Wednesday, January 26, 2022

India poised to become a billion dollar digital economy

The world has been passing through unprecedented times for the last two years. And the fight against the covid pandemic is still on. Against this background, technology has entered our lives like never before. India is no exception to this overall trend. This trend is likely to strengthen further in 2022. The country has seen widespread adoption of remote working solutions over the past year. In a country where a major part of GDP comes from the services sector, this is a significant achievement. Due to the adoption of WFH, the use of various collaboration tools is increasing. With no end to the pandemic, this trend is likely to continue. Furthermore, as enterprises migrate to hybrid operating models, these collaboration software solutions (such as Microsoft Teams, Zoom, Google Meet and many others) will see more adoption this year.

Similarly, whether it is enterprises or individuals, the migration to the cloud has been very rapid so far. It is likely to gain further momentum in 2022. According to a report by global consulting firm Gartner, both public and private cloud usage in India and end user spending on public cloud services is projected to grow by 30 percent in 2022. , This will be the fourth year of continuous double digit growth in the sector. Public cloud services in India are projected to grow to $7.3 billion in 2022.

Such cloud migration will lead to further penetration of technology solutions driven through digital technologies such as Artificial Intelligence (AI), IoT (Internet of Things), ML (Machine Learning), data analytics, among others. The country has already seen widespread use of smart devices that integrate IoT and AI solutions. With automation increasing across enterprises and demand for connected devices, this trend is likely to accelerate. Therefore, the demand for the use of smart wearables, smart speakers, wireless earphones is likely to be high this year. As the world approaches the adoption of futuristic technologies like the Metaverse this year, India is expected to see an increasing penetration of Augmented Reality and Virtual Reality gadgets in 2022.

The country is all set to roll out 5G this year. According to reports, India will roll out 5G connectivity in select metros and other cities. This can prove to be a game changer for the country. With higher internet speeds, all technology-driven solutions will see a paradigm shift in their usage. With this, many more cases will come up with the use of 5G technology.

Apart from these mega trends, the country is expected to see a number of smaller use cases which are relatively new. These sub-trends will come from the applications of these emerging technologies. As India hopes to become a $5 trillion economy with a $1 trillion digital economy in the next five years, the adoption of these new-age technologies in 2022 will put the country on a firm footing to achieve it. In this context, all the stakeholders – be it the government, big business houses or startups – must work together to make this the Decade of India.


Nation World News Desk
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