Technology innovations will define India’s business landscape in 2023

In today’s digital era, technology is constantly evolving, offering radical new growth opportunities for businesses to innovate, reinvent and open new perspectives to create and contribute to human well-being. Covid-19 has created a complex, multifaceted technology environment that has not only accelerated the demand for digital innovation, but has also challenged advanced manufacturing facilities. India has made incredible strides in technology and digital economy over the years. From developing cutting-edge AI capabilities to adopting digital payments, 5G to high-performance computing, India has proven to be one of the most innovative countries in the world. In fact, the current digital transformation (DX) adoption landscape in India is rapidly evolving, with DX spending projected to increase to $23.6 billion by 2025 at a CAGR of 17 percent. Additionally, with a paradigm shift in long-term strategic digital and enterprise resilience goals, investment in DX technologies is expected to accelerate further.
In 2023, we expect to see five major technology trends that will shape India’s growth and resilience.
Embracing digital transformation
India’s feverish pace of adoption of technology in all matters has brought it to the very pinnacle of digital transformation. Over the past few years, we have seen many paper-based processes transform into simpler, digital processes. “India Stack” is a game changer and a unique advantage for us. UPI has transformed India from a paper currency driven market to one synonymous with digital payments. DigiLocker is a great example of how, thanks to technology, citizens no longer need to carry cards and papers, but instead have a unique app that can securely store all their government records such as driver’s license, vaccination records, education certificates and more. . Face-to-face meetings are shifting towards video calls as more employees continue to work from home. given this environment, Indian businesses are poised to invest significantly in digital transformation and IT modernization. According to the latest IDC report, more than 95 percent of IT decision makers in India said their organization plans to spend more than they did in 2021 on digital transformation initiatives, with spending in India expected to reach 85 by 2026 billion USD. Our customers are digital and businesses need to be more digital to accommodate them!
Artificial intelligence as the driver of the next wave of business growth
AI is no longer just a buzzword. By 2023, artificial intelligence is expected to define commercial applications and internal business optimization tools across many industries. In fact, AI adoption is expected to add $500 billion to India’s GDP by 2025, so businesses would need to focus on finding ways to optimize processes, increase productivity and bridge existing skills gaps. Organizations will now need to realize how AI can be used to support informed decision-making not just about decisions in the near future, but also about their future business journeys. Artificial intelligence has shown that it has the potential to solve many problems that exist in the world, but it offers a key advantage for businesses; optimalization. For example, as India’s manufacturing industry continues to expand, AI could offer key insights into supply management, manufacturing methodology and even inventory management, leading to lower operational costs. With the digital audience in the country, we have so much data that is and will be created that this means a huge AI opportunity ahead!
Digital infrastructure will strengthen the economy
India also has some of the lowest mobile data speeds in the world, allowing the country to bring a huge portion of its previously untapped population online. This collective, while enjoying one of the lowest data flows in the world, also generates the second highest amount of data in the world, unlocking the huge potential of Indian data centers. For context, India has 20 percent of the world’s Internet users, but the country accounts for only 2 percent of the world’s servers. Take the Unified Payments Interface (UPI), which crossed 7.8 billion transactions in December 2022, according to data shared by National Payments Corporation of India (NCPI). Clearly, technology has begun to weave itself into the very fabric of economic progress, so the growth of server capacity in the country is not only important, but imminent. Data center growth will play a key role in India’s goal of doubling GDP and becoming a trillion-dollar digital economy.
Building a hyper-connected and intelligent world
The accelerating pace of digital disruption has changed business dynamics forever – creating new business models, revenue streams and digital ecosystems in this digital world. In 2023, the emphasis will be on harnessing the power of the Internet of Things (IoT), 5G and Edge Computing will continue to feel strongly. IoT has the potential to radically change the way companies evaluate and think about operations, product development, and physical space design—all things that affect the bottom line. With over 43 billion devices expected to be connected to the internet by 2023, and with digital twins on the horizon, digital replicas of real things will soon become commonplace.
5G is a game-changer for India, with its recent deployment expected to build a market of 31 million 5G users by the end of 2022. According to Ericsson, 5G-enabled digitization is set to become a $17 billion opportunity. 2030. India will therefore be strategically positioned to boost its digital economy, enable advanced infrastructure, reap the benefits of better access to education and healthcare, and seamless business transformation processes. Finally, edge computing will account for more than 50 percent of new enterprise IT infrastructures deployed by businesses.
Smartphones and computers will shape the connected world
While smartphones in India have continued their steady growth over the past decade, the pandemic has shown us that the PC remains a critical tool for consumers and businesses. As everyone moved to the work-from-home model, the demand for laptops, desktops and monitors skyrocketed, proving that the PC is still a productive device. Demand signals may be cyclical, but the net trajectory of these devices, which are integral to our growth story, is clear. The education sector has also largely embraced digital learning across the country, with the government launching several programs at all levels of academia to facilitate hybrid learning. Gaming continues to show strong across-the-board growth, with a forecast CAGR of 29 percent to $1.19 billion in fiscal 2025. While the smartphone and PC industries may face some headwinds in the coming months, related industries such as software, entertainment, cloud , web3, education and even AR/VR are seeing big increases in consumption, indicating a positive outlook for the future.
Advanced digital technologies are coming your way. Many of these trends are already making their way into the business world, and it won’t just be your standard upgrades that will bring about new and unexpected ways of doing business. As 2023 begins, businesses must navigate this changing landscape while scaling innovation and better understanding how technology will continue to drive digital transformation across industries as we embark on what will be an exciting new era.
Santhosh Viswanathan, Managing Director and Vice President – Sales Marketing & Communications Group, Intel India
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