The leading technological trends for 2024 are expected to influence the world of technology. 2024 promises to be a pivotal year for technological advancements, with several key trends poised to reshape the landscape. Following technological trends is poised to be a major game-changer in 2024 and beyond.
AI
Artificial Intelligence (AI) is a branch of computer science that deals with building smart machines capable of performing tasks that typically require human intelligence. AI is an interdisciplinary science with multiple approaches, but advancements in machine learning and deep learning, in particular, are creating a paradigm shift in virtually every sector of the tech industry. AI allows machines to model, or even improves upon, the capabilities of the human mind. AI can be used to create customized chatbots, which can cater to specific needs without requiring coding skills. AI can also be used in election campaigns to analyze data and predict outcomes. As AI takes over repetitive tasks, human workers move towards roles requiring more complex problem-solving, creativity, and emotional intelligence. AI also enables an unprecedented ability to analyze enormous data sets and computationally discover complex relationships and patterns, which can transform the scientific research process. AI is expected to play a significant role in 2024.
Cloud Computing
Cloud computing is a model of computing where servers, networks, storage, development tools, and even applications (apps) are enabled through the internet. Instead of organizations having to make major investments to buy equipment, train staff, and provide ongoing maintenance, some or all of these needs are handled by a cloud service provider. Cloud technology is helping businesses and people weather the ongoing storm caused by the global pandemic. Companies are seizing on cloud as the key enabler to complete their digital transformation, and the COVID pandemic has further accelerated this mandate. The cloudcomputing model is helping organizations to scale new digital solutions with greater speed and agility— and to create value more quickly. Developers use cloud services to build and run custom applications and to maintain infrastructure and networks for companies of virtually all sizes especially large global ones. Cloud computing is the on-demand delivery of IT resources over the Internet with pay-as-you-go pricing. Cloud computing is helping the technology industry by providing flexible resources, speedy innovation, and economic scaling.
Cyber Security
The process of preventing unwanted access to or attacks on computer networks and systems is known as cybersecurity. Cybersecurity is crucial in the linked society we live in today, where we do most of our banking, buying, and socialising online. Cybersecurity aids in defending against everything from basic and unpleasant computer viruses to complex and expensive ransomware assaults, as well as protecting people's and organisations' systems, apps, computing devices, sensitive data, and financial assets. A single security breach can have far-reaching consequences, the breaches have a significant financial impact on the companies involved and also resulted in a loss of customer trust. Therefore, cybersecurity is essential to protect businesses and individuals from the potentially devastating consequences of a security breach. Cybersecurity is helping the technology industry by protecting ideas and intellectual property from theft or being copied without permission, allowing companies to maintain a competitive advantage and keep their products and services safe from competitors. As we become more reliant on technology, the need for people who can protect us from cyber-attacks will only increase. Cybersecurity helps to protect data and systems from cyber threats, and it is expected to play a significant role in 2024.
Data Privacy
Data privacy is the practice of protecting personal and sensitive data from unauthorized access, disclosure, or misuse. In today’s data-driven world, data privacy is of utmost importance. Data privacy safeguards individuals’ personal information from unauthorized access, ensuring that sensitive data such as social security numbers, financial records, and health information remains secure. When companies prioritize data privacy and demonstrate their commitment to protecting personal information, they build a reputation for reliability and integrity. Various data protection laws and regulations, such as the General Data Protection Regulation (GDPR) require organizations to implement measures to protect individuals’ data privacy rights. Organizations that handle data must ensure they have proper consent for data collection, use, and sharing. Data privacy is not just about protection; it also fuels innovation. When individuals trust that their data will be handled responsibly, they are more likely to willingly share information. Understanding data privacy and its implications is not only crucial for businesses navigating a complex regulatory landscape but also essential for individuals who entrust their personal information to organizations every day.
Edge Computing
Edge computing is a distributed computing framework that brings data storage and computations closer to the sources such as IoT devices. This eliminates the need for centralized data storage and processing systems, as a result of which real-time data application performance is not affected by latency issues. The growth of IoT and connected devices across industries has resulted in unparalleled volumes of data, the scale and complexity of which have outpaced network and infrastructure capabilities. Edge computing with 5G aims to solve this issue. The global edge computing market is expected to grow at a CAGR of 19% from USD 36.5 billion in 2021 to USD 87.3 billion by 2026. The factors driving edge computing are lower latency, bigger bandwidth, improved security, and better computing capacity. Edge computing is an evolution of the cloud model and its benefits depend on the sensitivity of business use cases. Edge computing is helping the technology industry in India by optimizing real-time data analysis, enhancing speed, improving reliability, and better data management.
Generative-AI
Generative AI is a cutting-edge technology that leverages the capabilities of neural networks to produce content that isn’t explicitly programmed, spanning the creation of text, images, videos, and even entire virtual environments. In India, the impact of Generative AI is nothing short of revolutionary, transcending conventional notions of automation and efficiency to usher in a realm of boundless creativity and innovation. Generative AI has empowered individuals to unlock their creative potential. Aspiring designers, artists, and content creators are experimenting with AI-driven content generation, reinventing music and artwork creation. Beyond static imagery, Generative AI is expanding its creative prowess into 3D modeling and video production, democratizing these once-complex tasks for a broader creative audience. By fusing human creativity with AI capabilities, the creative process itself is undergoing a transformation in India. Generative AI is helping the technology industry in India by optimizing real-time data analysis, enhancing speed, improving reliability, and better data management. The rapid advancement of Generative AI is reshaping India’s e-ommerce landscape, propelling it towards an estimated worth of over 350 billion U.S. dollars by 2030.
Internet of Things (IoT)
The Internet of Things (IoT) refers to a vast number of “things” that are connected to the internet so they can share data with other things, IoT applications, connected devices, industrial machines, and more. Internet-connected devices use built-in sensors to collect data and, in some cases, act on it. IoT connected devices and machines can improve the work culture. Real-world IoT examples range from a smart home that automatically adjusts heating and lighting to a smart factory that monitors industrial machines to look for problems, then automatically adjusts to avoid failures. The IoT is essential to business as it makes it possible to collect and analyze massive amounts of data in real-time. IoT devices also enable automation, allowing people to gain more control over their environments, health, and even safety. IoT is building a network of anticipatory infrastructure, like smart grids, smart cities, and smart buildings that make lives easier. IoT is helping the technology industry by optimizing real-time data analysis, enhancing speed, improving reliability, and better data management.
Natural Language Processing (NLP)
Natural Language Processing (NLP) is a branch of computer science that deals with the interaction between computers and humans using natural language. NLP helps computers understand, interpret, and manipulate human language, making it possible for machines to read, write, and speak like humans. NLP is essential to businesses as it makes it possible to collect and analyze massive amounts of data in real-time. NLP devices also enable automation, allowing people to gain more control over their environments, health, and even safety. NLP is used in various applications such as ticket classification, machine translation, spell checks, and summarization. By optimizing real-time data analysis, increasing speed, boosting dependability, and improving data management, Natural Language Processing (NLP) is benefiting the technology sector.
Quantum Computing
Quantum Computing is a new technology for computation that leverages the laws of quantum mechanics to provide exponential performance improvement for some applications and to potentially enable completely new territories of computing. Quantum computing remains a nascent technology, but its potential is already being felt across many sectors. From healthcare to finance to artificial intelligence, we look at the industries poised to be reshaped by quantum computers. Quantum computing is expected to revolutionize the way we process data, solve complex problems, and develop new technologies. Quantum computing is helping the technology industry by optimizing real-time data analysis, enhancing speed, improving reliability, and better data management. The global quantum computing market is expected to grow at a CAGR of 30% from USD 472 million in 2021 to USD 1,765 million by 2026.
UI/UX
UI/UX design is a critical aspect of modern technology, as it can make or break a product’s success. UI stands for User Interface, which focuses on the visual and interactive aspects of the product. UX stands for User Experience, which focuses on the overall experience a user has with a product. UI/UX design is constantly evolving with advances in technology and changing user behaviour, designers must stay up-todate with the latest trends and best practices to create effective designs.
UI design focuses on the visual and interactive elements of a product or website, such as the layout, typography, color scheme, and overall aesthetics. The main goal of UI design is to create a visually appealing and user-friendly interface that is intuitive and easy to use. UX design, on the other hand, is concerned with the overall user experience of a product or website. It involves understanding user needs, behaviors, and motivations and designing interfaces and interactions that provide a positive and engaging experience for the user.
UI/UX design can greatly improve the user experience by making the product easy to use and visually appealing. By investing in UI/UX design, companies can improve customer satisfaction, gain a competitive advantage, and drive business outcomes such as increased revenue and customer loyalty. Companies that invest in UI/UX design can gain a competitive advantage by creating products that are more user-friendly and visually appealing than their competitors.
PRAVAL SINGH, VICE PRESIDENT, ZOHO CORP
“India is one of the fastest-growing markets for Zoho. In 2023, we saw an increase in adoption of our platform-based solutions from larger enterprises. While we were no exception to the macroeconomic headwinds, our overall growth was driven by the adoption of our suites. Under the mid-and-large company segment, we saw adoption for Zoho CRM Plus (unified customer experience platform) and Zoho People Plus (employee experience platform). Zoho Workplace (enterprise productivity and collaboration platform) and Zoho Finance Platform (led by Zoho Books, our GST-compliant accounting software) were the growth drivers in the massmarket segment. We are also seeing businesses (of all sizes) upgrade to Zoho One, the operating system for business, as they are seeing tremendous value in the offering. Zoho will remain cautiously optimistic about 2024. Our focus on R&D and our philosophy of nurturing deep-tech know-how has helped us build one of the deepest and broadest SaaS portfolios that caters to businesses, and we will continue to double down on this investment. As businesses increasingly rely on the cloud for business resilience and streamlined operations, they will expand their digital transformation efforts and look for unified solutions to consolidate company-wide processes and manage them from a single place. We are seeing good traction in the large enterprise segment and we expect this to continue as more and more organizations are looking for technology solutions that help them become more resilient. Zoho is well-placed to cater to this emerging demand. All of our applications are built from scratch, on the same tech stack, enabling us to offer unified solutions that are interoperable, extensible, and customisable.”
HITESH GARG, VICE PRESIDENT AND INDIA MANAGING DIRECTOR, NXP SEMICONDUCTORS
“Reflecting on the semiconductor industry's journey in 2023, we witnessed a year of resilience and transformation. As we stand at the cusp of 2024, the industry is poised for significant technological shifts that will shape India’s trajectory in profound ways. The integration of edge computing capabilities into semiconductor devices marked a significant leap forward enhancing the efficiency of connected systems. Chip design innovation, driven by the demand for smaller, more powerful, and energy-efficient chips, showcased the industry's commitment to pushing technological boundaries. The semiconductor industry is forecasted to experience a strong rebound and substantial growth as the Indian semiconductor market is expected to reach USD 55 Billion by 2026, growing at a CAGR of 20% during the period 2022-2026. This resurgence positions the industry for a remarkable comeback, emphasizing the critical role of semiconductor companies in driving global technological progress. Looking ahead to 2024, the industry is in the transformative phase. Going forward, the integration of edge computing with enhanced connectivity and security will bring transformational changes across various industry segments like automotive, communication infrastructure, industrial, mobile, smart city and smart home. Advancements in chip design will persist, with a relentless pursuit of smaller, more powerful, and energy-efficient solutions that will make the world more safe, secure and connected.”
MIGNONA COTE, CHIEF SECURITY OFFICER, NETAPP
" In recent years, we've observed a dynamic evolution in the cybersecurity landscape. The evergrowing complexity of cyber threats has required us to adopt a proactive and adaptive approach to security. Recognising the industry-wide shortage of cybersecurity talent, we actively contribute to addressing this gap through educational initiatives, collaboration with academic institutions, and programs like bootcamps, that demonstrate our commitment to skill development. In alignment with this evolution, my role as Chief Security Officer at NetApp has undergone a significant transformation. Our commitment towards integrating security into every facet of the organisation, coupled with ongoing education and strategic partnerships, fortifies our adaptive cybersecurity posture. Going forward, we would remain dedicated to staying ahead of emerging threats through innovation and strategic investments in cybersecurity."
DAVID HUGHES, SENIOR VICE PRESIDENT AND CHIEF PRODUCT AND TECHNOLOGY OFFICER, HPE ARUBA NETWORKING
“The rise of the hybrid workforce and the extensive deployment of IoT devices have irreversibly eroded the network perimeter, and the standalone firewall is dying with it. No longer can a good “inside” be protected from a bad “outside” by a ring of firewalls. Trying to plug the gaps by deploying even more firewalls inside an organization only adds complexity, creates room for errors, and slows down businesses that want to move rapidly. In 2024 leading enterprises will demonstrate how zero trust principles can be employed to align the two team’s interests to deliver better end user experience and business outcomes. In a typical organization the networking team’s objectives are to keep people and services connected reliably, up and running with predictably good performance. They are incented to make it easy for people to connect to anything and avoid complexity that will result in outages, latency or slowdowns. IT organizations will need to shift to SLOs and SLAs based on measured user experience. The barriers slowing Wi-Fi deployment in the 6GHz spectrum will be removed in most geographies, and adoption will start to skyrocket. The increasing burden of implementing new technology and maintaining cyber-security with a fixed or even shrinking headcount means that each admin must handle more. Fortunately, AI and automation are advancing rapidly, shifting the job from managing and configuring individual devices, to instead defining policy across a whole estate and having that policy implemented automatically and consistently. AI is also able to comb through huge volumes of data to identify anomalies and recommend (and even implement) remedies. It’s now well established that AI is only as good as its data set, and bigger, high quality data sets are key. The bottom line is organizations need to ensure that they are providing their IT teams the AI force-multiplier admins need to remain competitive.”
KATSUHISA ASARI, MANAGING DIRECTOR, KONICA MINOLTA INDIA
“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 rupees by 2025. By leveraging its strengths in intangible assets, Konica Minolta also seeks to create customer value through co-creation with customers.” Staying committed to equitable and all-encompassing smart sustainability, Konica Minolta has been established as a pioneer, segment-starter, and innovator who leads the way in both digital and physical print solutions. Sustainability will continue to spearhead print solutions in 2024, as it did in 2023, with a greater emphasis on margin-friendly, ecologically sound solutions that can be driven at scale. Sustainable solutions are growing to become the need of the hour for businesses because it led to an increase in operational efficiency, attract new customers, increase competitive advantage, build public trust, most importantly contribute to a healthier planet, and in driving cost savings, customer loyalty, and employee morale. We set our global ESG vision in creating a positive impact on society while ensuring the longevity of our business, aiming to become carbon-minus by 2030. To support this mission in India, we partnered with a renowned logistics company to deliver products and accessories via 2-wheeler and 3-wheeler EVs to local customers, and under the PRAYAAS Initiative planted 4000 plants, which culminated in 2023. Together, we can multiply efforts to execute sustainable goals at scale, that will prime us and our businesses from future disruptions.”
LT. GEN. DR. S.P. KOCHHAR, DIRECTOR GENERAL, COAI
“India's telecom sector witnessed significant developments in 2023. At the forefront of this narrative is the remarkable growth propelled by the nationwide rollout of 5G, setting unprecedented benchmarks. With over 3.97 lacs of 5G BTS sites established in more than 738 districts until November, India has risen to become a global 5G leader. Boasting 1.148 billion wireless subscribers as of August, the industry has witnessed a 1.9% growth from the previous year, with the average data usage per subscriber soaring to 17.4 GB per month. Indian TSPs have completed their minimum 5G roll-out obligations in each of the 22 Licensed Service Areas in India in a timespan of just 10 months, leading to positioning India as the second largest 5G network in the world. The advent of 6G technology marked another a pivotal moment in India's telecom evolution, propelling the nation towards becoming a global leader in the digital frontier. Hon’ble Prime Minister Shri Narendra Modi's release of India's 6G Vision document outlined the nation's ambitious goals, including a targeted deployment of 6G by 2030. The introduction of the Telecommunications Bill 2023 marked another landmark moment, wherein the Government has made enabling provisions in RoW towards ensuring a robust telecom infrastructure and availability of uninterrupted digital connectivity for the citizens. As India asserts its global leadership in 5G, the telecom industry anticipates a dynamic evolution of use cases. The industry's expectations revolve around leveraging 5G for a multitude of applications and fostering an environment that takes India towards a digitally empowered future. Industry stakeholders also look forward to a collaborative effort with LTGs to develop high-quality networks and a responsible fair-sharing model, ensuring sustainable growth for the entire digital ecosystem. The evolving regulatory landscape is also expected to play a pivotal role in addressing challenges, providing a supportive framework for innovation while maintaining fair competition.”
ARVIND BALI CEO, TELECOM SECTOR SKILL COUNCIL
“In 2023, the ongoing momentum in digitally transforming businesses persisted postpandemic, with a growing number of enterprises adopting cloud services, automation, and data analytics. The telecommunications sector remains integral, furnishing essential infrastructure for secure and high-speed connectivity, thereby empowering businesses to provide streamlined experiences. The increasing convergence of telecom with the technology sector and especially the launch of 5G has resulted in a higher demand for skilled/upskilled/reskilled workforce in the industry. The telecom sector is the third-largest industry in India that accounts for roughly 6.5% of all FDI inflow and also by 2027, India is anticipated to account for 11% of all 5G subscriptions worldwide. India has a good chance to close the growing Demand-Supply gap in telecom sector by 2030 with the proper reskilling and hiring strategies that target adjacent talent in Tier-II & III cities and university supply. Towards its efforts to help fill the widening gap in demand-supply, this year, TSSC carried out several skill development projects including Skill India mission’s government schemes, including the flagship scheme PMKVY 4.0. The government announced the fourth iteration of Pradhan Mantri Kaushalya Vikas Yojana aimed at skilling the youth for international opportunities and set up 30 Skill India International Centres across the country. Through recruit-train-deploy model, the scheme focused majorly on futuristic skills such as 5G deployment. TSSC executed several special projects in multiple states across India to train youth in 5G Skills.”
RAJNISH GUPTA, VP AND HEAD - INDIA & SUBCONTINENT BUSINESS, ZEBRA TECHNOLOGIES
“As India strides into a transformative era, technology is driving sectors towards automation. More focus is being placed on the next generation of automated solutions, as India enters the digital future. This transformative period will witness continued efforts across enterprises, with a focus on upskilling and reskilling initiatives to fortify the workforce and get them up to speed. Additionally, the government has plans to reduce the cost of logistics to a single digit, thereby rendering the transport & logistics and warehousing industry a hotbed for cutting-edge technologies. Enterprises in this sector are also preparing themselves for long-term growth and are digitalizing themselves through the introduction of varying solutions, including mobile computers and wearables, RFID (radio frequency identification), and even machine vision and fixed industrial scanners, just to name a few. Zebra’s latest Warehousing Vision Study has further highlighted the importance of enhancing employee value and retention, with 70% of Asia Pacific (including Indian) warehousing decisionmakers planning to automate workflows by 2024 for more customer-centric tasks. The study also confirmed that 58% of warehouse decision-makers plan to deploy RFID technology by 2028 to help increase their inventory visibility and reduce out-of-stocks. The infusion of smart technologies, automated processes, and robust warehouse management systems will transform Indian warehouses into efficient hubs and empower them to meet the evolving demands of a dynamic market in the days ahead.”
NITIN KOTIAN REGIONAL, VICE PRESIDENT - PARTNER/GSI - INDIA & SOUTH ASIA, UIPATH
“A confluence of trends, from Safe Artificial Intelligence (AI) to virtual assistants powered by Large Language Models (LLMs), is poised to redefine work dynamics in India. Autopilots can quickly learn to complete a wide range of activities and streamline workflows, particularly resonating among older employees in India. 2024 is also when AI governance will shift from aspiration to practical implementation. India is making significant strides towards establishing its own AI safety framework, with emphasis on transparency and accountability. Safe AI will move up the C-Suite’s priority list, with organizations expediting the adoption of new safeguards and innovations to improve AI governance. AI will significantly contribute to India’s GDP by 2025 – and automation will be critical in realizing this ambition. We see more organizations leveraging AI-powered automation to drive improved end-to-end visibility in operations. In particular, process and task-mining capabilities empower organizations to monitor and evaluate workflows more comprehensively. Digital twins will also gain traction as organizations realize the value of real-time insights and modelling potential improvements before implementation. Leaders are aware of potential risks and recognize the importance of AI governance. In 2024, organizations will turn to AI implementation partners and consulting companies for support in various areas, including robust AI controls integrated into enterprise software offerings, advancements in human-in-the-loop capabilities, and simplified execution of AI governance. Good AI governance emerges as critical for driving strong AI results. The human workforce will forge new relationships with machines in 2024, as LLM advancements drive new roles and functions in organizations. This transformation heralds an era marked by innovation, efficiency, and enhanced synergy between human intelligence and automated capabilities.”
ANIL VALLURI, MD AND VP, INDIA AND SAARC, PALO ALTO NETWORKS
“2023 was a busy year in cybersecurity. From large-scale attacks on critical infrastructure to more benign seeming corporate phishing attempts, Indian organizations fell victim far too often. In fact, our State of Cybersecurity survey found that India experienced the highest number of disruptive cyberattacks in 2022-2023. Simultaneously, it saw a remarkable 75% increase in cybersecurity budgets for 2023 compared to the previous year, making it one of the highest increases in the APAC region. Moving into 2024, cybersecurity consolidation will be key. With 31 security tools, on average, organizations are unnecessarily increasing the cybersecurity complexity in search of best-of-breed solutions for their varied use cases. But each solution comes with its own procurement, implementation and upkeep requirements, introducing various gaps where human error can creep-in while driving up costs. Consolidation removes these blind-spots and reduces the time to respond/detect. Vendor sprawl during times of crises is not even a consideration for organizations that have embraced simplicity through a consolidated security stack. Cybersecurity automation will be the need of the hour. The modern threat landscape leaves no room for an only-manual intervention. On average, security teams take 6 days to resolve a security-alert while attackers require only hours to exploit newfound vulnerabilities. Therefore, automated cybersecurity is non-negotiable for organizations that want to defend against the advanced threat landscape. At Palo Alto Networks alone we deal with billions of daily security alerts, most of which are handled automatically thanks to XSIAM. Cloud-delivered security guarantees your solution is updated with the latest intel at all times. This ensures 100% security against legacy threats and, at the very least, delays a novel threat-vector. With our State of Cybersecurity survey revealing that 95% of businesses in India are actively moving to an increasingly automated security stack, the industry’s priorities are well placed in this regard.”
PANKAJ SACHDEVA, VICE PRESIDENT, DATA SCIENCE & ANALYTICS AND MANAGING DIRECTOR, INDIA INNOVATION, PITNEY BOWES
“In 2023, a powerful alliance between robotics and AI revolutionized operational efficiency across industries, significantly improving efficiency, optimization, and cost-effectiveness. In sectors like shipping and logistics, warehouses underwent a transformative evolution, becoming automated hubs powered by robots handling tasks and AI-driven machine learning, meticulously mapping delivery routes for precision and cost optimization. This synergistic partnership laid the foundation for accelerated processes, logistical excellence, and cost-effectiveness. Up until now, the focus has been on incorporating AI into existing processes to achieve incremental gains. In 2024, the expectation is that organizations will actively embrace AI as a catalyst for business transformation, recognizing its potential to revolutionize industry automation. However, this integration will not be a mere technological upgrade; it will demand a parallel evolution of business models and strategies. To fully integrate AI into their processes, businesses will need to reassess their models and infuse AI into their long-term strategies. This includes implementing predictive & prescriptive analytical models for various use cases while also leveraging AI insights for market exploration, product development, and enhanced decision-making, etc. Also, previously, the focus was primarily on data collection based on which decisions were made but now there's a paradigm shift where data will be driven by business decisions. This will mark a key trend in 2024, where decisions will not be just data-driven but driven by the right data focusing on the accumulation of only the required data. Thus, by fully embracing AI and prioritizing decisions driven by the right data, businesses will unlock new avenues for efficiency, productivity, and customer satisfaction, propelling them to success in the dynamic business landscape.”
SIDDHARTH IDNANI, HEAD, ALLIANCES & CHANNELS, ORACLE INDIA
"In 2024, channel partnerships are poised for transformation with the emergence of innovative cloud solutions. There has been an unparalleled surge in technological advancements, accompanied by a growing commitment among customer organizations in India to embrace Digital Transformation as a business imperative. A pivotal factor in fostering innovation and supporting customer business outcomes lies in cultivating a dynamic and robust partner ecosystem. Our contemporary Oracle Partner Network (OPN) framework is designed to empower partners to attain Oracle Expertise, fostering customer trust and relevance. This, in turn, allows them to expand into new markets and cultivate business growth. The three core tenets of the modern OPN program are Customer-centricity, Success-driven and Simplicity. As technology evolves, the commitment to supporting partners and end customers is evident through certification programs and continuous skill enhancement. The emphasis is on keeping partners updated on emerging technologies and market demands."
VISHAL GUPTA, FOUNDER AND CEO, SECLORE
“The technology landscape in India witnessed dynamic shifts, marking an era of rapid innovation and adoption. Over the years, India has made exceptional technological strides, accelerating the digital transformation. From developing cutting-edge AI capabilities to adopting data-centric security to high-performance edge computing, India has proven itself to be one of the most innovative nations in the world. Despite the technological advances, the cybersecurity scenario unveils a host of fresh challenges. Cybersecurity concerns loomed large as organizations grappled with the escalating cyber threats. The dependence on digital systems poses distinctive hurdles for organizations in their quest to safeguard sensitive information and uphold the trust of their customers. Thus, the need for robust defense mechanisms against cyber-attacks and data breaches became paramount, prompting significant investments in data-centric security infrastructure. The frontier to drive significant change in 2023 was the rise of artificial intelligence. AI's advanced data analysis capabilities are increasingly used to identify and predict cyber threats, enhance early detection systems in various sectors, revolutionize processes, and enhance efficiency and decision-making. From predictive analytics in healthcare to personalized user experiences in manufacturing, AI became integral to operations, driving a paradigm shift in how businesses function. The onset of automation has enabled organizations to boost productivity, reduce costs, and unlock opportunities for growth and development. Apart from that, it helps create automated platforms to audit the process with prebuilt analytics. This increases a firm's security teams' awareness of sensitive data use and provides a better context for unauthorized activities, allowing them to make well-informed policy decisions. Going forward, the data-centric security landscape in 2024 promises a continued evolution toward a more privacy-centric and ethical approach. The convergence of emerging technologies is poised to redefine the way businesses operate, promising a future marked by unprecedented advancements and transformative possibilities. As individuals become more empowered and organizations prioritize responsible data practices, the future promises a more secure and transparent digital era.”
ANKIT MEHTA, CEO, IDEAFORGE
"2023 signifies a transformative period for India's innovation landscape, driven by the widespread adoption of UAV Technology. This year has been exceptionally prosperous for our growing drone industry, with investments reaching nearly $50 million. Beyond the surge in drone usage across sectors, drone technology has played a pivotal role in bolstering the nation’s security and infrastructure, particularly in surveillance and mapping. No longer confined to military realms, drones emerge as versatile allies across diverse fields. The government’s visionary move to allocate/disburse around ₹30 crore during fiscal year (FY) 2022-23 under the Production Linked Incentive (PLI) Scheme to incentivize indigenous drone manufacturing has been the catalyst in propelling this transformative journey. In 2023, ideaForge hasn't merely been a part of an industry; we've been architects of change, contributing to the narrative of self-reliance and indigenization in drone technology. As we gear up for 2024, drones are set to transform baseline governance and security infrastructure by addressing civic issues/pain points such as traffic violations,crowd management, land encroachment etc. As drones continue to foray into various sectors, it is also crucial to prioritize Intellectual Property development in the drone industry. A robust IP portfolio not only fosters collaboration but positions the Indian drone sector as a global leader. As we stand on the cusp of a new year, our unwavering commitment remains anchored in the pursuit of excellence across our three pillars: Performance, Reliability, and Autonomy. In the coming months, we are poised to release our class leading products and services such as Droneas-a-Service (DaaS).”
STEVE GROBMAN, CHIEF TECHNOLOGY OFFICER, MCAFEE
“As AI continues to lower the barrier to cybercrime and ushers in a new era of AI-powered cyberthreats, scams will become more sophisticated and more difficult to distinguish from legitimate messages and sites. From phishing emails so real that even the experts will have trouble telling fact from fiction to deepfakes that could impact everything including the future of our children, and beyond, it has never been more important for people to be educated about the threat landscape. McAfee is committed to continuous innovation to better protect privacy, identity and personal information while bringing truth, trust, and transparency to the forefront of your online experience, making it more enjoyable and secure for everyone.”
CHESTER WISNIEWSKI, GLOBAL FIELD CTO, SOPHOS
“If history has taught us anything the 2024 threat landscape will look a lot like the 2023 threat landscape, but more efficient and with opportunistic twists and turns. Criminals are out for only one thing, money. They will continue to ransom and extort their way to infamy and wealth. Where we see variances are around what most easily enables this criminal activity. Year over year we see shifts back and forth between exploiting zero-day vulnerabilities and using stolen credentials to gain access to victims’ networks. When there is a fresh vulnerability available and it is somewhat easy to exploit, as we have recently observed with Citrix Bleed (CVE-2023-4966 flaw being exploited by ransomware crews in Citrix NetScaler), they will take advantage. Once all the victims are patched or already compromised, they will fall back to the slightly less efficient method of credential theft. As organizations have increasingly adopted multifactor authentication criminals have begun to develop more sophisticated bypasses and have turned to stealing cookies and session cookies instead. 2023 showed a lot of advancement in abusing supply chains to compromise victims as well. Whether through the compromise of managed service providers (MSPs), file sharing appliances, or through authentication providers, sometimes the easiest way to break-in is through the back door. As we continue to harden our own networks and adopt more “as-a-service" models we can expect attacks like this to increase throughout 2024. As multifactor authentication becomes more ubiquitous, we will continue to see the use of malicious proxies like evilginx and social engineering to convince end-users and IT support staff to grant attackers access. Groups like LAPSU$ and Scattered Spider have captured everyone’s attention with their success in gaining access to major brand names throughout 2022 and 2023 and this will likely inspire more to borrow pages from their playbook. I think we will see major governments around the world take more substantiative action to thwart ransomware groups as people’s day to day lives are increasingly impacted when hospitals, schools, law offices, and banks are unable to operate due to cyberattack-related downtime. It’s hard to say whether this will be effective, but we are reaching a point where people will begin to demand something be done.”
OLGA LAGUNOVA, CHIEF TECHNOLOGY OFFICER, GOTO
“Indian IT leaders demonstrated resilience in 2023, embracing IT consolidation for greater speed, flexibility, and business continuity amidst shifting economic conditions. Looking ahead to 2024, consolidation will continue to play a key role as CTOs and business leaders look to take strategic advantage of game-changing technologies like cloud, automation, and AI. Technology decision-makers will be at the forefront in steering their organizations’ continued digital transformation, which in the new year will focus on optimization, cybersecurity, and the customer experience. Artificial intelligence, for instance, is creating new opportunities to amplify employees' productivity across IT, engineering, sales, customer care, and more by automating routine tasks and introducing new insights based on powerful analyses – but CTOs and other leaders need to help guide their businesses’ adoption and set up guardrails to ensure safe use of new technologies. At the same time, as cybersecurity becomes a growing concern, CTOs and CISOs must work together to implement robust security measures and invest in new cybersecurity solutions, including zero trust architectures (ZTAs), and passwordless identity. Finally, introducing new technologies and processes also requires investment in training and upskilling teams. Ensuring employees have the knowledge and skills to utilize these technologies will be essential to gain a competitive edge and achieve sustained business growth.”
VAIBHAV TARE, CHIEF INFORMATION SECURITY OFFICER, FULCRUM DIGITAL
"In recent years, the cybersecurity landscape has undergone a remarkable transformation, significantly impacting our threat mitigation approach. The surge in sophisticated threats prompted us to adopt an agile stance. Leveraging AI-powered threat intelligence and predictive analytics has been pivotal in anticipating and countering evolving risks. Transitioning from traditional models to adaptive, intelligence-driven strategies has been instrumental. The surge in remote work and extensive cloud reliance has compelled us to ensure robust cloud security measures. Throughout this evolution, our firm commitment remains—to empower clients with cutting-edge approaches like Zero Trust frameworks and instil a predictive and robust security culture. Our journey accentuates the imperative of staying ahead in this dynamic threat environment while ensuring our clients are confidently equipped to navigate these changes."
SHAHID AHMED, GROUP EVP, NEW VENTURES AND INNOVATION, NTT LTD
“AI Adoption is growing exponentially and with AGI and technological singularity still in the distant future, humans will be a critical part of AI story. Organizations must look beyond the next year to ensure they have the capabilities to enable new technologies of the future and strive to hit sustainability targets. With the speed at which AIOps has advanced, the idea of a completely automated, lights out Network Operations Center is quickly becoming an ideal. Over the next 12 months, networking companies will further embed AIOps into their broader operations to improve network quality, support engineers, and modernize infrastructures. While automation lays at the heart of a ‘Dark NOC’, human talent will be key to making it a success. Network providers will need to focus on upskilling, as well as ensuring they have made the necessary preparations from a technological standpoint – from standardizing APIs to optimizing data processes. Networking specialists must understand where automation helps and where human talent is still an essential part of the networking function. In 2024, more enterprises will work in close partnership with their energy providers to explore more sustainable options. Tightening data center regulations will accelerate this disruptive trend, as more governments and subscribers prescribe specific energy efficiency usage and/or supplies, to meet their own sustainability goals. NTT is already using techniques like liquid immersion cooling, district heating projects, and researching solar panels in space to power its data centers, among other things. The increased focus on network efficiency, reliability, sustainability and being future-ready will bring optical networking to the fore in 2024. Recent trials prove the potential – achieving 1.2Tbps transmission rates. NTT and its partners are using their combined expertise to meet the need for 5G-enabled devices that support use cases, such as push-to-talk devices, augmented reality headsets, computer vision cameras and sensors at the edge across the manufacturing, automotive, logistics and other industries, specifically around private networks and P5G. In 2024, vertical specific clouds package software, PaaS, and IaaS layers to deliver industrycentric use cases focused on business outcomes, rather than the technology itself will increase. Analysts have been expecting this for some time, and there is now a great deal of interest in these projects.”
DR. DEEPAK KUMAR SAHU, EDITOR-IN-CHIEF & PUBLISHER, VARINDIA
The year 2023 was full challenges and uncertainties. It is true, that managing cyber risk is a massive challenge for government agencies, organizations, and individuals in the current digital, dynamic, and interconnected world. The cybersecurity space underwent deep transformations that shaped the digital defense landscape in the year. In the age of advanced technologies, embracing a culture of innovation and experimentation is no longer just a nice-to-have, it's a critical survival skill for enterprises. By actively fostering a culture of innovation and experimentation, and preparing for the critical tech transitions on the horizon, enterprises can thrive in the exciting age of advanced technologies. The discussions around generative AI, particularly regarding its ethical implications and societal impact, will be crucial in shaping a future where everyone benefits from its potential. As we are already in 2024, the cybersecurity landscape is likely to remain dynamic and challenging. Organizations need to be prepared to adapt to new threats and vulnerabilities, invest in security awareness training, and embrace innovative solutions to stay ahead of the curve.
SHREERANGANATH KULKARNI, MANAGING DIRECTOR, INFOVISION
“As 2023 closes, we at InfoVision celebrate a year where our strategic pillars of customercentric growth, capacity investments, and talent excellence have driven our expansion. Investing in technologies like Gen AI, Hyperautomation, and Data Analytics, we've become innovation partners in our clients' ecosystems. Our approach has not just been about technology but about co-creation, aligning closely with our clients' needs and ambitions. By investing in our Indian centers and empowering our talented team, we aim to exceed the expectations of those we serve, embedding our solutions into the narrative of their success.”
PRAVEEN CHERIAN, CEO, STL GLOBAL SERVICES
“In 2023, the telecom industry witnessed unprecedented growth, with 5G deployment reaching new heights and a surge in demand for high-speed connectivity. The Global Telecom Outlook 2023-2027 by PWC highlighted the immense potential for 5G in India, projecting 300- 350 million subscribers by 2026. The cornerstone of this progress was the increased adoption of fibre optic technology, offering unparalleled bandwidth and low latency, accompanied by a strategic shift towards expanding fibre-to-the-home (FTTH) networks for improved last-mile connectivity. As we gaze into 2024, the industry's trajectory continues with an unwavering focus on 5G integration and the evolution of optical technologies. Advanced fibre optic solutions are set to meet the escalating demands of bandwidth-intensive applications, as projected by Global Market Insights 2023, anticipating a global demand of 550 million kilometres of fibre optic cable by 2024. The convergence of 5G and fibre optics is poised to unlock new possibilities in smart cities and autonomous vehicles. In the drive for technological innovation, STL became one of the few globally and the first in India to develop a groundbreaking 160-micron optical fibre through dedicated R&D efforts in 2023. This achievement enables high bandwidth in significantly less space, with far-reaching implications for India's ambitious Bharatnet deployment, potentially saving millions of fibre kilometres and reducing environmental impact. As telecom and data centre operators densify their networks, our slimmest fibre emerges as a future-ready solution, optimizing duct space, reducing costs, and ensuring relevance in the ever-evolving landscape of the telecom industry. However, beyond technological advancements, 2023 marked the rise of sustainability as a dominant trend, destined to gain further momentum in 2024. Achieving Net-Zero has become an urgent priority, with the telecommunications industry increasingly focused on carbon reduction. At STL, our commitment to sustainability led us to launch a range of Eco-labelled optical products, making us the first in India and the world to pioneer this sustainable product line. Our Eco-label framework ensures a robust and holistic approach from raw material sourcing to finished product sales. With eyes on the future, STL is constantly striving to achieve the target of Net Zero by 2030.”
SOUMA DAS, MANAGING DIRECTOR, INDIA SUB-CONTINENT, ALTERYX
“Reflecting on the dynamics of the Indian business landscape in 2023, the anticipation for 2024 is marked by a fervour for accessible and secure AI-driven decision-making technology. The excitement around AI and, more specifically, generative AI is palpable, fuelled by its potential to revolutionize industries, boost productivity, and spur unprecedented innovation. The anticipation is not just about the technology itself, but the promise it holds for transforming the business landscape by accelerating data-driven insights capable of redefining the competitive dynamics of every sector. From data collection to analysis, interpretation to reporting, generative AI will revolutionize decision-making by enabling employees to take action and stay ahead of the curve. In the pursuit of a competitive edge in the era of decision intelligence, the challenge lies in addressing India's talent shortage. For AI to be successfully integrated into every facet of the organization, it requires a business-wide approach to data-driven decision-making that empowers the entire workforce to take full advantage of the technology. Companies must invest in training and upskilling programs to nurture a pool of skilled professionals adept at understanding the data and harnessing AI's power. Collaborations between academia, industry, and government play a crucial role in bridging the talent gap and fostering an ecosystem supporting AI development and deployment. In the coming year, our focus is clear: Empowering talent by providing access to data and leveraging accessible self-service, low-code/no-code technology. By simplifying the complexities of data science, we aim to make AI accessible to all, achieving true success by enabling nontechnical users to build and automate processes without coding. The new year offers opportunities to push boundaries, explore uncharted territories, and redefine success in India's dynamic business ecosystem.”
Arundhati Bhattacharya Chairperson & CEO, Salesforce India
The coming year presents a massive and exciting opportunity for purpose-driven organizations to better serve their communities as we advance in ways of using AI – but adopting this technology will require funding and expertise. AI will also help fight the climate crisis. We do have some solutions namely renewable energy sources like solar and wind, as well as EVs to help.
And on the Generative AI front - we expect it will hypercharge efficiency, and we will all get familiar with the term “semantic query” and advancement in semantic query (essentially a question written in a ‘human’ language that then gets translated into machine language) which will dramatically change customer service. Businesses can provide quick and meaningful, hyper-personalized service with AI using text, images, videos, and audio for search. Throughout 2024, semantic query will become a cornerstone for AI.
Lastly, in the next year, businesses will transform the way they measure performance and productivity to focus on outcomes like products launched or leads generated, instead of inputs. Business leaders have a responsibility to ensure that their teams are equipped with the right resources and support to take advantage of unprecedented opportunities that AI offers. AI will be felt through enhanced productivity within these ever-changing business models. In short - AI will touch every aspect of the tech industry and the markets they serve.
Anku Jain, Managing Director, MediaTek India
“Technology advancements are reshaping our world into a more inclusive place, where intelligence and connectivity enrich our daily lives. In 2023, MediaTek remains a frontrunner in diverse 5G use cases, delivering next-gen technologies including Satellite connectivity, Generative AI, Cloud Computing, Automotive, Connectivity and advanced 5G solutions across 5G FWA. MediaTek foresees that Generative AI is emerging as the top opportunity for 2024 and is leading the revolution by uncovering new possibilities. Recently launched flagship chipset, MediaTek Dimensity 9300 has groundbreaking big core designs and supports generative AI on-device processing for seamless, secure edge AI experiences. Besides Generative AI, the major technology trends such as quantum computing, sustainable technology, cyber resilience, and autonomous vehicles will drive the technology landscape in the fast-evolving age of AI.
Furthermore, MediaTek believes in transforming the world with increased commitment towards working with OEMs to create incredible experiences and flagship solutions based on the changing customer demands and requirements. Our R&D centers are working on innovative technologies to expand our diverse portfolio for smart ecosystems, smartphones, and smart devices.”
Sonit Jain, CEO, GajShield Infotech
As we approach the end of 2023, GajShield Infotech anticipates a transformative year ahead in 2024, where the impact of AI on the cybersecurity landscape will be significant. With the surge in sophisticated cyber attacks and the constant evolution of threat landscapes we are standing at the forefront, anticipating the automation of cyberattacks. We remian committed to empowering professionals with cybersecurity knowledge and skills, offering cutting-edge solutions to combat the rising tide of AI-driven threats and reinforcing India's resilience in the face of evolving challenges.
Rajendra Chitale, CFO, Crayon Software Experts India
In the dynamic landscape of finance, the symbiotic relationship between technology and the financial industry has been nothing short of transformative. As we step into the promising horizon of 2024, the financial sector finds itself at the forefront of a technological revolution that promises to reshape the industry in unprecedented ways. The symbiotic relationship between finance and technology is not merely a fleeting trend but a dynamic force that continues to redefine how we manage, invest, and interact with our finances. This article delves into the pulsating heart of Finance in the Age of Technology, offering a comprehensive outlook on the trends poised to shape the financial landscape in 2024 and beyond. From the rise of blockchain to the advancements in artificial intelligence and the evolution of fintech ecosystems, the coming year promises to be a pivotal moment in the ongoing narrative of finance and technology integration.
Let’s unravel the intricacies of this transformative journey and explore the key trends that are set to mould the financial future.
1.Sustainable Investment - ESG: In 2024, sustainable investment is poised to dominate finance trends, reflecting a global shift towards environmentally and socially responsible practices. Environmental, Social, and Governance (ESG) considerations continue to reshape the landscape of finance, reflecting a global shift towards sustainable and responsible investing. Investors are increasingly recognizing the material impact of ESG factors on financial performance and risk management. Companies are expected to integrate sustainability into their core business strategies, aligning with growing stakeholder demands for transparency and ethical practices. Financial institutions are incorporating ESG metrics into their investment decisions, with a heightened emphasis on long-term value creation and societal impact. Regulatory bodies are also playing a crucial role by encouraging standardization of ESG reporting, fostering a more consistent and comparable framework for evaluating corporate sustainability. As the finance sector navigates the evolving ESG landscape, innovative financial products and services are emerging to meet the demand for socially responsible investment opportunities. The intersection of finance and ESG principles in 2024 signifies a transformative era where economic success is increasingly intertwined with environmental stewardship, social responsibility, and robust governance practices.
2. Quantum Computing: Quantum computing is poised to revolutionize the landscape of financial technologies, introducing unprecedented advancements that have the potential to transform the way financial institutions operate. Quantum computers leverage the principles of quantum mechanics to perform complex calculations at speeds exponentially faster than classical computers, unlocking new frontiers in data analysis, risk management, and optimization strategies. Financial institutions are increasingly exploring quantum algorithms to tackle intricate problems such as portfolio optimization, option pricing, and fraud detection, enabling more accurate predictions and enhancing overall decision-making processes. As quantum hardware continues to evolve, collaborations between quantum computing experts and financial professionals are expected to proliferate, fostering innovation and accelerating the integration of quantum computing solutions into mainstream financial operations. The year 2024 is anticipated to witness a pivotal turning point, as quantum computing becomes an integral part of the financial industry's technological arsenal, paving the way for enhanced efficiency, improved security, and novel approaches to addressing complex financial challenges.
3. Artificial Intelligence (AI): The landscape of Artificial Intelligence (AI) in finance is witnessing transformative trends that are reshaping the industry. Advanced machine learning algorithms and predictive analytics are becoming integral to financial institutions, enabling more accurate risk assessments, fraud detection, and personalized customer experiences. The utilization of natural language processing (NLP) and sentiment analysis is enhancing market intelligence, allowing financial institutions to make informed decisions based on real-time data and social media insights. Robotic Process Automation (RPA) is streamlining back-office operations, reducing costs, and improving efficiency. Furthermore, the rise of decentralized finance (DeFi) is leveraging AI to automate smart contract execution and enhance security protocols. As AI continues to evolve, ethical considerations and regulatory frameworks are also gaining prominence to ensure responsible and transparent use of these technologies in the financial sector. Overall, 2024 marks a pivotal moment in the integration of AI into finance, with a focus on efficiency, precision, and ethical considerations driving the industry forward.
4. Cybersecurity: Cybersecurity for the finance sector continues to evolve in response to the dynamic threat landscape and technological advancements. The financial industry is witnessing a heightened focus on proactive defense mechanisms, leveraging cutting-edge technologies such as artificial intelligence and machine learning to detect and prevent sophisticated cyber threats. Advanced threat intelligence and analytics are becoming integral components of cybersecurity strategies, enabling financial institutions to anticipate and mitigate potential risks more effectively. With the increasing adoption of blockchain technology, decentralized finance (DeFi), and digital currencies, cybersecurity efforts are also concentrating on securing these emerging financial ecosystems. Regulatory bodies are playing a crucial role in shaping cybersecurity standards, emphasizing the importance of compliance and resilience. As financial institutions embrace cloud services, there is a growing emphasis on securing cloud environments and ensuring robust data protection measures. Collaborative initiatives, both within the industry and with cybersecurity experts, are gaining traction to enhance information-sharing and response capabilities. In this landscape, continuous innovation, collaboration, and adaptability are key pillars in safeguarding the financial sector against evolving cyber threats in 2024.
5. Talent Retention and Retirement: These strategies are poised to be pivotal trends shaping the finance sector. Recognizing the competitive landscape and the increasing demand for specialized skills, financial institutions are placing a heightened emphasis on retaining top talent. Firms are expected to adopt innovative approaches, including personalized career development plans, mentorship programs, and flexible work arrangements to ensure that experienced professionals remain engaged and committed. Simultaneously, as the financial industry grapples with an ageing workforce, retirement planning is becoming a strategic priority. Companies are anticipated to invest in comprehensive retirement benefits, knowledge transfer initiatives, and succession planning to seamlessly transition leadership roles and safeguard institutional knowledge. Balancing the needs of both retaining existing talent and preparing for an evolving workforce demographic will be critical for financial organizations navigating the dynamic landscape of 2024.
Bob Huber, CSO and Head of Tenable Research, Tenable
Attacks on AI Systems will Spell Big Trouble- There will be an increase in attacks against AI platforms that will far exceed our understanding and ability to protect them resulting in data leaks, data poisoning and cyber-physical effects.
Uday Chaudhari, Sr. Director- Technology, Synechron.
“In the blink of a technological eye, India has achieved in a mere couple of years what other nations took generations to accomplish. This monumental stride is poised for an even greater leap forward as India's highly skilled talent market, favourable government initiatives, and a vibrant startup ecosystem converge to catalyze the surge in AI adoption, amplifying the country's economic and social impact. Enter GenAI and specialized AI solutions, reshaping industries and carving out innovative avenues for growth. The resounding embrace of AI is not just a trend; it's a strategic imperative, acknowledged by CEOs who recognize its transformative significance, making it their top investment priority and triggering a surge in spending on software and IT services.
As we stand on the precipice of 2024, pay-as-you-go models, hyper-personalization through data analytics, the ascendance of low-code/no-code development, the dominance of cloud-native technology, and an intensified battle against cyber threats are set to dominate the tech arena. The surge in Generative AI use cases brings to the forefront the urgent need for ethical regulation, placing India at the epicenter of this crucial conversation. With a strategic advantage in becoming the skill capital for ER&D operations, India is not just a player; it's the game-changer. Global leaders are turning their gaze to India, recognizing it as a pivotal market for tech innovations. 2024 will not just be a milestone; but a testament to India's unassailable position as the vanguard of global technological evolution.”
Anil Nama, CIO at CtrlS Datacenters
In 2023, transformative advancements were evident, ranging from the widespread adoption of remote collaboration tools to the rapid evolution of artificial intelligence, signifying a pivotal period of progress.
This dynamic progress has marked a way for groundbreaking innovations in digital infrastructures, with a particular emphasis on the evolution of data centers. The momentum of transformative advancements is reshaping the very foundations of how data is managed, processed, and secured, ushering in a new era of efficiency and reliability in digital infrastructure frameworks. A distinctive trend that has emerged is the ascent of decentralized technologies, prominently showcased by the integration of blockchain. This intersection of technological advancements signifies a comprehensive shift toward more secure and transparent data management solutions within the evolving landscape of data centers. Another significant development was the continuous advancements in AI and machine learning within data centers. The infusion of AI into everyday data center applications, ranging from personalized recommendations to sophisticated natural language processing, underscored the growing influence of intelligent systems on data management. This trajectory is set to intensify in 2024 as AI becomes more intricate, finding applications in critical sectors such as healthcare, climate modelling, and autonomous data center systems.
Looking forward to 2024, several trends are poised to dominate the data center sector. Quantum computing, with its revolutionary potential in enhancing computation power, is anticipated to make significant strides, introducing novel capabilities to data processing within centers. Additionally, sustainability will assume a central role as the data center industry focuses on developing environmentally conscious solutions, addressing the ecological impact of digital technologies. The convergence of technologies, such as the amalgamation of AI with augmented reality, is likely to forge new frontiers in user experiences within the dynamic realm of data centers.
Rohit Kaila, Head of Technology and Site Leader Wayfair India TDC
The past year has witnessed an array of transformative trends that have reshaped the digital landscape, setting the stage for an exciting trajectory in 2024. One of the pivotal trends of the past year was the accelerated adoption of artificial intelligence. Organizations leveraged AI and ML technologies driving efficiencies, boosting productivity, and enriching the overall customer and supplier experience. AI was used not only as a tool for efficiency but also as a strategic partner, influencing decision-making and driving innovation.
In the evolving landscape of AI governance, 2024 will usher in increased legislation, establishing boundaries on AI models and providing clarity on Gen AI usage. This regulatory framework will extend to image usage, offering guidance to address concerns and potential risks, aligning with societal expectations. As investments in AI solutions increase, these customized brand language models will promise scalability for marketers, facilitating personalized campaigns and brand experiences. The transformative potential of these technologies will offer insights into the evolving landscape of data-driven decision-making and the future of personalized retail experiences.
As we approach 2024, the stage is set for a significant surge in Gen AI deployments, not only for consumers but also for businesses. The year promises to be a landmark period where the transformative potential of Generative AI becomes a tangible reality, reshaping industries and defining the future of technological innovation.
Samit Banerjee, Division President, Amdocs Cloud Operations and Customer Services Management, Amdocs
Topic: The developments in the telecom industry during 2023 and insights into what lies ahead in 2024.
“Generative AI was the big tech trend of 2023 for the telecom industry. GenAI emerged as a game-changer that has the potential to transform everything - customer engagement, data collection, productivity, time-to-market, and much more. We are truly living in a transformative era, where not even a week goes by without a new GenAI initiative hitting the headlines.
Realizing the need to keep up with the rapid digital transformation, the year 2023 saw global communication service providers (CSPs) wake up to the need to overhaul everything from business models to operations to customer experience.
In 2024, CSPs will continue to explore the potential of Generative AI. The telecom industry is uniquely positioned to harness the benefits of GenAI, thanks to the vast data generated from call records, customer interactions, and other sources. GenAI’s ability to process, analyze, and extract valuable insights from this data promises a significant transformation in how telcos operate.
GenAI will be an efficiency multiplier for telcos across their business value chain, impacting networks, back-office operations, front-end customer engagement and user-experience enrichment. Initially, telcos can leverage GenAI models to enhance customer interactions by feeding it historical customer interaction details. Subsequently, they can use GenAI models to resolve network performance issues and revenue leakage and optimize benefits.
To unlock Generative AI’s full potential, telecom companies should look for integrated solutions of carrier-grade architecture and large language AI models, enhancing business agility and operational efficiency while ensuring quick adoption of new applications. Given the intensely competitive nature of the communications industry, service providers will prioritize training their own models within closely controlled GenAI environments.
However, we will see some hurdles to the widespread deployment of this groundbreaking technology for external purposes. Despite the accessibility and user-friendly nature of GenAI tools, they remain susceptible to errors and inaccuracies. CSPs need to channel their efforts towards internal applications aimed at enhancing the efficiency and effectiveness of their staff. This includes sales agents, service representatives, R&D teams, and operations teams, all of whom can critically evaluate and utilize the outputs of Generative AI.”
Sanjeev Chabbra, Managing Director & CEO at Beetel Teletech Ltd.
"2023 has been a momentous year for India's technology landscape owing to the widespread digital transformation that has been carried out throughout this year. Bolstered by government initiatives and increased access, emerging technologies like AI, ML, blockchain, and cybersecurity became integral across industries, improving efficiencies. As a result, India’s digital transformation (DX) adoption landscape is expected to grow at a CAGR of 17 percent and reach $23.6 billion by 2025. Positioned as the world's technology and innovation hub, some of the key technologies that are expected to see rapid adoption by Indian businesses in 2024 are AI/ML, cloud, blockchain, and cybersecurity.
While on one end AI will continue to penetrate industries, enhancing decision-making processes and optimizing operations, increased adoption of cloud technology along with the emergence of sophisticated cyber threats, there will be a heightened focus on cybersecurity leading to increased implementation of zero trust architecture. The evolution of cybersecurity strategies further underscores the industry’s commitment to responsible and resilient tech practices. As businesses embrace these technological disruptions, the stage is set for more efficient, strategic decision-making and a new chapter of growth. Beetel can play a crucial role in the adoption and implementation of these technologies, while also working to enhance and nurture skill sets. Positioned as a crucial link in the technology supply chain, Beetel aims to make innovative technologies accessible to a broader audience.”
Sunil Pandita, Vice President, Sales (India), Newgen Software Technologies
“In 2023, we witnessed a shift in the technological landscape, with the rise of advancements such as GenAI. According to estimates from McKinsey, the widespread adoption of GenAI could contribute an impressive $2.6 trillion to $4.4 trillion annually to the global economy by 2040. As a software product organization, this year has been a resounding success for us, with significant achievements and milestones. We achieved a market capitalization milestone of $1 billion this year, along with being recognized as a strong performer in digital process automation platforms by Gartner. Our latest endeavour, NewgenONE Marvin powered by GenAI, is an all-in-one solution for businesses seeking innovation, efficiency, and global adaptability. Furthermore, our impact extended globally as we collaborated with major banks in India and the United States, streamlining their business processes. We believe that the future is bright, and Newgen is ready to be at the forefront of the next chapter of its unparalleled success story. Wishing you a New Year filled with the promise of exciting tech developments and transformative innovations. Here's to a great year with limitless possibilities in the tech space.”
Muneer Ahmad, VP, Sales and Marketing, ViewSonic India
"2023 has been a year of transformation for ViewSonic as we saw significant growth and expansion. Extending our commitment, we successfully introduced cutting-edge technologies to our product line-up, resulting in a remarkable 30% overall growth rate. Notably, our Interactive Flat Panel (IFP) sales soared high, experiencing a remarkable 40% increase and reinforcing the surging demand for innovative technologies.
We are delighted to share that we have continued to thrive in the LED market and have maintained the top position in India, with an impressive market share of 63.7% in 2023. We are also proud to announce that our IFP category has seen a significant increase in market share, reaching 42% in Q3, showcasing our consistent leadership since 2020. A highlight of our success this year has been the surge in demand for LED projectors, resulting in a fivefold increase in sales. This surge is a testament to the Indian consumer's commendable shift from traditional to future-ready solutions. We are thrilled to participate in this transformation and are committed to providing our customers with the best products and services.
As we embark on a new year in 2024, we are excited to announce the upcoming launch of our R&D Stage Setup, which is scheduled for early next year. Our ongoing contributions to government initiatives focused on digitizing schools with IFP are a top priority, and we are committed to delivering cutting-edge solutions. We anticipate introducing groundbreaking advancements and remain dedicated to providing innovative solutions throughout the year."
Jesintha Louis, CEO, G7 CR Technologies- a Novantiq Company
“In an era defined by digital transformation, we recognize the immense potential of Cloud Services and Artificial Intelligence to shape the future of technology and empower businesses across diverse industries. We are tapping into the capabilities of cloud and artificial intelligence to enhance user experiences, streamline operations, and foster unparalleled creativity.
We believe that AI will not only optimize existing services but also pave the way for entirely new dimensions of digital interaction and problem-solving. We are dedicated to pushing the boundaries of innovation, introducing solutions that go beyond the conventional, and fundamentally altering the way we perceive and utilize technology. Our vision is to not only meet but exceed expectations, providing a seamless and transformative experience for businesses across the globe.”
Sagar P.V, Chief Technology Officer & Head - Technology & Innovation Group, Mindsprint
“As we enter 2024, a forward-looking approach will not merely be a strategy; it will represent a steadfast commitment to navigating change, fostering innovation, and harnessing the unparalleled potential of technology.
Machines will become more intuitive, adaptive, and responsive in the dawn of a new era. Heralding this transformation, GenAI is at the forefront of gaining mainstream prominence while businesses will align their strategies to harness its power. While also confidently recalibrating their technological infrastructure by emphasizing location-based data handling to minimize latency, enhance real-time decision-making, and unlock the potential for applications requiring rapid responsiveness. Edge Computing will become the driving force behind GenAI's impact, enabling organizations to attain a competitive advantage and stay ahead of the game.
As a critical aspect of organizational priorities, the narrative of 2024 will unfold with Supply Chain Resiliency. Recent disruptions highlight the vulnerability of global supply chains, prompting businesses to leverage technology in creating agile and adaptable strategies that can withstand unforeseen challenges. Technology, from predictive analytics to real-time tracking, is pivotal in fortifying supply chain resilience.
Viewing Green Technology not only as a corporate responsibility but also as a strategic value generator to appeal to environmentally conscious consumers, will take the spotlight as a catalyst for change in 2024; fueled by a growing awareness of environmental sustainability, businesses will need to integrate eco-friendly practices into their operations. The year's playbook will also include strategically navigating the technological wave by upskilling the workforce for digital literacy, fostering continuous learning, and creating an environment where innovation thrives. Success involves adopting technology and seamlessly integrating it into every facet of the business, which blends human ingenuity with cutting-edge technology.”
Rajeev Rajan, CTO, Atlassian
Collaboration has always been human-to-human, but now it’s humans plus AI. AI is already delivering huge personal productivity gains by summarizing meeting notes, tracking updates, and completing code. Once AI learns deeply about a company, its teams, and how it works, the possibilities are endless. This means employees can get up to speed in minutes or hours. Imagine the impact across enterprises and industries working on complex problems. Could AI help NASA identify the cause of anomalies that are hindering a mission, and would that mean the mission could be accomplished on a faster timetable? These are the kinds of possibilities we’re excited about, as time saved by AI provides human teams more freedom and flexibility to come up with great ideas faster.
Neelesh Kripalani, Chief Technology Officer, Clover Infotech
In the ever-evolving landscape of technology, staying ahead of the curve is not just an advantage; it's a necessity. As we stand on the brink of 2024, the realm of Artificial Intelligence (AI) is undergoing transformative shifts that will redefine how we perceive and utilize technology. Below are the 10 most vital AI trends for 2024 that we all need to be prepared for right now.
AI is becoming the cornerstone of robust cybersecurity strategies. Machine learning algorithms can now swiftly identify and neutralize cyber threats in real-time, making our digital fortresses more secure than ever before.
The demand for transparency in AI decision-making processes is rising. Explainable AI models are on the ascent, enabling us to comprehend and trust the outcomes of complex AI algorithms. Understanding the 'why' behind AI decisions is the future of responsible technology deployment.
The marriage of AI and automation is reshaping workflows. From mundane tasks to complex processes, AI-driven automation is streamlining operations, enhancing efficiency, and reducing operational costs. Organizations across the world are embracing it to witness unparalleled productivity gains.
AI is revolutionizing healthcare delivery. Predictive analytics, image recognition, and natural language processing are enabling more accurate diagnostics, personalized treatments, and efficient patient care. In 2024, healthcare powered by AI will become the norm.
Ensuring that AI systems are ethically sound is non-negotiable. Bias mitigation techniques and ethical AI frameworks are crucial. As leaders, it's our responsibility to champion AI systems that are fair, unbiased, and accountable.
Edge computing, empowered by AI, is enabling real-time data analysis at the edge of networks. This rapid decision-making ability is a game-changer, especially in IoT applications, creating new possibilities for efficiency, responsiveness, and innovation.
Customer expectations are soaring, and AI is the key to meeting them. AI-driven personalization allows businesses to create hyper-targeted and individualized customer experiences, leading to higher satisfaction, engagement, and loyalty.
Quantum computing's potential to solve complex AI problems cannot be overstated. The convergence of quantum computing and AI algorithms will lead to breakthroughs in areas like optimization problems, and machine learning algorithms, pushing the boundaries of what we can achieve.
AI is reshaping HR functions. Predictive analytics, sentiment analysis, and AI-driven recruitment tools are optimizing talent management, fostering a more engaged workforce, and revolutionizing the employee experience.
AI's role in supply chain management is evolving. Predictive analytics is transitioning into prescriptive intelligence, allowing businesses to not only foresee disruptions but also proactively optimize their supply chains in response. This foresight is becoming invaluable in an increasingly interconnected global economy.
Arunkumar Doraisamy, Co-Founder & CTO, ESGDS
"Globally, ESG is becoming more mainstream with regulations that stipulate increase in disclosures and a mandate to have these disclosures assured by a third party. Given the magnitude of these disclosures, Companies will need to invest in specialized Platforms for ESG Data Management, Reporting & Compliance. Regulators are also asking Banks & Investors like Asset Managers & PE to embed ESG Risk in their decision-making process and this in turn will require financial institutions to build/buy ESG Risk & Analytics platforms.
No-Code SaaS Platforms focused on the ESG domain would be preferred as they will incorporate multiple use cases and provide out-of-the-box solutions. While there are multiple ERP, Data Analytical Platforms and GRC solutions in the market today, they are mostly siloed and address only part of the Industry’s requirement when it comes to ESG. SaaS Platforms that are comprehensive, easy to customize (including risk models), AI-ML powered and that can seamlessly integrate with Enterprise Systems and ESG Data providers would be the platforms of choice for the CXOs."
Muraleedhar Pai, Executive Director & CTO, Maveric Systems
“Banks are trying to strike back at FinTechs using the same advanced technologies. This was mostly visible in the areas of reducing time to onboard customers, making payments ubiquitous and economical, innovative integrations in terms of points of origination of business, enablement of payments in many more channels as well as intelligent and frictionless interactions with banks. They have moved one step closer to providing Banking services outside of traditional comfort zones.
Towards the end of the year, post Chat GPT being available and the recent release of Google Gemini, digital advancements of all business will explode. This will be much more in banking. This is for 2 reasons: 1. Banking is about information processing. 2. In the last few years banks have been spending a lot in getting the information ready for processing.
Potential areas one can see excitements are:
Availability of sophisticated products and services which were provided earlier only to ultra-high net worth segments will be available for retail.
Extreme interconnections amongst customers, merchants, intermediaries and governments further reducing friction in transactions
Reduction in systemic risk on account of ability to address complex problems through use of more machines, data algorithms to interact with each other and humans.
As per a recent report by International Data Corp. (IDC), the global artificial intelligence expenditure is expected to grow to $166 billion by the end of 2023. From Conversational AI in the BFSI sector to open networks, technology has made a huge impact and opened a range of opportunities for 2024 and ahead.
As we venture into 2024, I'm excited to witness the journey driven by AI Trust, Risk and Security Management (AI TRiSM) which will shape the future of technology-driven banking for the world. These developments will have a huge impact on the IT industry as:
Industry Cloud Platforms and Intelligent Applications will evolve and continue to serve as the foundation of seamless banking experience to the customers. The implementation of Generative AI will continue to benefit banks in areas such as fraud detection, risk management and especially enhancing the customer experience. Another crucial development I foresee will be embracing sustainable technology by tech giants and major corporations. Augmented connected workforce with democratization of Generative AI will empower and unleash the creative potential of employees for better collaboration.
Locations of resources – human, financial, data will no longer matter. Extreme collaborations will not only be facilitated by technology but technology creations will be active participants leading to improved customer experience and business outcomes.
Extreme automations with high cost of implementations will become much more affordable due to the active participation of algorithms in the analysis stage itself. The laborious process of analysing, designing, developing and testing of automation tasks will be taken up by machines. These changes may not all happen in 2024, but 2024 could be a watershed year in which algorithms will be entrusted with decisions
Industry cloud platforms - As per a recent report, the worldwide investment on cloud infrastructure by organisations is expected to top $1 trillion for the first time in 2024. Security and data being the primary area of concern for every industry, cloud infrastructure is the next step to boost innovations worldwide.
Any of these changes in revolutionary and improved digital interactions with the help of advanced algorithms like LLM, Computer Vision and big data wouldn’t have been possible without the elastic scalability being provided by Cloud computing. They ensure that anything which is built can scale, can get distribute, can be available any time and is available with best economies - no lumpy costs of capital investments and no long implementation cycles
Generative AI - 2024 will witness the technical experimentation of Generative AI into strategic initiatives. As per a Forbes article, 60% of employees will use their own AI platforms to perform day to day tasks. Adding to this, 85% of organisations will start implementing AI with open source networks to increase efficiency. Hallucination insurance which covers risk related issues to AI will be a big money market in 2024.
Use of generative AI is now at an embryonic stage. It looks very very promising. All roles will get revolutionised with the use of Gen AI. The competition there is heating up with at least 4 credible alternatives emerging. The use cases will also mature with more success with low risk less invasive uses. One can expect some serious use of GenAI with a sizable chunk of personalised financial advice being provided by algorithms which speak in Morgan Freeman or Amitabh Bachan’s voice.
Global Capability Centers (GCC) - The number of glocal GCCs supporting sustainability surged from 17% in 2021 to 47% in 2023. In India, the GCC industry contributes to $33.8 billion in revenue and the number will shoot to $60-$85 billion by 2025. Technological advancements in Metaverse and Blockchain which are still under development will also contribute to support GCCs digital transformation.
The GCCs and role of India in digital advancements of the world will undergo a sea change. The domain knowledge will be the next one to be available everywhere. This will ensure that services from India will be economically competitive not only in the lower half of the pyramid. 2024 may see teams in GCCs taking over many more functions, thanks not only to the younger STEM fed workforce but equally to Gen AI and other algorithms trained by local business leaders.
Don’t be surprised if there are new European or American digital banks who are 100% run from other locations of which a significant part will be played by machines.
Exciting times ahead. Right time to be a banking technologist.”
Sandeep Uppal, Co-Founder and Managing Partner, Acuvon Consulting
“As the economic clouds of inflation gradually dissipate, the year 2024 is poised to usher in a renewed wave of enthusiasm characterized by investment-led growth across regions and sectors. The trajectories that businesses embark upon will exhibit considerable divergence, contingent upon the varying degrees of AI penetration and adoption within distinct industry domains. In this landscape, there exists no singular, foolproof path to success.
This dynamic and uncertain environment will demand heightened vigilance from consultants as they navigate the intricate terrain, striving to deliver value to their clients. The consulting industry itself is on the cusp of a transformation, with AI assuming a pivotal role in shaping solutions, formulating strategies, and constructing compelling use cases. Driving the widespread adoption of AI within clients' operational frameworks will take precedence, marking a significant evolution in consulting methodologies.
As we embrace the challenges and opportunities of 2024, as consultants, we are urged to stay at the forefront of innovation, leveraging AI as a powerful tool to not only address existing challenges but also to proactively shape the future landscape of business.”
Balaji Baktha, Founder and CEO, Ventana Microsystems
“As we approach 2024, the landscape of India's semiconductor industry is on the brink of a transformative era, thanks largely to advancements in RISC-V and chiplet technologies. At Ventana Microsystems, we're not just observing this change – we're at the forefront, driving it. Our innovative solutions are tailored to meet the unique needs of the Indian market, ensuring that our technology not only aligns with but actively supports the government's vision for a self-reliant digital India. We're excited to play a pivotal role in this journey, bringing cutting-edge, high-performance RISC-V CPUs to the heart of India's tech growth. Stay tuned for a year of remarkable progress and partnership as we work together to redefine the boundaries of India's semiconductor capabilities. Ventana Microsystems is poised to be a key player in the Indian semiconductor revolution. As RISC-V and chiplet technologies take center stage in 2024, we are actively committed to contributing to the substantial and positive impact they will have on the industry. Our dedication to innovation aligns perfectly with the government's vision for a thriving semiconductor sector in India.”
Chandrika Behl, Managing Director, Exhibitions India Group
“As we navigate the digital landscape, the collaboration between 5G and IoT stands as a pivotal force shaping the trajectory of connectivity. This partnership transcends sector boundaries, ushering in an era where the swift and seamless exchange of information becomes a catalyst for unparalleled innovation and operational efficiency. By integrating 5G's rapid speeds and low-latency communication with the expansive network of interconnected devices in the Internet of Things (IoT), we lay the foundation for a connected world that defies traditional constraints.
This transformative alliance holds vast potential, from optimizing urban infrastructures to streamlining industrial operations through real-time data analytics. As advocates for progress, our focus is on steering this connectivity revolution with ethical and practical considerations in mind. The convergence of 5G and IoT propels us toward a future where devices communicate with unprecedented agility, redefining the way we navigate our daily lives.
Our commitment is to leverage this synergy, not just to enhance our connectivity infrastructure, but to pioneer a more responsive, adaptive, and interconnected world. This collaboration becomes the driving force for progress and innovation, where the seamless flow of information empowers diverse domains to thrive in an intelligent, interconnected ecosystem.”
Rajeev Kumar, Founder, CEO & MD, Mystifly
“2023 has witnessed the continued convergence of technology and aviation, accelerating the industry’s transformation to modern airline retailing. The growing adoption of New Distribution Capability (NDC) has led to long-awaited paradigm shifts in the travel industry as airlines and travel sellers adapt their business and technologies to the new world of multi-source air. While it is still early, travel shoppers can look forward to more personalized shopping experiences, including diverse, personalized content.
As we look back on the year, we at Mystifly celebrate the resilience of our collective journey, recognizing how the shift to airline retailing has become a catalyst for innovation. The collaborative efforts between airlines and travel sellers demonstrate a commitment to delivering enhanced customer experiences marked by flexibility and choice.
Looking ahead, our dedication to improving this new landscape of airline retailing remains strong. Using new technologies, including the power of AI, we aim to redefine what is possible in travel distribution, creating a more interconnected and efficient ecosystem. Our journey is a testament to adaptability and a steadfast commitment to shaping the future of air travel.”
Pravin Agarwala, Co-founder and Group CEO, BetterPlace
“The interim budget, because of the context in which it is being tabled, provides an immense opportunity to become the starting point for a pole vaulting India. While India’s capital expenditure driven growth has reaped large benefits for the economy, it poses the risk of India falling into the middle income trap. The only way to escape it is through growth in total factor productivity (TFP) which is led by an inclusive and skilled workforce. Data shows that while capital expenditure in terms of actuals has grown by 39.06% between 2020-21 and 2021-22, TFP growth has been -0.9%. Moreover, a recent RBI report states that the sectors which saw the highest growth in TFP were labor-intensive sectors as opposed to capital-intensive sectors. Hence, our people are our key to a pole vaulting economy.
Since the interim budget needs to be prudent while still creating a large-scale impact before the elections, investing in digital public infrastructure (DPIs) and generative AI geared towards creating a more inclusive and skilled workforce is the way forward. The first investment the budget must make is to strengthen existing workforce DPIs like National Career Service and e-Shram portal to make a robust infrastructure like ONDC and UPI which can be leveraged by the private sectors to train, recruit and retain workers. The second investment must be to integrate GenAI into these DPIs and also creating funds for more innovation in GenAI for workforce development. GenAI has the ability to make the employment and skilling process more demand-linked, achieving better outcomes.
Maran Nagarajan, CEO of KaarTech
"As we conclude an exceptional year at KaarTech, our commitment to excellence shines through. Effective governance, exemplified by the OKR system, coupled with a robust financial journey, underscores our dedication to success. Achievements in customer satisfaction, the establishment of new office spaces, and strategic partnerships with Dunn Solutions & A91 Partners showcase our dynamic growth trajectory.
Our global expansion initiatives and innovative undertakings solidify our industry position. Winning awards, including the GPTW for the 2nd consecutive time, highlights our steadfast commitment to an employee-centric approach, reflected in industry-leading attrition rates of less than 5%. The onboarding of senior leadership carrying a wealth of rich experience from global top tiers has fostered a dynamic corporate culture, emblematic of our success.
With a remarkable growth of almost 35%, this year's memorable journey involved traveling across the globe to build business relationships and lasting partnerships, particularly in the Middle East and North America, further enriching our international footprint. These triumphs set a strong foundation for our FY26 IPO goal, reflecting KaarTech's resilience, innovation, and global appeal."
Sriram Gopalswamy, VP -Site Reliability Engineering and MD, Sabre, Bengaluru
“When contemplating the AI landscape, it is truly remarkable to witness the swift pace at which innovations have surged. Advancements in the realm of AI would unfold every day. The recent developments and ongoing narrative surrounding AI, serves as a testament to this perpetual evolution. The past year alone has been a whirlwind of transformative events, sparking curiosity about the upcoming trends that will shape 2024. The OpenAI team's revelation of an AGI model stands as an immense milestone, propelling us beyond the boundaries of conventional AI and into a domain that has the potential to redefine not only the entire tech industry but also the future of humankind.”
Arun. K. Chittilappilly, MD, Wonderla Holidays
“As we bid farewell to 2023, Wonderla celebrates a year marked by resilience and innovation. Our team's dedication and our guests' unwavering support have been the driving forces behind our success. As we set our sights on 2024, we are excited to embark on new adventures, introduce thrilling attractions, and continue creating cherished memories for our visitors. The journey ahead holds limitless possibilities, and Wonderla remains committed to being a source of joy, laughter, and excitement. Here's to a new year filled with wonder and magic!”
Aveekshith Bushan, Vice president of the APAC region, Aerospike
“As we bid adieu to the transformative landscape of 2023, a pivotal year in technology, it prompts us to discern the most important technology trends that have influenced various industries. A new generation of technologies such as artificial intelligence, machine learning and blockchain, has transformed how data is collected across diverse industries.
While Large Language Models (LLMs) are getting a lot of attention for their ability to decipher large, unstructured data, their accessibility is becoming an issue. Shifting to smaller, specialized LLM models for accessibility and economic viability is the key. These focused solutions will empower organizations to leverage AI, fostering unprecedented growth and advancement across diverse fields.
Transparency will become an even bigger driver in AI as regulatory frameworks around the globe undergo a metamorphosis, spotlighting compliance and transparency. Explainable AI (XAI) will take center stage, ensuring that AI systems articulate clear rationales for their decisions. This transparency is not just a prerequisite; it's paramount to fostering public confidence, addressing ethical concerns, and championing the responsible and accountable deployment of AI.
Aerospike is and will continue to be an active participant in providing a real-time database that gives organizations confidence that their AI applications are supported with accurate, high-performance access to real-time data, at the lowest Total Cost of Ownership.”
David Fellows, Chief Digital Officer
“AI is a disruptive force transforming our entire technology and financial ecosystem. From creating credit reports and company profiles to optimizing sales, marketing, and human resources, we’re already seeing the benefits. As we move into 2024, AI will become an integral part of every aspect of our digital business. In this exciting new era, we remain focused on the big picture. As AI processes an ever-increasing amount of data, we prioritize data protection compliance and transparency in AI decisions. Our goal in this new era is clear: to take advantage of the vast opportunities offered by AI while continuing to drive responsible innovation and earn and maintain customer trust. Finding this balance is the foundation of our continued success in a rapidly changing digital landscape.”
Ramya Parashar, Chief Operating Officer, MiQ
“As we bid farewell to the incredible year of 2023, aptly named as the 'Year of AI,' our experience in the programmatic marketing industry has been nothing short of a paradigm shift. This year, we've navigated the complexities of an ever-changing industry, economic headwinds where adaptability and forward-thinking have been our guiding principles.
This year, in the era of AI we have moved beyond mere technological advancements. The convergence of artificial intelligence and the emerging force of Gen AI has reshaped the entire fabric of our industry. The 'Year of AI' has not only transformed how we engage with our audience but also reaffirmed that the human element remains indispensable. It's not just about algorithms and data but the impact they've had on understanding and anticipating consumer behaviours.
As we move forward, let our culture be one of ongoing thought leadership, utilising AI's revolutionary potential to not just stay up with but also lead change. Here's to a future in which our industry evolves, fuelled by the imaginative energy that distinguishes MiQ. May the coming year serve as a blank canvas on which we can paint strong strokes of creativity, crafting the story of programmatic marketing with wisdom and vision.”
Arvind Vaishnav, Head of Clinical Partnerships, Growth Region and Philips Innovation Campus, Bangalore
“What we have been witnessing in the healthcare industry over the past few decades is a groundswell of technologies that ends up in additional administration and regulation, which is actually pulling healthcare workers away from their purpose of patient care. Ask anyone in healthcare and it is common to hear about that ‘one more thing,’ in their daily work irrespective of how best it fits into their overall workflow and experience. As a result, most of them now spend more time away from actually caring for patients. That is why I think it is incredibly important for everyone in the industry ecosystem to rethink how healthcare workers can be reconnected to their primary purpose of patient care. This implies thinking people before technology, asking what it means for a healthcare professional to interact with a certain technology, and how it can complement their workflow. It also means we need to find better ways of tracking and highlighting the value that healthcare workers deliver to the patient.”
Pankaj Makkar, Managing Director, Bertelsmann India Investments (BII)
"It continues to be an exciting time for entrepreneurs, raising funds across seed, Series A, and Series B stages. At Bertelsmann India Investments (BII), we are actively seeking to partner in category-creating companies. In a year marked by challenges for the ecosystem, BII maintained its focus on early-growth stage investments, showcasing resilience through follow-ons and new investments, a testament to our commitment despite a volatile market.
Looking forward to 2024, our strategy holds firm, targeting 4-5 deals across Series A-C rounds with an investment approach that remains steadfast amid market unpredictability. We commit an initial ticket size of $3-15 million, with the potential to invest upto $30-40 million over the lifetime of a company.
Expanding our footprint, BII is proud to announce new teams in Bangalore, Mumbai, and Delhi, reflecting our commitment to regional growth. This year, our team has seen significant developments, with the Finance function strengthening through the appointment of Jayesh Bavle as Finance Head. Additionally, the investment team welcomes Swati Murarka as Principal, enhancing our capabilities and expertise.
BII stands as a sector-agnostic fund, favoring emerging category creators. Key sectors of interest include Fintech, SaaS, Health tech, EdTech, and B2B that captivate our attention. In addition to our commitment to category-creating companies, we're enthusiastic about investing in ventures targeting 'the next billion consumers' in India. In Health-tech, our focus extends to startups innovating at the crossroads of AI & Health, organizing large unorganized markets across Healthcare Services sector. Within Edutech, we're particularly optimistic about companies pioneering new models of Higher Education. Notably, BII has already demonstrated its dedication to Edutech through credible investments in Eruditus, inurture, and Bertelsmann's strategic investment in Afya (now listed on NASDAQ).
Our approach extends beyond financial backing; we deeply engage and collaborate with founders. Our track record with portfolio companies like Shiprocket, Eruditus, Licious, Lendingkart, Agrostar attests to our commitment to building closely with founders, aiding them in emerging as leaders in their respective categories. It’s uniquely captured in our podcast, BII Brunch Labs.
With our portfolio, we're not just addressing challenges; we're steering towards sectoral leadership, fostering growth and scalability through tailored support and access to Bertelsmann's extensive global networks."
Dr. Nidhi Pundhir, Global Head of CSR, HCLTech and Director, HCLFoundation
“HCLTech is committed to using the best technology and our people to accelerate progress for our clients, communities and the planet. HCLFoundation, which drives the corporate social responsibility agenda of HCLTech in India, has positively impacted over 5.5 million lives to date. It contributes to national and international development goals by investing in long-term sustainable programs and special initiatives focused on education, nurturing grassroots sports, health and sanitation, skill development and livelihood, environment and disaster risk reduction, and response management. To ensure equitable development, child protective strategies, inclusion and gender transformative approaches are at the core of all HCLFoundation programs.”
“India’s G20 presidency this year brought about many meaningful conversations around sustainability and the importance of achieving Sustainable Development Goals (SDGs). Infact 2023 witnessed a deliberate shift towards integrating these principles into core strategies. The industry's role in climate change mitigation through cloud efficiency and green solutions or green IT was in focus, propelling action towards renewable energy and reducing carbon footprint.”
Shailendra Singh Rao, Founder, Creduce
Sustainability has been on the rise of technology in 2023. Solar panels produced unprecedented amounts of clean energy. While wind turbines generated renewable energy the world adapted to renewable energy rapidly. Electric vehicles are slowly becoming the norm. By collaborating with AI, intelligent grids optimized energy flow and conserved valuable watts. Lab-grown meat, CO2 capture technologies are now practical. Its like the future is here. Sustainability was a technological revolution that was reshaping the future byte by byte. It appears that a much-needed software update is being applied to the Earth, and the future appears promising – powered by clean, intelligent technology.
Sarvjeet Virk, Co-founder & MD, Finvasia
In 2023, India emerged as a powerhouse in the global tech landscape, achieving a top-10 standing in AI research and development. Pioneering innovations, such as AI-driven medical analysis for predictive healthcare, and the integration of blockchain in agritech and waste management, reflected the nation's unwavering dedication to technological progress. The success of Chandrayaan-3 highlighted India's prowess in space exploration. Leading G20 discussions, India championed the use of digital technologies for inclusive growth, reinforcing our pivotal role in shaping the future of global technology.
Harshal Sonawane, Head of Sustainability, nurture.farm
“Mechanization levels in India are about 40-45 per cent, with north-eastern states in India reporting negligible access. Among the farm operations - seedbed preparation, & spraying operations are highly automated and mechanized, with harvest & threshing operations believed to be the least mechanized. Farm Automation and mechanization are helping improve farm productivity by up to 30 per cent and reducing the cost of cultivation by 20 per cent.
Even though we are a long way away from building location & crop agnostic AI models, the year marks a stepping stone in using artificial intelligence & machine learning. Many organizations & tech companies are leveraging the power of AI & machine learning to predict the weather, build pest & disease models, and leverage historical data sets to deliver predictable outcomes. Artificial intelligence models need to be more consistent. Still, many companies are seeing success with 80% to 90% accuracy in predicting the onset of pests and weather and even estimating yield accurately. These numbers will grow as we collect billions of data sets across crops, geographies, and varying weather conditions.”
Vinod Radhakrishnan, Senior Director, Intelligent Automation, Marlabs
“Automation is one of the most critical enablers for digitally driven enterprises aiming to lift both customer and employee experiences ahead of their competitors. However, leveraging this complex enabler requires foresight from the business leaders to set in motion fundamental changes across people, processes and systems - the proper foundations that set apart the disruptors ready to elevate experiences from the disrupted scrambling to react.
View automation as a strategic multiplier, not just an efficiency or cost reduction tool, and communicate its far-reaching benefits at scale to motivate your teams to identify high-impact use cases.
A standard rhetoric amongst successful leaders is “Don’t boil the ocean at once” instead simplify complex processes in phases & adopt automation in logical increments. Build an adaptive governance layer that is flexible and allows innovation but vigilant against risks that could deter adoption.
Make no mistake - the choice between being a transformative future ready business or a laggard lies in whether the businesses adopt transformative solutions like Automation in an accelerated path. We urge the business leaders today to ready the pillars to support automated enterprises of future where enabled teams and individuals are able to seamlessly utilize technologies to rapidly turn signals into action ahead of rivals still stuck reacting to each digital disruption that comes to the fore."
Manish Bafna, SVP of Engineering, Responsive
Following ChatGPT’s surge in 2023, major large language model (LLM) developments and gen AI-enabled products helped support human-level performance. While earlier automation technologies focused on optimizing physical work activities, the current wave focused on decision making and collaboration across modalities from text, code, image to video.
At Responsive, we were first to launch AI Assistant to simplify content creation and editing for RFPs, RFIs, due diligence and security questionnaires. In 2024, more impact can be seen by adopting GenAI potential further for software development and optimization. For business leaders understanding the use cases and assessing the need of their own industry is critical to create more value.
Raghu Ravinutala, Chief Executive Officer & Co-founder, Yellow.ai
“Looking back at 2023, it was the year where generative AI took center stage, transforming the global tech landscape at an unprecedented pace with far-reaching impact across industries. With 2024 just around the corner, we envision a deeper undertone of transformation driven by AI. And it will not just be generative AI alone. In 2023, the synergy between conversational and generative AI hinted at the potential of combining AI forms. Moving forward, tech providers will increasingly see the benefits of blending generative AI with other types. Additionally, the open-source movement will continue democratizing generative AI across industries and fueling the development of fine-tuned LLMs for enterprise use. The Indian market will also see a surge in multilingual LLMs, bridging language barriers and enhancing AI accessibility like never before.
In 2024, the push for robust AI regulations will continue, signaling a national and global commitment to ethical and responsible AI deployment, which is in alignment with the Indian Prime Minister’s recent call for a global framework for the ethical use of AI. We also expect a major leap in multimodal AI, notably in customer support. Chatbots will evolve beyond text, embracing dynamic, human-like interactions. Users will utilize visual, auditory, and potential sensory cues, enriching chatbot communication to understand diverse inputs and drive the hyper-personalized experiences that customers are looking for today.
It will also mark the year when the industry starts its journey towards a fully autonomous customer support model. Through leveraging a combination of conversational, generative, and interactive AI, we can expect to see customer service moving towards a fully autonomous customer support stack. In practice, this means that the AI will eventually be able to handle 100 percent of customer interactions without human intervention. To make this possible, businesses will acknowledge the importance of investing in full-stack integration of their CX tools and platforms.
As a company, for 2024, we're committed to reshaping the future of customer support through our differentiated full-stack AI-powered customer support suite. The synergy between generative and conversational AI is pivotal to this endeavor, and we are already making significant progress towards our goal, having already gone live with over 100+ generative AI deployments globally in just three months.”
Sumit Bhardwaj, Executive Vice President, CitiusTech
“The convergence of interoperability, better outcomes, enhanced safety, and a patient-centric approach defines the healthcare technology landscape in 2024. These trends not only promise increased efficiency in healthcare delivery but also hold the potential to fundamentally elevate the quality of care and enhance the overall patient experience. Interoperability stands at the forefront, responding to the increasing digitization of healthcare systems. Seamless data exchange between diverse platforms and systems is now essential for a connected and efficient healthcare ecosystem. This ensures secure access and sharing of patient data across different providers, empowering healthcare professionals with the ability to make more informed decisions, thereby enhancing overall patient care. The pursuit of better outcomes is the central theme with technology playing a crucial role in optimizing patient experiences. Advanced analytics, artificial intelligence and machine learning are employed to extract meaningful insights from vast datasets. The application of predictive analytics, personalized treatment plans and early disease detection is becoming more feasible, promising more effective and tailored healthcare solutions. In tandem, the focus on enhanced safety addresses the escalating cyber threats facing looming large on healthcare data and systems. Robust cybersecurity measures are integral to securing patient information and maintaining the integrity of healthcare operations. Technologies such as blockchain are gaining prominence for their capacity to provide transparent and tamper-resistant records, reinforcing the security and authenticity of healthcare data. The transformative journey in healthcare technology is underscored by the commitment to creating a patient-centric ecosystem. This shift redefines the relationship between healthcare providers and patients, placing greater emphasis on patient empowerment. The integration of virtual care options, remote patient monitoring, and personalized health apps not only expands access but also fosters active patient participation in their well-being. Patient is finally moving towards being the central figure in this mix.”
Bishal Thapa, Senior Director - India, CLASP
"As the President of G20 in 2023, India played a decisive leadership role in ensuring that the need of energy efficiency for net zero emissions was recognized. The inclusion of the voluntary pledge to double energy efficiency (EE) was a key milestone of the G20 under India’s Presidency. India has a demonstrated track record on integrating energy efficiency in its own climate strategy, having previously met its goal of reducing emissions intensity 11 years ahead of target schedule.
Looking forward to 2024, the world is counting on India’s continued leadership on energy efficiency. CLASP research on appliance energy efficiency, titled Net Zero Heroes, shows that improvements in ten key appliance energy efficiency could help secure the pathway to net zero emissions. Achieving those goals means deepening collaborations across stakeholders, supporting impactful policy development, and continued efforts to elevate energy efficiency initiatives. A special emphasis in India could also be on efforts led by the states to enhance energy efficiency policy implementation and on public and private market transformation initiatives to accelerate adoption of energy efficient appliances."
Hrishikesh RajPathak, Co-Founder & CTO, nRoad
“In 2024, we are poised to witness several impactful technological trends. The influence of AI will persist, extending its reach across diverse industries. The prevalence of edge computing will increase, optimizing data processing at its origin. The evolution of cloud-native technologies will contribute to seamless scalability and flexibility. However, a noteworthy trend on the horizon is the escalating importance of unstructured data. There will also be a lot of focus on harnessing untapped reservoirs of unstructured data to unlock valuable insights that have been overlooked in the past. The unstructured data sector is projected for substantial growth, offering both challenges and opportunities for organizations looking to capitalize on this latent information. In response to these trends, our commitment at nRoad remains unwavering. We are dedicated to navigating the evolving landscape of technology, fostering innovation, and delivering solutions that address the dynamic needs of our ever-changing technological environment.”
Ashish Tandon, Founder & CEO, Indusface
“The rise of ChatGPT and LLMs means that novice hackers will be 100X more prevalent in 2024 and novice and expert alike will leverage them to run more multi-layered attacks faster. The cybersecurity practitioners will utilise AI/ML/LLM as a force multiplier to thwart these attacks especially in a market where there is shortage of talent and budgets for the office of the CISO.”
Venkat Malladi, Co-Founder and CTO, Vymo
"Distribution Management in Insurance is undergoing a paradigm shift with the use of AI and ML-based technology. While the focus on customer experience remains, it has become important to empower sellers and the entire distribution network with the right toolkit to impact productivity, automate any kind of repetitive, non-revenue generating tasks, and leverage data insights for far more impactful customer engagement."
Dr. Abhinanda Sarkar Academic Director, Great Learning
“Cybersecurity is a linchpin in our interconnected world, making the shortage of suitable professionals in the Indian cybersecurity sector a growing concern. With the government implementing various initiatives to bolster the digital economy, an increasing amount of information is stored online, thereby exposing various sectors to a heightened risk of cyberattacks.
With data being crucial in the digital landscape, organisations and businesses in 2023, became increasingly aware of cyber threats. The surge in phishing, malware, and ransomware incidents has led to an 18% increase in weekly cyberattacks for Indian organizations during the first quarter of 2023, compared to 7% globally. Trojan attacks on supply chains and the deployment of malicious code generated by artificial intelligence are causing significant harm to both businesses and individuals. In 2024, the Indian cybersecurity sector is poised for growth, fueled by the development of 5G technology and the increasing adoption of cloud services by enterprises. With this, cybersecurity professionals will be tasked with preventing multiple types of DDoS, backdoors, and phishing, among hundreds of other ever-evolving attacks. Specialized roles such as penetration testers and cybersecurity engineers will become more prominent across the board, especially as businesses grow larger and expand their digital infrastructure.
Professionals will need to be multi-factor in their talents to be good security experts as more and more organizations are adopting Multi-Factor Authentication (MFA). Not only that, organizations will seek professionals with certifications such as CompTIA Security+ as cybersecurity in the age of IoT devices has become even more important to protect their assets as credit cards and other transactions often pass through devices such as wireless card readers.
WIth the migration to Cloud, there will be an increasing demand for specialists in cloud security. Small enterprises lacking adequate safeguards could become vulnerable targets, prompting the need for either a comprehensive overhaul of their security protocols or the establishment of new ones. Fortunately, amidst these dynamic shifts, there is positive news for freshers and new professionals entering the field. They can leverage this gap in the market by acquiring relevant skills and staying skilled in the latest trends and tools. The beauty of cybersecurity is that it is a very diverse domain—professionals from diverse backgrounds can transition to full-time roles through upskilling and relevant qualifications. Some may find entry points on the defensive side of security operations, while others may be drawn to the offensive side, embracing roles as 'ethical hackers.'
2023 saw an exponential rise in the use of generative artificial intelligence (Gen AI). Beyond its obvious uses in the tech sector, Gen AI was also warmly welcomed by non-tech industries. Several market studies suggest that by 2030, the AI industry is expected to be worth more than $15 trillion. That being said, non-tech industries are starting to recognise the potential of AI as well, and in order to build the workplace of the future, they are not only investing heavily in AI but also upgrading their current platforms to make them tech-enabled.
As we approach 2024, it is obvious that artificial intelligence (AI) will make its way into boardrooms across industries where it has never before been allowed. This will change the way people make decisions and call attention to newly emerging Machine Learning (ML) capabilities. The focus will be on multimodal AI models, which will interpret a variety of facts to aid in decision-making. Furthermore, as AI advances, we should anticipate seeing a surge in the adoption of real-time machine learning by businesses, which will make use of data engagement and "enterprise-grade" AI solutions to strengthen threat detection and response.
And while we democratized generative AI becoming a reality in 2023, with over 80% of enterprises projected to utilize GenAI APIs or models by 2026; ethical considerations loom large, spotlighting the need for transparency, fairness, and AI ethics education in the coming year.”
Ashok Hariharan- CEO, IDfy
“IDfy had a fabulous year showing significant growth while maintaining our profitability.
International markets have been a big driver for growth this year with the launch of our products in the Philippines, Indonesia, and Mena regions which has contributed to 10% of our revenue already (since we started our international foray only this year.)
We have launched products such as our consent governance platform, IDfy360 - which is our flagship no-code orchestration platform allowing our customers to take any journey live within minutes which would have taken 6 months in many cases. We have also launched other new products which help in detecting fraud and establishing trust in transactions
Our “liveness detection” product has now been certified to be 0 - defect ( by Ibeta a US-based certifying authority) We are now the only ones in the world to have a passive single photo liveness product that can also detect deep fakes at the time of onboarding.
Forecast for the coming year in our space:
Consent management is going to play a big role for all our customers which means they are going to get more particular about which companies they tie up with. IDfy is placed well to manage this with our out-of-the-box consent management platform
The kind of frauds that we will see this year will be different than ever before - risk management and KYC will fundamentally change
The government is getting a lot stricter about the right kind of processes to prevent citizens from being defrauded - which means fiduciaries will need to ensure that they are working with the right kind of KYC partners for this
Digitization will be the mantra this year - with more of the physical journeys turning to fully digital journeys - we anticipate a 200% increase in the volume of KYCs being done digitally this coming year. IDfy already does over 65 million authentications a month and we expect this to grow by more than 200%
Financial inclusion is going to be a big driver of growth for us - jobs, loans, and transactions will all increase as the next 100M people enter the formal economy
AI will take centre stage - this will have a far-reaching impact in the tech sector - companies that don’t adopt AI first as a strategy will fail to grow. What this means is that they will have to leverage AI in every part of their business. This boards well for IDfy, as we are an AI-first company.”
Nayantara Bhargava - Chief Business Officer, Mswipe Technologies.
“The push towards a cashless economy has been outstanding, led by the success of UPI, which has shown an impressive 80% year-on-year growth and contributes more than 75% to the nation's retail digital payments. UPI transactions are expected to reach 1 billion transactions per day by FY27.
At Mswipe, it’s heartening to see that retail consumer goods stores have bounced back. Covid had impacted this segment and many of the small shop owners had lost a lot of business. This segment has grown by 168% from last year. Apart from retail shops, we see apparel, restaurants and the fuel segment growing YOY.
We will continue to strengthen our products and services and are committed to contributing to the India market. Our retail base will reap benefits of this as well as we are focusing on further building cutting edge products for the banks and enterprises to provide best in class holistic payment solutions. We have partnered with over 20 banks today and are looking at scaling these. We are also contributing to increasing the digital footprint across the smallest towns and villages of India About 30% of our base is from Tier 3 to Tier 6 markets of India and it will continue to grow in terms of contribution.
While we strengthen the position of Mswipe Technologies in the Indian market and cross a million transacting merchants in the next 3 years, we plan to expand our reach to multiple other countries in the near future. We recently partnered with Etisalat, the largest telecom player in the UAE, and have already started operations in Singapore, with plans to launch in other countries as well.”
Victor Senapaty, Co-Founder, Propelld
“As we approach the end of 2023, it's a time to look back on a year filled with significant achievements for Propelld and to look forward with excitement to what 2024 has in store for us.
This year was marked by a major milestone with our fully owned subsidiary, Edgro, obtaining an NBFC license. This achievement dramatically transformed our operations, leading to reduced costs of funds, increased margins, enhanced underwriting capabilities, and notably faster loan disbursals. Our leadership team underwent a phase of streamlining and stabilization, setting a strong foundation for efficient management and decision-making.
In terms of financial performance, Propelld reached a remarkable milestone by disbursing over INR 2,000 Cr. This achievement not only reflects our growing impact but also underscores our commitment to supporting the educational aspirations of Indian students. Our collaboration with over 100 educational institutes for financing higher education has been a cornerstone of our success, enabling us to empower a significant number of students.
A key aspect of our growth this year has been achieving an optimal collection track record with higher resolutions. We've also made significant strides in building a robust technology infrastructure, which has been instrumental in reducing internal errors. By increasing the tenure of serviced loans, we've succeeded in creating a more sustainable and enduring loan book, which is evident in the significant reduction in our Non-Performing Assets (NPAs) (less than 1%) due to improved customer profiling and collection records.
Despite these successes, we faced challenges, particularly with the slow growth in the Edtech industry. However, our team navigated these challenges with resilience and adaptability, reinforcing our commitment to our mission and values.
Looking ahead to 2024, we are focusing on expanding our reach in international and higher education loans. Streamlining processes around these segments will be a key objective, ensuring efficiency and effectiveness in our operations. We're also planning to diversify our lead generation sources, with a particular focus on Direct Selling Agents (DSAs), to broaden our customer base and market reach.
Adapting to policy changes has been a crucial part of our journey this year. The introduction of the Digital Lending Guidelines by the Reserve Bank of India (RBI) was a significant development, necessitating a shift in our operational model to align with stronger KYC norms and fair lending practices. Despite the challenges in the unsecured personal loan market, Propelld's niche focus on education loans positions us favourably in the market, offering loans with a defined purpose and controlled end-use.
As we bid farewell to a year of significant growth and learning, we are enthusiastically gearing up for a promising 2024. Our focus remains steadfast on empowering educational dreams, driving innovation in our field, and adhering to the highest standards of responsible lending practices. The future is indeed bright for Propelld, and we are excited to have our partners, customers, and team members join us on this thrilling journey.”
Dr Venkat Mattela, Founder & CEO, Ceremorphic
“The new Union Budget 2023 is well designed to unleash innovations in the Artificial Intelligence (AI) space for India. Creating ‘Make AI in India’ and ‘Make AI work for India’ learning infrastructures along with 3 centres of excellence in AI are brilliant initiatives and will go as landmark decisions when we look back in few decades”, said Dr. Venkat Mattela, Founder and CEO of Ceremorphic, Inc which develops AI training supercomputing chips from India.
“Setting up labs for 5G services in engineering institutions is a neat idea as it helps in getting experience in product development early on in educational process. These labs will produce applications which enables efficiency across multiple sectors. Capabilities and expertise in Industry 4.0 is key to the robust economic growth and life style enhancement in the future and the new Pradhan Mantri Kaushal Vikas Yojana 4.0 along with Skill India Digital platform will not only increase the skill set in various areas like AI coding, robotics, mechatronics, IoT, 3D printing but will also encourage more product development in Industry 4.0 going forward. Additionally, setting up of Central Data Processing Centre is a welcome act to create smoother and faster way of getting things done for enterprises.
Continued support for manufacturing is paramount and is well supported by the new targets for increased mobile phone production, reliefs on custom duties on critical parts needed to build peripheral AI interfaces. Low power engineering is the game to play in the next few decades and new architectures will be created where hybrid solutions will be created with lithium batteries along with new architectures that will enable overall energy savings for the total solution. Concessions on duties on the lithium-ion-cells is a key decision to encourage new product development in the industry 4.0. And last but not the least, in tandem with sustainability goals established at G20 summit and a global consensus on reducing carbon emissions, the National Green Hydrogen Mission will facilitate a transition in the economy to low carbon intensity and reduce dependence on fossil fuel imports to drive sustainable growth in the manufacturing space. The Green Credit Programme will serve as a step towards accountability both, at the macro and micro levels.”
Arun Awasthy, Vice President & Managing Director, Johnson Controls India
“We live in an era where sustainability and sustainable solutions have become the need of the hour, and we stand at the precipice of change - squarely confronted by some of the biggest climate challenges of our time. One of these challenges include building and construction emissions, which generates nearly 40% of emissions together with other processes including cooling and heating. The most critical thing when it comes to sustainable transformation today is to recognise whether it is scalable or not. At Johnson Controls, we believe that the technology and data led solutions for decarbonisation of buildings is ready to be scaled up. The immediate implementation of this can achieve huge gains in favour of the nation’s NetZero goals!
We are in the ‘decade of action’ and as a people, ought to look at every possible measure we can take collectively and individually to make a difference to the planet. The only way change will be seen and felt at a steady pace is if micro-interventions - like waste management, water conservation, reduction of plastic consumption - are emphasised and implemented alongside macro-interventions like renewable energy, alternate sources of energy, energy efficiency in vehicles, buildings, appliances, etc.”
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