A tapestry of innovation and resilience in 2023

As we stand at the threshold of a new year, it’s time to reflect on the transformative journey that has been 2023 in the world of technology. This year, Dataquest has been at the forefront, capturing the pulse of innovation, disruption, and resilience across diverse technological landscapes.

Charting the Rise of Digital Printing

In the print industry, 2023 marked a turning point as digital printing emerged as the preferred choice for businesses. With its cost-effectiveness, versatility, and rapid turnaround times, this technological marvel has reshaped the industry.

Companies like Konica Minolta have propelled this evolution, empowering Indian businesses and steering the sector towards an anticipated market size of `279 billion by 2025.

Katsuhisa Asari, Managing Director, Konica Minolta India predicts how the Indian Print Industry has changed and what are the plans for 2024. He says: “2023 was a testament to the print industry’s resilience and adaptability in striking innovation, particularly in the realm of digital printing. Digital printing has become the preferred choice for many businesses due to its cost-effectiveness, versatility, and quicker turnaround times. The digital printing segment is projected to grow at an impressive rate of 6.7% annually, cementing its place as a dominant force in the industry. As an industry leader, we reached out to an untapped clientele in the hinterland of the country, across tier 2, 3, and 4 cities, with the latest tech in production printing and digital printing tech, empowering Indian businesses to successfully shape the future of the Indian Printing Industry, which is expected to reach a market size of to ₹279 billion by 2025. By leveraging its strengths in intangible assets, Konica Minolta also seeks to create customer value through co-creation with customers.”

Identity Technologies Redefining Security

5G, Generative AI, and other technological advancements have reshaped connectivity and intelligence. In an era where digital landscapes continually evolve, the fortification of security stands as an imperative. Identity technologies have emerged not merely as tools but as transformative agents sculpting a safer, more convenient world. At the forefront of this evolution is a narrative resonating with innovation, resilience, and a steadfast commitment to redefining security.

IDEMIA’s innovation in identity technologies has not only unlocked new possibilities but also played a pivotal role in sculpting a safer, more convenient world. Their dedication to cutting-edge R&D has redefined security solutions across borders.

2023 was a testament to the print industry’s resilience and adaptability in striking innovation, particularly in the realm of digital printing. - Katsuhisa Asari, Managing Director, Konica Minolta India

Matthew Foxton- India Regional President & Executive Vice-President, of Branding & Communications, IDEMIA said, “In 2023, the spotlight shone brightly on identity technologies, unveiling their pivotal role in sculpting a safer, more convenient world. As we embark on 2024, the identity landscape is on the brink of a profound transformation propelled by technological advancements in AI and ML services, the escalating adoption of online services, and a persistent demand for inventive solutions. Throughout the year, we anticipate the emergence of future-proof solutions, underpinned by the latest breakthroughs in biometric and cryptographic technologies, revolutionizing the way we perceive and manage physical & digital identities.”

Tech and Trends in the Financial Sector

Within the dynamic realm of the financial sector, 2023 has been a year marked by resilience, transformation, and a spotlight on technological innovations reshaping the landscape. Amidst rapid advancements and evolving consumer behaviors, the industry’s survival and success hinge on the cultivation of a robust technological foundation.

As the FinTech sector navigates the tides of technological advancements and regulatory terrains, the spotlight falls on structured infrastructure. Rohit Taneja, Founder & CEO, of Decentro, talks about key developments in the FinTech industry this year along with an outlook for 2024. He said: “As we reflect on the challenges and opportunities in the ever-evolving FinTech landscape, the need for a resilient infrastructure has never been more pronounced. Amidst rapid technological advancements, shifting regulatory terrains, and evolving consumer preferences, the survival and success of FinTech companies hinge on their ability to cultivate a robust foundation. API banking’s $13.8 trillion potential and the transformative power of automation offer a glimmer of hope, but it’s the structured infrastructure that becomes the true enabler, providing the agility and innovation needed to navigate through cyber threats, talent gaps, and regulatory developments.

RBI Regulations and the FinTech Maturation

Regulatory developments, especially the RBI’s regulations in 2023, have played a pivotal role in fostering innovation while addressing risks. These regulations aimed at balancing innovation and mitigating risks have shaped the direction of a maturing fintech landscape. Tightened KYC checks, increased risk weights on retail loans, and new guidelines on digital lending signal a regulatory framework evolving in tandem with industry innovations. The proposed FinTech repository promises greater transparency and regulatory oversight, steering the industry toward enhanced stability.

AI, Automation, and the $13.8 Trillion Potential

The transformative power of API Banking and the vast potential of automation, estimated at $13.8 trillion, underscore the industry’s promise. However, it is the underpinning of structured infrastructure that becomes the true enabler. This foundation allows agility and innovation to navigate through challenges such as cyber threats, talent gaps, and shifting consumer preferences. Amidst these advancements, companies like Decentro stand poised to contribute to India’s financial ecosystem by steering the industry toward innovation and adaptability.

As we approach a new year, the financial sector stands at the cusp of monumental transformation. The fusion of technological innovations, regulatory foresight, and a commitment to structured infrastructure forms the cornerstone of a resilient and agile FinTech landscape. Embracing these trends propels the industry toward a future where innovation thrives, consumer needs are met, and financial services evolve to meet the demands of a dynamic market.

Evolving Landscape of AI and Productivity

In a realm where technology catalyzes transformation, AJ Sunder, Chief Product Officer, and Chief Information Officer at Responsive, offers insightful foresight into the evolving paradigms of AI and productivity reshaping the business landscape.

Responsive’s launch of AI Assistant and their foresight into GenAI’s potential in software development have been milestones in AI advancements, paving the way for a future focused on deeper insights and efficient productivity.

The foresight into emerging technologies like quantum computing, sustainable technology, and cyber resilience illuminated a path toward a future propelled by AI.

As drones diversified into sectors like traffic management and land surveying, a focus on Intellectual Property development positioned the Indian drone sector as a global leader, ready to embrace 2024 with innovations like Drone-as-a-Service (DaaS). - Ankit Mehta, CEO, ideaForge

The educational landscape embraced a digital revolution, fostering inclusivity and democratizing knowledge with technologies like AI and Virtual Reality.

Cybersecurity, an ever-pressing concern, saw companies preparing for a transformative 2024, acknowledging the looming impact of AI on the threat landscape.

In memory solutions, innovation thrived, meeting demands for high-quality storage solutions. Companies like Lexar Co. Ltd. catered to burgeoning needs, especially in drone photography, foreseeing the rising demand for high-speed microSDs capable of recording 4K quality RAW videos.

In the domain of India’s innovation landscape, the rise of UAV technology took center stage. This year witnessed the flourishing drone industry, marked by investments soaring to nearly $50 million. Drones emerged as versatile allies, extending beyond military applications into various sectors. The government’s strategic move to incentivize indigenous drone manufacturing under the Production Linked Incentive (PLI) Scheme fueled this transformative journey.

Redefining India’s Drone Technology Landscape

In a landscape defined by innovation, Ankit Mehta, CEO of ideaForge, sheds light on the monumental shift catalyzed by the widespread adoption of UAV (Unmanned Aerial Vehicle) technology in India. As drones diversified into sectors like traffic management and land surveying, a focus on Intellectual Property development positioned the Indian drone sector as a global leader, ready to embrace 2024 with innovations like Drone-as-a-Service (DaaS).

GCCs Scaling for Impact in 2024

In an era defined by technological innovation and business evolution, the role of Global Capability Centers (GCCs) has transcended from task execution to spearheading transformative change within industries.

Balasubramanian (Bala) Sankaranarayanan, President and CEO, of Thryve Digital Health LLP says, “In 2023, GCCs, particularly those focused on healthcare, exhibited a transformative shift towards an innovation and value-creation agenda. From “doers” to “designers” to “directors”, GCCs have taken on the mantle of driving technology-driven business transformation that enables the parent entities to be more competitive at every level. Within the talent ecosystems that they operate in, GCCs have center-staged the opportunity for incubating expertise in the domain, industry focuses as well as in product/platforms – as demonstrated in the visible surge in GCC hiring patterns.

In 2024, we see GCCs scaling within their enterprises to be recognized as incubators of new capabilities and innovative solutions. Healthcare GCCs specifically, are positioned well to drive enterprise pivots around AI, Machine Learning, Data Transformation, and Analytics – and achieve significant impact on the enhanced customer experience, improved access to quality care, better clinical outcomes, and quality of life. As they make these enterprise pivots happen within an environment of heightened trust and data safeguards, healthcare GCCs are poised to become true change agents for the healthcare industry at large.”