Given 2005-20, McKinse Global Institute (MGI) evaluated 12 high-development, dynamic industries, who did the most to re-shape the global economy over the years. MGI then witnessed the future ‘competition’ eranus’, which is likely to increase external development for companies in the next two decades: e-commerce, cloud services, artificial intelligence (AI), semiconductor, cyber security, electric vehicles ( EVS), shared. Autonomous vehicles, batteries, streaming videos, video games, digital advertisements, non-medical biotech, obesity drugs, robotics, modular construction, nuclear fragmentation, future air mobility and location.
Together, these 18 are to calculate $ 48 trillion in revenue and up to $ 6 trillion in profits by 2040.
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In Arenas, who defined 2005–20, there were some global players in India, and in 2020, they were responsible for less than 1% of the global market capitalization of companies in Arena. Some of these industries can still offer opportunities for India – such as payment and consumer electronics growth. However, future eranas have much more likely for Indian firms.
Take e-commerce. India is the fastest growing e-commerce market in the world, its size in 2009 with $ 3.9 billion to $ 200 billion in 2024, with the use of smartphones penetration and digital payments. Online retail represents 25% of India’s total retail market. It is expected to increase by 37% by 2030.
Urban consumers dominate e-commerce, but services in rural areas are also improving, as they are supported by infrastructure investment. India has a strong group of local players such as Flipkart (acquired by Walmart) and Misho; And global companies like Amazon and Rakutane.
India’s information technology (IT) industry, which costs around $ 250 billion, already serves many major companies in the world, and its market for AI services is growing rapidly. In addition, there is abundance of IT talent in India, and given the lack of AI talent globally, this money of expertise can be a significant competitive advantage in a market for AI services which is globally $ 1.5- globally by 2040 $ 1.5- $ 4.6 can reach trillion.
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In addition, major Indian companies are diving into it: for example, Reliance Industries has launched AI initiative in high-affected areas such as energy and telecommunications; Tata Consultancy Services has announced an investment of $ 1.5 billion in its generative AI project pipeline.
India is well placed well to build these powers, expand its domestic market and use its abilities to create an impact in the global AI ecosystem. And it will be attractive to see how (and if) India can use its low -cost innovation capabilities to enter some of the next large aranas of the competition.
For example, India has proved that it can complete complex space missions using a low -cost but effective approach. Mangalyan Mars Orbiter and Chandrayan -3, both landed on the moon, was priced at around $ 74 million, which was much less than similar missions, which was America’s National Aermaan and Space Administration (NASA) The cost of was much less than. The market for commercial space applications is currently newborn, but with the cost of launch and quick innovation, it can be a region for India.
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The same dynamic can play in other areas, such as obesity medicines, biotech, batteries and even nuclear fragmentation. For example, in electric vehicles, India is leaving the top of the EV market for others and carving a significant niche in two-wheel and three-wheeler lightning dynamics.
Indian manufacturers are also innovating in low-cost compact sports-youutility EVS for the domestic market, but can launch electric SUVs globally and eventually globally.
Evaluation of Aranas of future cases. In 2005, Arenas, which evaluated MGI, generated less than 10% of the total global economic profits; By 2019, he calculated about 50%. The action has now moved to the future field of competition – and India needs to be a part of it.
Prophet the development of new erenas is not an accurate science. There can be techniques that we have not heard of that it can be important. Unexpected changes in jurisdiction and business policies, climate finance and regulation can create a major difference.
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Saying that, the next major arena of the competition will still go a long way towards determining the world in which we live – how we use data, transfer people and goods, heal the sick Do and communicate.
There is no reason that India cannot give excellence to produce different results from the past through innovation and value construction in these akhadas, with its large talent base and growing domestic market.
The author is a managing partner for McInse and Company in India respectively and McKinse is the director of the Global Institute.