The Growth potential of the Service Franchise Market in India
By Resham Daswani
The services industry in India includes a wide range of businesses, including trade, lodging and dining, transportation, storage, and communication, finance, insurance, real estate, professional services, community, social, and personal services, and services related to construction.
Due to its distinctive talents and competitive advantage brought about by knowledge-based services, India is a special emerging market in the world. Therefore, the growth potential of the service franchise market in India is quite commendable.
Furthermore, a favourable climate for the services sector is being fostered by the Indian government's multiple programmes, such as clean India, smart Cities, and digital India. The market might create a multi-trillion dollar opportunity, which could lead to symbiotic growth across all nations.
The Road Ahead - Service Franchise Market in India
The development of the services industry is influenced by both domestic and international forces. Digital technology and institutional frameworks made feasible by the government have fostered the double digit expansion of a wide range of service sectors in recent years.
Due to substantial improvements in culture and government viewpoint, conducting business in India has become significantly easier for both domestic and foreign businesses.
India's services industry is positioned to grow at a high rate in the next few years as a result of continuing changes in the areas of lowering trade barriers, relaxing FDI regulations, and deregulation.
Service franchise market in India includes various industry sectors such as:
- Financial Industry
- Healthcare Industry
- Outsourcing Service Industry
- Home Appliance Service Industry
An article released in Business Standard, enhances the details of each service sector’s performance towards the Indian economy, their high’s and lows’. Read the complete article right here,
4 Major Reasons Behind the Growth of Service Franchise in India
High income elasticity of demand, structural and technological developments in the Indian economy, the information technology revolution, and an increase in demand for manufacturing after the economic recovery are the biggest factors of the service sector's rapid expansion. Also, the service industry greatly raises the nation's GDP.
The main factors driving the service sector's explosive expansion are listed in the list below.
1. There is a high demand for services as a finished good
The services sector started to flourish as companies from abroad, particularly industrialized countries, began outsourcing their operations for communications, advertising, computer service, and banking to India. Due to the increased demand, the service industry experienced rapid growth.
2. Changes in Technology and Structure
The Indian economy has undergone numerous structural and technical developments. Regarding economic dependency, it entails a change from primary to tertiary industries. Moreover, developments in outsourcing as a result of technical advancements have contributed to the expansion of the service industry.
3. Information technology development
The usage of mobile phones, telecommunications, and the Internet has significantly increased due to the development and growth of the IT industries, which has increased the number of electronic transactions in the countries.
4. Economic Changes
Economic changes raised demand, which led to growth in the manufacturing sector. Coupled with this, the banking sector's liberalization and infrastructure changes are also to blame for the services sector's rapid expansion.
Best Financial Service Franchises in India
The market for financial franchising services has been growing, making it an excellent place for ambitious businesspeople to invest. Beyond the banking system, there are other franchise business prospects in the financial sector. You can choose from a variety of financial franchise businesses, such as accounting, loan and mortgage companies, tax preparation services, and business cost management consultancy.
Top 3 financial services franchises are:
1. Motilal Oswal
Our goal at Motilal Oswal Asset Management Company MOAMC has been to provide targeted equity schemes and strategies based on equity, which is our area of strength. Our sponsor, Motilal Oswal Securities Limited, which has 26 years of experience in the industry, left us with their equities expertise.
Our investment philosophy, Buy Right Sit Tight, which involves buying excellent firms at a fair price and staying engaged in them for a longer period of time to realise the full growth potential of the equities, has been the key distinction in our services.
2. PNB Housing Finance Ltd
A registered home finance company with the National Housing Bank is PNB Housing Finance Ltd (PNB Housing) (NHB). Following its incorporation under the Companies Act of 1956, it began conducting business on November 11, 1988.
In November 2016, the company released a public offering of equity shares. Its equity shares are listed on the Bombay Stock Exchange and the National Stock Exchange (NSE) as of November 7, 2016. (BSE).
3. Vedant Asset
2017 saw the launch of Vedanta Asset, an online mutual fund advisor that enables investors to manage money simply logging into their accounts. Since its inception, the company has quickly risen to the top in India by offering investors hassle-free investment. The business offers investment ideas, family solutions, and tools and advice for making investments.
Mobile Service Franchise Opportunities in India
Best mobile service franchises in India are:
In India nowadays, cell phones have turned into a need. Professional mobile device repair services are increasingly in demand. You can help in this situation. Years have gone into honing our repair procedures. You will establish yourself as the local authority on mobile device repair when you launch a Fonecare franchise.
2. Dr Smart Phones
We are all aware that having the upper hand in life is ideal. At Dr. Smart Phones, we give franchising opportunities for modern business owners that aspire to run their own businesses and are passionate about offering first-rate customer service.
In addition to providing world-class products with speedy shipping, Fisixworld also allows you to place repair orders for broken smartphones, laptops, tablets, computers, and printers. Moreover, we offer "Data Security". in order to protect your data while we fix your device.
We address issues with multi-brand devices, including broken screens, charging ports, cameras, loudspeakers, and other components. Our repairs are quick and reasonably priced, and they come with the appropriate warranties.
For everyone in India, we offer a free pick-up and delivery service. Your gadget will be picked up from your location, which is accurate according to the tracking system, and depending on your location, it will be delivered within 24 hours.
Home Service Franchise Opportunities in India
Best three home appliance service franchises in India are:
We offer complete after-sales services for all home appliances, mobile devices, and furniture, tailored to your unique business requirements. Your customers will be looked after year after year thanks to our "customer first" culture, tested service delivery network, and cutting-edge technology.
2. Team On Task Pvt Ltd
A multipurpose/all-in-one servicing platform called Team On Task offers a wide range of services for our daily needs, from personal and healthcare to housekeeping. Our company's mission statement is to make clients happy by offering the greatest services from highly skilled technicians/staff, educators, and healthcare professionals with complete faith and trust.
3. Valet Home Services Pvt Ltd
Valet Groups is a one-stop shop for all of your residential, commercial, social, and business needs. We provide you a range of services that make daily life easier for you. By reserving services, you can access a variety of offerings from well-trained and thoroughly vetted specialists at any time and from any location.
Here is a brief summary of some of our main assistance services: cleaning, appliance repair, driver, interior/exterior painting, AC service, computer and laptop repair, moving and packing, pest control, car wash, electrician, plumber, and carpenter service, among others. We are growing throughout India.
Q.1. Which is the fastest growing service franchise in India?
The hospital sector in India makes up 80% of the country's healthcare market and had an expected growth rate of 16–17% to $132.84 billion by 2022. It is without a doubt one of India's industries with the quickest growth rates.
Q.2. Which service franchises in India are in high demand?
Mobile repair and servicing, automobile servicing, cleaning services and coaching services are some of the services that are topping the list of leading service businesses in India.
Q.3. Which service business opportunities in India are profitable?
Dentistry, legal services, real estate agents and broker services, are some of the most profitable service businesses in India.
FranchiseBazar is a trustworthy resource where you can acquire all the details about service franchises and strive to seamlessly dominate the sector. Our website offers tools to help entrepreneurs run profitable operations and seamlessly satisfy market demands. You may find the top business service franchise opportunities here, whether you want to open a grocery store or provide HR services.
If our blog has been useful and has provided insights about the service franchise market in India, do drop a comment in the box below. In case you wish to view more service business opportunities in India, get in touch with our consultants. We will be glad to help you in getting the right franchise fit suitable to your pocket.
Written By: Yukta Palekar
Written By: Resham Daswani
Written By: Yukta Palekar
Written By: Divisha Pandey