Every generation gets an opportunity to build a new era, the novel coronavirus pandemic with its share of devastation and losses has also given an opportunity to this generation to build a New World.
We are sure if today Thomas Friedman was interviewed, he would state, “The World is Flat Again”.
What has changed from the Year 1988 to 2021?
In these TECH THIRTY years, India & its Talent is not only now A “Global Technology Delivery” Leader, but also is a playground to World’s Most Innovative Digital Companies powering the world’s Energy, Mobility, Banking, Education and other key socio-impacting sectors.
With over 20,000 IT-BPM companies working with 4.5 million of its workforce, India by 2030 will be a Global Technology Destination with $1 Trillion Technology Economy complimented with Bio-Tech Factory of the World.
Pandemic has sped up the Digital Transformation journey for traditional industries to invest up to 30% to 40% of their IT budgets in the latest technologies such as Cloud Computing, Cyber Security, Automation, IT Infrastructure and more.
The following 6 industries would flourish as they have already adopted technology
- Health-Tech & Care: Healthcare will lead the technology adoption by using Public Health Data & AI with telehealth infrastructure, remote diagnostics, and continuous care to build India’s 1.4 billion population with support of over 1,00,000 hospitals, clinics & healthcare centers.
With a potential of $ 9 Trillion Healthcare Industry and adoption by Indian Government & its Population, Medical Fraternity, Pharma and related industries, it’s not only attracting the global health technologies but also Indian Start-Ups. Today India boots of 3500+ startups working with healthcare industry and leading India in the world’s health-tech care initiatives.
What NeXt: The Health-Tech opportunities would be infinity and will evolve over a period. People such as Scientific Coding Engineers, Medical Technologist, Innovation developing health track under skin will define a countries future.
- Green Information Technology & Mobility: With factors impacting work from homes, education, continuous connectivity has increased digital acceptance. This digitalization has created both opportunities and challenges to the IT sector. Industry is leading & building a DNA in adopting “Green Information Technology & Mobility”.
Technology that would see an extensively investments over a next decade would be:
- Natural resource recycling & fit for use
- Self-sufficient buildings with reducing carbon footprint
- Building infrastructure for electrical vehicles
With Green Information Technology India will lead a sustained environmental ecosystem.
The Green IT & Mobility is expected to have a sustained growth of 10 to 12% of the
What NeXt: Post pandemic, corporate & enterprises will co-create focus group in
experiences of millennials & iGen to broadly perform 5 Initiative:
- Strategize & new IT upgrade investments in digital technologies which would support a flexible work culture and lower environmental impact.
- Collaborate & share grey technology (Internal & External) Resources to lower the carbon imprint.
- Build new technology not to serve human race but to preserve natural resource.
- Develop sustainable technology to de-merge software with hardware.
- Mobility engineering will be collaborative with Space & Science to design modern day which will focus movement of Particles than Life.
- EduTech & Learning: Thanks to the digital platforms such as mobile phones; tablets; PC’s, India’s academia has seen a smooth transaction of online education during the covid times. Currently India is estimated to have 4000 EduTech and by 2030, education sector would see $ 9.25 to 9.50 trillion expenditures attracting global conglomerate to invest and set-up shops in India.
What NeXt: EduTech will grow complementing the traditional methods by co-creating a hybrid model. EduTech will do, what Microsoft did to each home or Smartphone reach to each hand. Education will be made available to all for Learning, Skilling & Re-Skilling. Education & learning adapting technology platforms would move from structured “Syllabus” program to an “On Demand Video Content” enabling learners to interact across campuses, boards, states and boundaries. Scientific Technologist, Content Engineers, MarComm Specialist will collaborate to build a successful EduTech ecosystem.
- Retail, E-Commerce & Logistics: The covid times saw an unusual marriage of Brick & motor retail + E-commerce + Logistics. The pandemic times have force-adapted all age groups to shop online. Successful models of Farm to Consumer, Manufacturer e-Cart and similar such initiatives have ensured the sector has estimated growth of close to 90% with an estimate to reach a revenue of $ 120 billion of the $ 600 billion industry in the next 5 years. Disrupting today the retail industry has over 2500 technology companies competing in the sector. This is well complemented with a vast network of global and start-ups in logistics to disrupt the $ 250 billion market and is estimated to gain $ 100 billion of market share.
What NeXt: Post-covid, consumers will want an AR/VR experience with flexible floating retail spaces. Companies will look to invest in Robotics, RPA, AI for consumer experience and their supply chain. The consumer would continue to be the king in deciding the high supply with lower demand.
- Banking, Financial Services and Insurance: India is already a backyard to over 700 plus global banks and they run their technology created by India Work Talent.
With covid re-defining customer experiences and preferences, banks operating in India must conglomerate in investing in technologies such as Blockchain, Artificial Intelligence, Digital Payments. Cyber Security etc. by increasing their current investments from 10 to 12% of their expenditure to 30 to 35%. The major technology delivery would be available from over 7,000 and more of IT-BPM mid-sized companies that are already catering to the BFSI sector.
What NeXt: The Indian BFSI Sector will continue to do a steady investment in Future 10 Year Technology and grow at a steady rate with key focus on Data Technology. Banks would create CoE’s, Technology Companies or build Internal Hybrid BankTech Talent to support a need of future digital bank.
- 6G Telecommunications & Beyond: The world is waiting for launch of 5G, though the infrastructure is not fully built up yet, but Indian engineers & companies have already started looking ahead and thinking about the next mobile communication network to come. The evolvement of 6G Network will be needing to build a completely new internet infrastructure.
With changes in how governments, industries and consumers are adopting and demanding connectivity. Telcos are already gearing for the next technology wave with artificial intelligence, AR/ VR and edge technology. With 6G launch, Healthcare, Academic, Engineering, Research & Development, Defense and other social business would be able to delivery desired results in shorter time and at lower R&D investment.
What NeXt: Telcos will invest in Indian innovation capability to build new internet Technology, Cyber Security, Automation, and related capabilities. Telcos will be building about technology partnering with SI & MSP delivery model; and it’s consumers would be center of its investments focus.
To counter the unpredictable Social, Health & Business Environment, organizations that adapt a “Amoeba Management” style will be able to sustain profitable growth. This adoption would be ensured by being extreme decentralization — with smaller customer-focused business units, building the right talent stack and invest in future digital technologies.
Technology companies should invest in re-skilling their workforce as traditional technologies and roles will evolve to AI, Cloud computing, AR/VR, Cyber Security, RPA, Blockchain, IoT, 6G and be prepared for the next new wave of opportunities.
The key for industries would be to collaborate with the right technology partner who would not limit to only consulting but also would help in building and management of technology to achieve the growth post covid era would offer.