National Tech Day: Some game-changing technologies for Indian enterprises

Indian economy is undergoing a massive technology and digital revolution. According to a February 2024 Nasscom-Arthur D. Little report, India's digital economy could be worth $1 trillion by 2030, driven by Digital Public Infrastructures (DPIs) like Unified Payments Interface (UPI) and Aadhaar. The report also predicts that India could become an $8 trillion economy by 2030. Meanwhile, enterprises in India are increasingly investing in emerging technologies to drive growth and revenue. From intelligent machines to the integration of physical and digital realms, sustainability in technology, cybersecurity measures, quantum computing, and addressing real-world issues, Indian CXOs recognise the importance of digital technology for sustainable growth. On National Technology Day, celebrated on May 11, we highlight some of the key technology trends that will become essential for businesses in the near future.

AI/Gen AI growth saga to continue

Analysts predict that the integration of predictive artificial intelligence (AI), machine vision, and Gen AI capabilities, will bring about a significant transformation. As AI gains momentum, more Indian companies are aligning themselves with this growth by establishing dynamic Centers of Excellence, implementing AI governance frameworks, appointing dedicated AI leaders, creating possibilities for developing new products and services for customers.

“By fostering collaborations with startups, academia, and Global Capability Centers (GCCs), and with robust funding and incubation, we can propel this vision forward,” said Soumendra Mohanty, Chief Strategy Officer at Tredence, a global data science and AI company.

To further advance the AI agenda, Jaspreet Bindra, founder of Tech Whisperer, a UK-based advisory firm said that with many organisations developing their AI strategy and road map, it is important to consider a new role like the chief AI officer and elevating that role to the C-suite so that they have both the directive and authority to drive real change.

Read more: Why are companies rushing to appoint Chief AI Officer

Increase in cybersecurity budget

Newer regulations around cybersecurity and data privacy like the Digital Personal Data Protection Act, 2023, have added to the strategic importance of enhanced cyber investments for organisations. Almost all organisations are increasing their cyber budgets, out of which 50% envisaged an increase between 6% and 15% in the next 12 months: PwC's 2024 Digital Trust Insights, revealed in February.

In view of rising threats, a report by software company Capterra published in March showed that employees view cybersecurity training as crucial, given the risk of cyberattacks. Analysts suggest activities like training, workshops, and phishing simulations. Results indicate ongoing security awareness training, with 60% having refreshers every six months and 27% opting for yearly sessions. Moreover, companies consider hackathons a ‘turbo-boost’ for cybersecurity through industry collaboration.

Sustainability Initiatives become key

Sustainability is no longer rhetoric in business, but rather a paradigm that would help the organisations in mitigating the impact of their actions on close proximities.

Indian organisations' business and IT leaders are currently investing a large part of their digital technology budget in sustainability efforts to achieve their sustainability goals. Jainee Nathwani, Head CSR & Sustainability, at United Breweries Ltd, said, "Sustainability in the digital age is no longer a fad or afterthought. A well-strategic digital transformation will support businesses in making sustainable investment decisions and impact the community more positively."

Digital transformation today has emerged as an important strategy for businesses seeking to achieve sustainability goals. Sandeep Chandna, Chief Sustainability Officer, Tech Mahindra, said that the disclosure of the company’s ESG data sets will yield superior results over its competitors in the long run. "Unlike in the past, ESG has evolved from a specialised reporting system for financial investors to a key term for how businesses or brands measure the impact of these factors on their products and stakeholders," he said.

Quantum Computing — the next frontier

Quantum computers can solve real-world complex problems much faster than regular computers. In the coming months, we’ll see them used in things like finding new medicines or understanding complex systems, like traffic flow and help us solve big problems facing our world. For instance, researchers are using these super-computers to discover new drugs or study climate change more deeply. They’re even helping scientists explore outer space and understand how the universe works. We’ll see more breakthroughs as these computers become more powerful and accessible, helping us tackle some of our toughest challenges. Krishna Vij, Business Head — IT Staffing at TeamLease Digital noted that quantum computing is bound to generate countless jobs in the near future. “However, addressing skill gaps, building robust frameworks for regulation, and ensuring ethical and responsible use are key to realising the full potential of quantum computing,” she said.

To conclude, while each of these technology trends brings immense possibilities and challenges to the enterprise, it also raises important questions about ethics, privacy and accessibility. Businesses must work closely with government and academia to make these technologies more meaningful while ensuring they benefit everyone.