Technology has developed exponentially since the turn of the new century, with innovation driving the growth of economies across the globe. No more is this true than right here in India, where technological developments have solidified the country’s already strong digital foundation, making us well on the way to becoming the third-largest global economy by 2025.
With several increases in technology adoption already present throughout the country’s diverse business ecosystem – in 2020, for example, digital payments increased by 33% across the country, while even healthcare saw a 500% increase in digital consultations – it’s clear that tech will play a significant role in shaping India’s future and ensuring its position as a top economic powerhouse.
Here are three of the top tech trends that will be pivotal in transforming India over the next few years.
The Cloud
Cloud technology has hit the mainstream on a massive scale in recent years and its impact in India has been impossible to ignore. Over the last 18 months, cloud tech has enabled businesses and organisations to meet and overcome the unique challenges posed by them, powering everything from food deliveries to remote working and digital collaborations.
According to the IDC, we could very well see India’s cloudification continue even further, with an estimated 56% of Indian organisations expected to implement cloud software in the month to come. The move towards XaaS business models (everything as a service) will continue to accelerate – 75% of Indian CEOs are confident the cloud will reshape and improve their businesses – while we could also see India take a position as a global cloud service provider.
Digital Gaming
India has seen a gaming revolution take place in recent years, with the market experiencing unprecedented growth. In 2018 there were approximately 250 million gamers in the country, however, by the middle of 2020, that number had increased to 400 million, making India the second-largest hub for digital gaming after China.
For an emerging market, the current digital gaming landscape is vast and includes eSports games, mobile games, poker games, fantasy sports and even Virtual Reality. Amongst current Indian consumers, casual mobile gaming apps are proving to be the most popular – India had some of the highest downloads for this vertical in 2020, with the Q1 to Q3 total reaching as much as 7.3 billion.
The digital gaming segment in the country is expected to reach ₹136 billion by the end of 2021 and has been predicted to grow at a CAGR of 21% by 2025. Undoubtedly, eSports will play a key role in achieving this growth, with audience numbers predicted to top 130 million by the end of that period.
Artificial Intelligence
Artificial Intelligence is another tech trend that is dominating the Indian economic landscape, with AI disruption gaining a significant stronghold in the country. Funding to AI-based start-ups increased by 97.27% in 2019 alone, rising from 20 million USD in 2013 to just under 233 million USD in 2019.
AI is certainly transforming the future of work and industry in the country, with automation expected to foster new growth and opportunities, but it’s also having a dramatic impact on the consumer market. Voice searches went up considerably in 2020 and, by 2023, we can expect the country to have over 8 billion AI voice assistants in use.