The Year Digital Innovation went deep – Trends that empowered Indian Tech Industry in FY2022 | nasscom | The Official Community of Indian IT Industry

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The Year Digital Innovation went deep – Trends that empowered Indian Tech Industry in FY2022

nasscom Insights

@nasscominsights

February 16, 2022

NTLF Forum 2022

313

In the last few years the world has seen unprecedented level of technological change. The drive of digitalisation and has impacted businesses across industries

Coronavirus crisis has brought about years of change in the way companies in all sectors and regions were performing there working .The crisis has strengthened our conviction that human concerns can be separated from advancement of technology. This crisis has made organization realize that treating humans and machines on parallel paths will help in showing a path forward.

Emerging technologies such as AI has helped in the development of vaccine, predicted most effective public health measure. Innovation has allowed our lives to move online. This has been a perfect storm of widespread adoption of digital technologies.

Global impact of the COVID-19 pandemic has led to two major resets or shifts –

an acceleration in the pace of digital transformation and a novel,
hybrid work model that has redefined the dimensions of already evolving workplace and work culture India’s

It’s Important for the enterprise to keep moving in the path of innovation where the success truly depends upon their ability to shift and adapt technology that will lead to personalized experience and services to their customer.

Patformisation play drives india tech adoption

By the year of 2025 India has set a goal of becoming a $5 trillion economy. Public digital platforms can play a critical role in achieving this goal by building new solutions for service delivery, at population scale and lower cost.

India has adopted a unique platformisation strategy by building public digital platforms across sectors.

3 of the largest public digital platforms in the world are from India

• Aadhar – Largest unique digital identity platform

• UPI – Largest digital payments ecosystem

• CoWIN – Largest Vaccination platform

These unique platforms are playing a important role in enhancing government-citizen engagement by empowering the citizens, ensuring ease of doing business and governance . The success of these platforms in India is driven by their low-cost development, interoperable design & large scale adoption and reach.

Digital platforms will offer Indian entrepreneurs an elevated platform to start, from where they would be able to service the entire country at once, solving problems of reach for a population of over 1.3 billion

Digital Adoption platforms has led organizations in speeding up user retention, improvement in on boarding and cutting back on training costs which has brought improvement in productivity.

Digital Adoption platforms has helped in learning new technologies by guiding and proving broad resources.it has made the digital adoption much easier today.

When tech start up starts to scale up fast

The technology services industry is changing faster than ever as enterprises scramble to keep up the innovation, competitors and changing needs of customers.

Today Open economic environment is in the favor of entrepreneurialism. Globally India has the 3^rd largest startup ecosystem. India’s technology start-up ecosystem has expanded to a large pool of 25-26,000 startups that have been set up in the last ten years. Start-ups are key role for the country as they fuel innovation, has multiplier impact on the economy and value creation.

There has been 10-12% growth in both direct and indirect jobs.In 2021, startups employed over 6.6 lakh people directly and over 34 lakh indirectly. We have seen a continuous growth in deeptech start-ups. Funding doubled in 2021.Deeptech start-up ecosystem rises to 3,000+ companies, 270 deeptech startups raised funding in 2021.

The diversity of the start-up ecosystem is also maturing

40% startups from non-leader hubs
12-15% startups with women co-founders
20% startups focused on low income markets

The start up companies have begin to spread the benefits in our regional economies and are also creating new market and business model.India is fast becoming a breeding ground for innovation. The projection of 2025 (36000-37000 Tech start-ups, 180-200 unicorns, $600-700 Bn industry valuations) says it all.

For detailed insights on Indian Technology Performance in FY2022, Download NASSCOM's Strategic Review - Resilience to Resurgence, Technology Sector India in 2022 Report Click Here

nasscom Insights

Community by nasscom Insights is focused on building the largest online community catering to the Indian technology sector. The purpose of the community is to bring the latest trends and discussions onto a single platform. Our passion for tech drives the free-flowing exchange of ideas and visions from industry leaders and game-changers across India.