Lucknow: India is on the cusp of its next major tech boom, with several key areas poised for significant growth in 2024 and beyond.
- Generative AI: India is rapidly embracing generative AI (GenAI), with projections indicating that this sector could add between $359 billion and $438 billion to the country’s GDP by 2030. Over 650,000 employees are expected to undergo GenAI training, reflecting a strong commitment to integrating AI across various industries, including healthcare, retail, and agriculture (Deloitte United States) (Business World).
- Semiconductors: The semiconductor industry is another major focus, with India’s market for semiconductor chips projected to reach $55 billion by 2026. The country is working to enhance its domestic production capabilities, reducing reliance on imports and fostering innovation in technologies like RISC-V and chiplets (Business World).
- Global Capability Centres (GCCs): GCCs are set to play a crucial role, with the market expected to exceed $100 billion by 2030. These centres are transforming into hubs of excellence, leveraging cutting-edge technologies such as AI, data analytics, and robotic process automation to drive business efficiency and innovation (Deloitte United States) (Business World).
- Spatial Computing and the Metaverse: Spatial computing is gaining traction in India, blending the physical and digital realms to enhance productivity in sectors like healthcare, education, and manufacturing. The metaverse, though in its nascent stage, is also expected to see substantial growth, providing immersive experiences and transforming fields such as marketing and media (Deloitte United States) (Business World).
- Nature-inspired AI: This new subset of AI focuses on understanding complex human experiences and societal challenges. It aims to deliver more nuanced and accurate responses across various industries, positioning itself as a robust alternative to traditional AI models (Business World).
Overall, India’s tech sector is set for a transformative era, driven by advancements in AI, semiconductors, and spatial computing, along with a robust focus on innovation and domestic capability enhancement. This boom is supported by government initiatives, a growing tech-savvy workforce, and increasing global interest in India’s technological potential.
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