Overview of top five major sectors connected to Digitization and technology

09 MAY,2021 | MEDC Research Team

Introduction

In India, there are many essential sectors which help to enhance the economy to grow in a way that use of such sectors to the public becomes easier and more productive. On the eve of the 21st century, we are living in the digital era which is knowingly and unknowingly benefiting our state and nation’s economy. Many leading thinkers like Dr. A.P.J. Abdul Kalam dreamt of Digital India by the year 2020 and now India’s leaders are also promoting it. Thanks to the progress of modern technologies as well as the constraints imposed by Covid, a lot of digitization has  already taken place in Education (EdTech), Agriculture (AgriTech), Healthcare (HealthTech), Banking & Finance (FinTech), Fisheries (FinTech) etc. Now, almost every Business and start-up has their own digitization strategy. In the post-pandemic world, digitization is going to emerge as a strong competitive advantagefor almost every enterprise, regardless of size. Some examples of digitization in various sectors are outlined below:

 

AgriTech

Agricultural Technology is the use of technology in agriculture with the aim of enhancing yield, efficiency, and profitability.According to EY Report of August 2020, Agriculture is the verve of the Indian economy. It contributes to 16% of India’s gross domestic product (GDP) and employs 43% of the Indian workers. Several industries such as consumer packaged goods; retail, chemicals and e-commerce are heavily dependent on the output produced through agriculture, thereby magnifying the impact of agriculture on the country’s economy through forward and backward linkages. In order to achieve the plan ofuse of technology inagriculture to maximize yields and efficiency, AgriTech uses technologies that include comprehensive data collection, robotics, and artificial intelligence.Many AgriTech start-ups have come in India and aboard, which are helping in boosting the economy. In the world of digitization, digitisation of agriculture can help farmers embark upon the impact of the Covid-19 pandemic, and farmers can augment the sale of their produce with transportation, finance, and supply chain being managed with the help of technology. Many start-ups are helping with digitization.

 

EdTech

Education Technology is the combined use of computer hardware, software, and educational theory and practice to facilitate learning. When referred to with its abbreviation, EdTech, it is often referring to the industry that created educational technology. Today EdTech is not a choice, it is obligatory. Technological innovations like online classes, learning management systems are now an essential part of our education system. EdTech is now considered as the future of education.AI (Artificial Intelligence) has empowered the education system through online classes, assessments, homework tracking etc. This stands to benefit both students and teachers. Virtual reality (VR) and augmented reality (AR) enable students to learn in a more engaging and productive way,making the learning process interactive. Virtual classrooms have become increasingly popular as they help students learn from anywhere. Blockchain technology has made a large breakthrough in the education sector. Video assisted learning helps gain general knowledge in live form. For example, YouTube – a platform for people to watch videos for education, helps students with better understanding of subject matter and helps them retain the material quickly. Students take advantage of new technologies to preserve content at home through videos and digital content. Tablets have proved to be more useful than print textbooks as they are a better financial investment as schools can easily upload new material to the same device instead of spending resources on replacing print textbooks. The process of QR code has also developed to quick access on the lecture series for the students as a part of digitization.

 

BioTech

Biotechnology means any technological application that uses biological systems or living organisms to make or transform products or processes for definite use. It refers to the use of micro-organisms such as bacteria, yeasts, or biological substances such as enzymes, to perform specific industrial or manufacturing processes. Applications include production of certain drugs, synthetic hormones, and bulk foodstuffs as well as bioconversion of organic waste. Biotechnology is concerned with a variety of subjects including Biochemistry, Genetics, Microbiology, Chemistry and Engineering. It has wide areas of application in Agriculture, Animal Husbandry, development of Medicines and Vaccine, treatment of prolonged disease, pollution control and waste management and ecological conservation, energy production and conservation and many more. Adopting digital transformation tradition is one of the most important aspects of the digital drive. Pharmaceutical and biotech manufacturing companies require implementing a start-up approach and creating a background that inspires and embraces modernization.  Some companies support failures by acknowledging them as part of the development process and moving on rapidly. This encourages innovation, new initiatives, and trials that helpdecide future successes and opportunities for scaling up the association.

 

 

FinTech

It is the incorporation of technology with regards to financial services companies in order to improve their use and deliverance to the consumers. There are various outstanding trends that are influencing financial services in the year 2021. Autonomous finance is one of the topmost innovations in fintech. It automates the financial decision-making process with AI and machine learning. It takes the load off consumer’s shoulders as they do not need to deal with bill payments, insurance, subscriptions etc. Open banking is growing as consumers find it safer to invest their money rather than keeping it in a bank. These investments help generate higher income than the traditional banks.

McKinsey study showed that digital payment is one of the biggest fintech products. New generation financial institutions rose to the occasion by leveraging fintech solutions to offer convenient digital-only banking services. Multi-cryptocurrency exchange services offer investors to buy, sell, hold and trade directly on their registered exchange. There is no need for exchange of currency as digital wallets make transactions effortless, quicker and secure.

 

ConsumerTech

Consumer tech refers to any form of technology that is projected for use by consumers in the general public, as opposed to technology created for governmental, military or commercial use.  The current pandemic has resulted in a lot of changes in the consumer tech industry. Change in consumer’s preferences is up-and-coming so, consumers are searching for safer and more trustworthy goods. There is a considerable shift to e-commerce, and it will provide many advantages to Micro, Small and Medium Enterprises. E-commerce has been balancing the demand of vital items during the pandemic. 5G networks is an upcoming initiative in the consumer tech industry where consumer electronics are able to receive network signals from cellular towers and this provides users with online connectivity. Laptops, desktops, tablets, gaming computers etc. all fall under consumer tech industry and have developed over time where their capabilities have increased. Critical forms of consumer tech is where vehicles now have high-tech features which includes built in GPS, self-driving capabilities, automatic brakes etc.

 

Conclusion

There are different sectorsassisting economic change with the support of technology and digitization. The major sectors in India like Healthcare and Agriculture are growing side by side with the help of technology. Thanks to era of digitization, they now have stronger roots to grow and achieve an important position in the world.

 

 

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