June 6, 2023
Marc Andreessen quoted in 2011 – “software is eating the world”. The prophecy is already a reality today.

The hyperconnected world is here, and it’s bringing with it an acceleration of innovation and disruption. For years, we have been told that the internet was a “nice-to-have” – an additional channel for growth. Today, the internet has evolved to become the established channel for expansion and innovation. In this new era, there are opportunities everywhere that can be seized by those who understand how in order to harness its power. The particular internet has been unleashed upon us, and now it’s up to you whether or not you’re ready with regard to it.

In fact, the particular 2020 World Economic Forum reported that this number associated with internet users hit over 4. 8 billion worldwide with $1 million spent every minute on commodities online. India has nearly 700 million online users largely accessing the internet via mobile, and is expected to have close to 900 million simply by 2025. The internet population in India is more than double the entire population of the United States which has helped the country in reshaping itself in the age associated with digital globalisation. As digital capabilities improve and connectivity becomes more ubiquitous, technology is poised to alter almost rapidly plus dramatically every sector of India’s economy. This is likely to have a significant economic impact as well as change the particular nature associated with work for millions of Indians.

Even as the economy is emerging from the brutal blow of Covid, the year 2022 had begun with a strong rally within digital payments within the first month. Online transaction volumes from tier 2 and 3 cities on private payment gateways during 2021 show growth of 45. 6 percent and 54. 3 % respectively, according to the particular Reserve Bank of Indian (RBI). One can certainly say that will our country’s journey towards digital transformation is real, to cite an example – buying one’s own daily household items and almost not carrying the wallet or even physical money, as Indian native citizens have accepted all forms of digital obligations.
The software industry in India is at least 25 years old, but it never brought about the electronic transformation that the country has witnessed in recent times. So , what suddenly changed?

● Growth and evolution of India’s software industry: Earlier, India was a producer associated with software. Post Reliance Jio, demonetisation, plus Covid, it has become the consumer of its own software in a big way. Previously, applications were only written for a global audience and fitted to Indian needs (or the needs were suited to the application written). In today’s scenario, they are more local and hyper-local in nature, considering the particular requirements associated with their consumers which one could not think of as Indians consuming their personal software.

● Driving internet inclusion: Internet connection in rural India is increasing at a rapid pace and will soon surpass urban online connectivity. In the current time, people in the remotest of villages possess a high-speed and high data internet connection, at nominal prices that has suddenly increased the number of users for any utility.

● Market size and opportunity: With the country’s population in 1. four billion, there is enough market for 10 similar products to exist, reducing the risk of failure regarding startups. The markets have investments and it’s clear that will large markets are the particular only method to make the math work, as the startups need to have got the ability to grow considerably. These days, new-age tech startups are staying ahead associated with the digital transformation curve by focusing on digital technologies and automation standards including big data, predictive analytics, AI, cloud computing , and IoT.

India will be entering an advanced era where the fourth industrial revolution systems such as AI are being infused into the particular world from an exponential rate. Organisations across the country are usually harnessing their potential in order to reinvent their own business models, create new avenues of market development, and address critical societal needs. With the expeditious growth of electronic technology, one can expect industries as diverse as manufacturing, agriculture, health, energy, plus mobility to be a part associated with this change which will help in creating a robust ecosystem that will become a massive upward spiral.

Digital technology and the information revolution have increased public service efficiency, transparency, and most importantly, the particular citizens’ trust. Citizens feel more empowered about their particular improved quality of life every new season. With 5G and other emerging technology in the picture, the availability of more powerful devices, evolving startup ecosystem, improved appetite intended for innovation, plus enterprises realising the value of a software-enabled business are empowering the country’s growth in the direction of the digital revolution. Along with each step forward inside technology, there is the great chance for organisations to create something new, something that will benefit people all over the world. Now, it is imperative to take the next big stage, as the future is here, and these are the exciting times to live in.

The writer is
Senior Vice President, Strategy & Technology APAC, GlobalLogic.

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