1) Artificial Intelligence (AI)
From Microliths to Automation, technology has crossed several milestones in the past century. Commands that earlier required human input and processing for execution are now executed by machines themselves without the help of human intervention. Human intelligence has been incorporated into machines through automation. Best examples of AI in day-to-day life are Google voice recognition, face recognition feature of android phones, ‘Siri’ and ‘Alexa’, friend suggestions from Facebook, and many more. Artificial intelligence has made it possible for machines to ‘’learn’’. However, they still require basic human input in the form of algorithms. AI machines can classify objects based on a simple input through its human encoded assortment categories. Similarly, they can ‘’regress’’ or vary outputs based on varying incoming data. More and more companies have started opting for AI to optimize their work processes, detection of fraud, automation, inventory management, and data management.
Examples: Axicor, Bayestree Intelligence, etc.
2) Software-as-a-service (SaaS)
Software libraries are the new normal. Similar to books or ebooks that we ‘’subscribe’’ from actual and virtual libraries, the software can also be subscribed from software libraries whose data is maintained by companies having software as a service. For chartering software, however, a customer company must possess a license called software license. SaaS is preferred nowadays as it is cost-effective and highly economical, time-saving as the installation process is bypassed, greater accessibility and flexibility and compatibility with current software standards as users can bypass the tedious process of up-gradation.
3) Animal Feed Processing
In 2018, the Indian animal feed market was valued at INR 400.5 billion. The market is expected to increase at a CAGR of 14.3 percent from 2019 to 2024, reaching INR 898.5 billion. The demand for animal protein and dairy byproducts has increased proportionally with the population. More and more people have started to choose scientifically produced animal byproducts due to increased awareness of food-related hazards. Dairy, poultry, and fisheries constitute the major share of the Indian animal feed industry. Increased emphasis has been given to organic farming and organic production whereby animals have been grown naturally on organic feed (grown without the use of pesticides or other chemicals).
Examples: Godrej Agrovet Ltd, Venkys India Ltd.
4) Veterinary Pharmaceuticals
The animal health market has witnessed a drastic change over the last decade. More and more companies have started manufacturing drugs standardized for animal use. The frequent monitoring of the health of domesticated animals or livestock is referred to as animal health. Veterinary medications, insecticides, feed additives, pharmaceuticals, and biologics are among the products developed. It also entails guaranteeing a consistent food supply and limiting the spread of zoonotic diseases caused by viruses, bacteria, and parasites, such as feline leukemia, animal flu, Lyme disease, and tick infestation. As India is an agrarian economy, livestock is the backbone that needs extensive support.
Examples: Zovix Pharmaceuticals, Vetraise remedies
5) CHRO as a service
Human resource management is essential to the development of any firm. It is the job of the HR managers to recruit the right talent suitable for the achievement of the company’s goal. However, it has been observed that there is always a rift between CEOs and HRs of companies due to technical differences. Hence many firms have started opting for centralized CHRO services for better management of human resources.
Examples: Liveware People
6) Real Estate
The real estate industry is one of the most well-known in the world. Housing, retail, hospitality, and business are the four subsectors. The expansion of this industry is aided by the expansion of the corporate environment, which has increased demand for office space as well as urban and semi-urban lodging. Moreover, homeowners are opting for centralized property management options as they are time and effort-saving.
Examples: Estates Management, Property Marshal