Anil Narasipuram and Shruti Nair sealed their marriage on the blockchain in Pune, India. NFT (non-fungible token, unit of data recorded on a blockchain) was created using an image of the bride’s engagement ring, the couple’s wedding vows, as well as other sentiments dear to their hearts. As of the right moment, there is no way to alter, modify, or remove the NFT from the Ethereum blockchain’s decentralized database.
Every element of our lives is being transformed by new-age technologies. NFT and blockchain are taking center stage and technology is becoming social and enjoyable,” WNS Group CEO Keshav Murugesh stated. At a Nasscom-sponsored Times Techies webinar last week, he said, “When that happens, over time, it will scale and become the way you do business.”
This isn’t limited to India; it’s happening all throughout the world. Many people anticipate that the next decade will be known as a “techade,” in which technology plays a key role in many aspects of daily life and business. And this is why many people believe that India’s technological prowess and a large reservoir of IT talent will allow it to have a significant impact on the coming decade.
As McKinsey’s senior partner Noshir Kaka put it, “not just business difficulties, but also social issues, sustainability, workforce management in an inclusive manner…areas none of us could have imagined of previously,” humanity is looking to technology to tackle various problems.
India, he said, would become increasingly important to the rest of the globe. Not only in traditional IT services, but also in software. SaaS (software as a service) from India is a phenomenon that is “amazing,” he stated. According to McKinsey, India’s SaaS market will be worth a trillion dollars in the next 10 years, which is the same amount of money IT services have made in the preceding 30 years. “We’re going to see a revolution in India, whether it’s in technology services, software, specialized types of hardware, or semiconductors,” Kaka added.
During the epidemic, businesses around the world realized the importance of technology and digitization for resilience, connectivity with customers, and employee engagement, resulting in a boom in the IT services and business process management (BPM) industries.
Murugesh noted that “behavior patterns have changed” as a result of using Covid. New technologies are enabling industries that previously supplied items via middlemen to engage directly with retail customers, he said. Business structures are also evolving, he said. According to him, this has resulted in an enormous rise in interest.
Kaka cited four areas in which IT services are gaining a lot of traction. He estimated that the market for cloud modernization will be worth $600 to $800 billion. “The cloud migration shift should be the most important goal for each company. He predicted that new designs would emerge as a result, opening the door for a slew of new innovations.
He also cited AI and data, cybersecurity, and IoT/Industry 4.0 as major opportunities, each of which he estimated to be worth $50 to $150 billion. He predicted that quantum computing and blockchain would become commonplace in the near future.
The largest data platforms in the world, UPI and Aadhaar, provide India an advantage in AI, according to him. In terms of scope and intricacy, what we’ve accomplished is mind-boggling. It’s not enough to just invest in it occasionally; we need to continually compare our policies to those of other countries, he added.
Many of the world’s largest corporations have been establishing huge engineering and R&D centers in India. The head of SAP Labs India, Sinstated that India is SAP’s largest center outside of Germany. That’s a big deal for a product company like ours. We are the only SAP center with a full representation of the full breadth of SAP’s product. For the computer industry and product makers like us, this is a wonderful opportunity for the future of the Indian economy,” she stated.
He further pointed out that India is no longer simply an exporter of technology, but rather a large consumer as well. Moreover, this is why product businesses like ours have invested so much in India. Why wouldn’t we be piloting this (technology) entirely out of India when we look at an industry like retail? I see India as a technological powerhouse for the rest of the globe, as well as a consumer powerhouse because of how we’re seeing purchasing habits in India,” she remarked.
However, while tech MNCs in India are investing in R&D, not enough of that is happening in local institutions and businesses. “Industry bears the primary responsibility. With R&D investments, we need to provide a curriculum and get them to market quickly, just like we did for tech services. For a world where artificial intelligence (AI) would rule, Kaka hopes that at least some of the money raised by unicorns will go toward research and development (R&D).
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