India's Tech Industry on the rise, Revenue to Grow 3.8% Y-o-Y: Report By CIOTechOutlook Team

India's Tech Industry on the rise, Revenue to Grow 3.8% Y-o-Y: Report

CIOTechOutlook Team | Thursday, 04 April 2024, 02:43 IST

India continues driving the worldwide technology industry despite worldwide monetary vulnerabilities, as indicated by Deloitte India's Tech Patterns report. It gauges FY24 income of $254 billion for India's tech area, with 3.8 per cent y-o-y development.

Industry partners anticipate that India should become a key player in a few key areas, including spatial computing, the industrial metaverse, cloud computing, and generative AI (GenAI). Areas of strength supplement these projections centred on modernization, security, and trust.

As per the report, the rising noticeable importance of GCCs, featuring India's ability to fulfil worldwide tech needs, is a vital supporter of the nation's development. With more than 1,600 GCCs, the Indian GCC market will surpass $100 billion by 2030.

More than 4.5 million individuals will be across 2,500 GCCs nationwide in 2030. Moreover, the emphasis on Engineering Research and Development (ER&D) positions India as a worldwide tech centre for creative solutions, contributing to export income.

Deepa Seshadri, Partner and CIO Program Leader, Deloitte, India, said, “India Inc. is on the brink of transformative change, where embracing emerging technologies has helped us take a leap, bringing a spotlight on India’s growth story. The Tech Trends 2024 report highlights India’s remarkable resilience, redefining its position as a frontrunner in swiftly embracing emerging technologies.”

In 2024, the emphasis will be on recognizing speculation regions and assessing results. GenAI holds enormous commitment yet additionally conveys dangers like deception and synthetic media. Companies should oversee GenAI-related risks through coordinated risk moderation and administration processes. India's tech ecosystem is progressing with expanded software exports, tech labour force development, level 2 city improvement, government support, and further developed foundation, hardening its situation as a solid tech ability centre point.