Technology Sector in India 2020- The New Decade Strategic Review (Techade 2020 -2030)
Research Report, Nasscom Research
Robots in every upper class colony, smart devices in every home and office, clothes connected to the internet, self driving cars on every road and wearable devices in every third hand. The next decade looks somewhat like this and India will occupy the centrestage in the new Tech world. Exciting. Isn’t it?
Nasscom Research, the thought leadership arm of NASSCOM focuses on understanding and predicting future opportunities for Indian tech industry, highlights Indian tech innovation stories and closely tracks Indian tech industry performance.
It releases 30-40 reports every year on a range of topics from future of work to deep tech, from tech startups ecosystem to digital transformation, from enterprise tech to industry tracking & forecasting and from technology trends to performance metrics.
NASSCOM Research, released its report on the strategic review of the techade at the 28th NASSCOM Technology and Leadership Forum.
The most interesting part of the report is the 5 Mega Trends.
The 5 Megatrends
- Asian Economic Eminence- China and India will join USA and become members of Elite Club (world’s top 3 economies)
Challenge-Asia will yield 50 % of global GDP and will become the largest consumption base for digital native, mobile first and decisive individualistic consumers.
Solution-Extreme agility will become the new norm.
- Mass Urbanization and Hyper-Personalization-
Challenge-Two thirds of the world will live in urban areas and hyper local clusters will demand hyper personalization. Mass customization will be the new norm.
Solution- Edge IoT and Edge Analytics shall play a major role in saving data transmission, storage, and post-fact analysis costs.
- Environmental Sustainability Stress
Challenge- Climate change and urbanization will create new ecological challenges including water and food scarcity.
Solution- Technology can be used to lower the sustainability stress, and the cost of doing so, through low-cost, low-compute, decentralized, and real-time processing capabilities
- Data-Led Economy
Challenge- Those who tell stories rule the hearts. And those who store the data will rule the world. We have actually entered the data led economy where data has become the new oil.
Solution- As consumers gain control over their data with stricter data privacy laws, this will give rise to data barter economy.
- Disrupted Future of Work
Challenge- Well Digital and Disruption have become synonyms in our times. Workplace will get disrupted in many ways from the rise of the gig economy to the era of human machine collaboration.
Solution- Creating win-win with humans will be no more sufficient, creating win win with machines will become the new norm.
The report states, “Further, nine interconnected, rapidly evolving, high impact digital technologies- Big Data Analytics, Cloud Computing, Cybersecurity, Artificial Intelligence, Internet of Things, 3D Printing, Robotics, Blockchain, and Immersive Media can create opportunities upto USD 33 trillion”.
The time for Alvin Toffler’s Future shock has arrived. Not only the rate of technological change will become really fast and conspicuous, the world will drastically change over the next 10 years.
While NASSCOM announced that the new decade (2020-2030) deserves to be called “techade” as technology will dominate, NASSCOM President Debjani Ghsoh went one step further and announced, “It’s imperative to ensure its India’s decade or Techade”. While US and Europe may lead in technology research, India will become the playground for implementation of technologies like AI.
By Dr Amit Nagpal is President & Co-Founder of Bloggers Alliance