NetApp, a data management and hybrid cloud firm, in partnership with Zinnov, a global management consulting firm, put out a study titled, ‘B2B Tech Startup Ecosystem and Role of Corporate Accelerators in India’.
According to the report, B2B tech startups have more than tripled (from 900 to 3200+) since 2014. This can largely be attributed to the spurt in the need for digital transformation of enterprises, financial institutions, hospitals, government, SMEs, etc. Also, the investment in B2B startups touched USD 3.7 billion in 2018, a steep rise of 364% from 2014.
As much as 70% of B2B tech startups are in the space of enterprise tech (41%), fintech (19%) and healthtech (9%), with software as a service (SaaS), customer relationship management(CRM), alternative lending, expense management, medical internet of things, artificial intelligence enabled predictive platforms being some of the other segments.
Segregating over 800 of the B2B tech startups as ‘advanced tech startups’, the study indicates their YoY growth at 60%, much ahead of the 20% number for the entire tech startup space (B2B, B2C). More than 76% of the tech share belongs to: Data Analytics, Artificial Intelligence and Internet of Things. Other futuristic technologies such as blockchain and 3D printing are not just being adopted by enterprise tech, but also fintech, health-tech, industrial-tech, clean-tech, manufacturing and nanotechnology.