Faith is a lucrative line of work in India, and it is this emotional state of humans that is fueling the creation of numerous firms in the not-so-mystical field of spiritual technology. The phrase is especially relevant now when the country is witnessing a flood of companies that, in some way or another, are disrupting the ages-old devotion industry with cutting-edge technology.
Only a decade ago, telecom service providers including Airtel, Vodafone, Idea, and Jio used to provide astrology and horoscope services by allowing users to dial a specific number and charge them per minute. Gradually, the spiritual technology sector is attempting to emulate the same with modern technological instruments.
The spiritual tech market has also used growing technology such as artificial intelligence (AI) and live streaming to improve their offerings, which include astrology, numerology, tarot card reading, e-visits (darshans) to temples, online Puja, e-kundalis, rashis, and gemstone sales.
According to one analysis, the Indian faith market would be worth $58.56 billion by 2023, with religious / pilgrim tourism accounting for a significant share of this sector. According to the industry players interviewed for this report, startups may easily capture 10% of India's expanding religious sector.
As a society where faith is firmly ingrained, technology is greatly propelling the rise of spiritual tech startups, with many reporting healthy profit margins, significant revenue growth, and VC funding. Marketing has also played a role in the quick growth of the spiritual technology business.
Furthermore, because of the way Indians donate in the name of faith, devotion, and spirituality, monetization in the space is not a concern, and some of the prime areas include astrology, numerology, tarot card readings, virtual temple visits (darshans), online pujas, e-kundali, zodiac consultations, and the sale of gemstones.