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Six transformative technologies to propel tech adoption and growth in 2024: Deloitte Tech Trends India report

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Deloitte India’s latest Tech Trends 2024 report reveals that India continues to lead the global technology (tech) sector despite global economic uncertainties. The report estimates FY 2024 revenue of US$254 billion for India’s tech sector (3.8 percent y-o-y growth) and reaffirms its status as a trusted global leader. Industry stakeholders expect India to emerge as a key player in several key domains, including spatial computing, the industrial metaverse, cloud computing, and generative AI (GenAI). These projections are complemented by a strong focus on modernisation, security, and trust.

According to the report, the rising prominence of GCCs, highlighting India’s increasing ability to meet international tech demands, is a key contributor to the country’s growth. With over 1,600 GCCs, the Indian GCC market is on track to exceed US$100 billion by 2030. It is likely to employ more than 4.5 million people across 2,500 GCCs nationwide by 2030. Additionally, the focus on Engineering Research and Development (ER&D) positions India as a global tech hub for innovative solutions, contributing significantly to export revenue.

Deepa Seshadri, Partner and CIO Program Leader, Deloitte, India, said, “India Inc. is on the brink of transformative change, where embracing emerging technologies has helped us take a leap, bringing a spotlight on India’s growth story. The Tech Trends 2024 report highlights India’s remarkable resilience, redefining its position as a frontrunner in swiftly embracing emerging technologies.”

Through our comprehensive efforts in the CIO Program, we aim to enable CIOs and tech leaders to transform from technologists to strategists. By fostering a culture of innovation that is agile and collaborative, we aim to harness the power of technology and shape a future that is not just prosperous but also inclusive and sustainable” she added.

Keerthi Prakash, Partner, Consulting, Deloitte India, said, “We are witnessing an unprecedented digital revolution currently, where India stands at the forefront of global economic growth, taking a leap with dynamic changes that impact businesses, decision-makers, industries, and citizens alike.

As more businesses use immersive experiences powered by 5G and spatial computing, coupled with government initiatives supporting digital innovation, India is poised for a transformative era. From application development to automation, SaaS, and cloud enterprise spending, technology interventions are revolutionising traditional industries, breaking silos, bringing greater modernism and optimism, and propelling India into a new era of digital excellence.”

In 2024, the focus will be on identifying investment areas and evaluating outcomes. GenAI holds immense promise but also carries risks such as misinformation and synthetic media. Enterprises must manage GenAI-related risks through integrated risk mitigation and governance processes. India’s tech ecosystem is advancing with increased software exports, tech workforce growth, tier-2 city development, government support, and improved infrastructure, solidifying its position as a reliable tech talent hub.


Interfaces in new places: Spatial computing and industrial metaverse

  • India emerges as a key player in spatial computing and the industrial metaverse, with a projected revenue of US$2.1 billion in 2024 and an anticipated CAGR of 40.03% from 2024 to 2030.
  • Transformation fueled by India’s robust tech ecosystem, driven by increasing smartphone penetration and government initiatives supporting digital innovation.
  • Spatial computing revolutionizes operations across diverse sectors like banking, healthcare, manufacturing, and education, enhancing productivity and customer experiences.
  • Challenges include the need for comprehensive employee training and adaptive regulatory frameworks to balance innovation and consumer protection.
  • Regulators must address issues like data privacy and intellectual property rights amidst the rapid adoption of spatial computing.
  • Despite hurdles, spatial computing and the industrial metaverse are poised to reshape industries, redefine human-computer interaction, and propel India into a new era of technological innovation and economic growth.

Genie out of the bottle: Generative AI as a growth catalyst

  • India’s GenAI market projected to achieve a CAGR of over 24.4% from 2023 to 2030.
  • Over 70 startups in GenAI secured more than US$590 million in funding, indicating significant market growth potential.
  • AI-related initiatives surged 2.7X between 2023 and 2024, with over 6.5 lakh employees undergoing GenAI skills training.
  • GenAI is revolutionizing operations and enhancing customer experiences across various sectors including healthcare, retail, education, and agriculture.
  • Cybersecurity and risk management emerge as pivotal concerns amidst GenAI growth, emphasizing the need for responsible AI adoption.
  • India poised to emerge as a global leader in AI innovation, leveraging GenAI to drive inclusive progress and sustainable development.

Smarter not harder: Beyond Brute force computer

  • India leads global computing revolution amid surging computational demands.
  • Tech landscape in India undergoes significant shift towards software refinement and parallel processing.
  • Cloud computing is projected to reach US$10 billion hyperscale market by 2028.
  • Momentum in AI supercomputing and quantum computing fueled by initiatives like the US$730 million National Quantum Mission
  • Strategic alliances in quantum computing and semiconductor innovation strengthen India’s global computing standing.
  • Initiatives like India Digital Public Infrastructure and international partnerships drive innovation.
  • India pioneers solutions including free-space Quantum Communication and cloud-enabled space-tech advancements.
  • Visionary government backing and private sector prowess position India at forefront of shaping computing’s future, unlocking economic and technological dividends.

Revolutionizing India’s Tech Landscape: Prioritizing Developer Experience (DevEx)

  • India’s tech sector poised for global leadership with an estimated 18 million STEM graduates by 2027.
  • Challenges include a 17% attrition rate in 2023 and a drop in average increments to 9.1% in 2023 from 9.4% in 2022, emphasizing the need to enhance Developer Experience (DevEx).
  • Strategies to foster innovation and engagement include empowering engineers with tools, embracing product thinking, understanding developer journeys, shortening feedback loops, encouraging collaboration, and promoting continuous learning.
  • Prioritizing DevEx investment not only reduces turnover and costs but also elevates India’s position in the global tech landscape.
  • Transformative impact includes up to 40% reduction in development and testing effort, 25% faster time-to-value, and zero technical debt commitments, as demonstrated by a leading technology service provider’s Live Enterprise Application Development Platform.
  • Through such initiatives, India can leverage its vast developer talent to drive sustainable growth and innovation globally.

Defending reality: Truth in an age of synthetic media

  • Cyber threats in India surged by 24% in 2024, primarily driven by synthetic media like deepfakes.
  • Scams such as customer care number/KYC/refund scams increased by 35%, with AI voice scams affecting 83% of victims.
  • The impending general election and rising misinformation risks highlight the need for enhanced cybersecurity and public awareness.
  • Collaborative efforts between government, tech companies, and citizens are crucial for defending truth and combating cyber threats effectively.
  • Strategic approaches include implementing zero trust solutions, enacting regulatory policy measures, enhancing cybersecurity protocols, promoting responsible AI development, and fostering partnerships with tech giants.
  • Individuals should exercise caution online, verify information, and enable security settings to mitigate risks effectively.
  • Proactive measures are essential as countries anticipate and address cybersecurity challenges in the next decade.

Core workout: From technical debt to technical wellness

  • Indian businesses are prioritizing IT modernization efforts, with 88% allocating up to 60% of their tech budget for this purpose in 2024.
  • Investments are focused on cloud computing, DevOps, data analytics, AI, IoT, and security.
  • 61% of enterprises are aiming to overhaul legacy applications to stay competitive.
  • Emerging technologies such as GenAI, 5G/6G, Web 3, and Blockchain are reshaping the IT modernization landscape.
  • Security remains a pressing concern, with the financial sector enduring over 13 lakh cyberattacks in 2023.
  • Adherence to regulatory frameworks like the Digital Personal Data Protection Act, 2023 (DPDPA 2023) and RBI’s directives on digital payment security highlights the emphasis on data protection and regulatory compliance.
  • This focus on security and compliance is integral to fostering digital trust and accelerating digital transformation initiatives across sectors.
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