and globalization are disrupting the status quo at an unprecedented pace in every industry. If one looks at what is happening with Transportation (on-demand, electric, driver-less), Commerce (online, on-demand, personalized), Healthcare (AI assisted diagnosis), etc. – the future is very uncertain, and yet full of opportunities for those who can adapt.