At the Dataquest Leadership Conclave held at New Delhi’s Hyatt Regency on June 8, Anil Chopra, Senior VP, Research & Consulting, CyberMedia Research, spoke about the “Trends in the world of next-gen tech”.
India is set to become a $1 trillion economy by 2025. The Indian IT industry clocked 15.5% growth reaching $227 billion revenue. India has become a digital innovation talent hub of 5 million people.
Enterprise user industry has seen 60% CXOs indicating 6% higher tech spending over the last year. Technology has enabled Indian enterprises to keep the lights on, shift to online business, re-align products and services to new market needs.
Some key areas of enterprise spending and emerging trends include business transformation, AI and ML, analytics, cloud, 5G, IoT, etc. In CX, digital first customer rules. There is hyper-personalization, data security and privacy to win customer trust. In DX, there is massive acceleration in digital transformation efforts in enterprises. Re-architecture becomes essential to support a distributed workforce. We saw the growth of omni-channels. In EX, WFH is not going anywhere. Reputed companies have announced permanent WFH. Enterprises need to gear up for a hybrid work culture. The employee experience has also taken centre stage.
At the base, infrastructure modernization is a must for BX to succeed. There are AI deployments, such as chatbots, digital assistants, operations optimization, etc. By 2024, 40% of Indian enterprises will use AI/ML across critical business functions such as marketing, HR, procurement, etc. There are synthetic data models using digital twins. AI is now automating. OpenAI has led to the neural network that can convert text into images. There is also voice-powered BA. All of this is revolutionizing employee engagement. No coding is required, making it easy for businesses.
Evolving BC is the key driver for accelerated cloud adoption. Blockchains are an important part of the trend. Utility and fandom are going to drive NFT uptake. In devices, there will be over 1 billion smartphone users by 2026. Growth will be high in rural areas. BPM still continues! 75% of BPM jobs will need new skills. Other trends include Deep Tech, etc.
The theme of the conclave was Let’s Transform at Scale with NeXtGen Tech and featured the 29th ICT Business Awards show.