As we move further into the 21st century, technology is advancing at an unprecedented rate. Furthermore, growth acceleration is also expanding, meaning that breakthroughs will keep coming faster.
Every day, innovations are being developed that have the potential to change the way we live our lives, and this is particularly true for India. Over the past few years, there has been a significant rise in technology adoption across various sectors in the country. Here are four tech trends that are powerfully shaping the lives of Indian people in 2022.
The Rising Of Use Of AI And Machine Learning
It only makes sense that Artificial Intelligence (AI) and machine learning are two of the most talked-about technologies. These tech innovations have already revolutionised all walks of life. From bringing modern adaptive educational methods, through offering personalised entertainment for every taste, to helping scientists sift through masses of data in a fraction of the time that a human could do it.
According to various analytical firms, India is among the global leaders in AI adoption. A report by Deloitte shows that as much as 12% of Indian businesses in the retail and consumer sector have employed AI in some form. For example, Indian footwear retailer Bata uses AI to analyse in-store videos of customer interactions to improve conversion and segmentation. This represents only a fraction of the capabilities that AI has to offer.
Global retailer Amazon is already showcasing how artificial intelligence and machine learning can completely transform retail with its self-serving stores. Their intelligent algorithms allow customers to just enter a store, make their picks and walk out. At the same time, all the technicalities, such as payment, happen in the background without customer input.
The Release Of 5G Networks
We used to refer to 5G as the "next generation" of connectivity, but this is no longer so because the network is already here. The faster speeds and increased reliability compared to 4G means that digital tech can push towards new frontiers.
In India, 5G is expected to be available to the public very soon. The first 5G call already happened on May 19 at the IIT-Madras campus. The release of the latest network generation will significantly impact all sectors, and the thriving Indian entertainment industry will particularly benefit from it.
The world is already witnessing how modern tech is reshaping leisure activities—an important societal and business pillar, especially where streaming and gaming are concerned. Industries that for decades were typically brick-and-mortar are now moving online, thus reaching broader markets and serving them better.
One example is the 32Red blackjack UK gaming operator that gives customers the opportunity to play blackjack on every device, regardless if they are at home or on the go. 5G will greatly influence this field, bringing developers, studios, and users lightning-fast and reliable access to the web.
The Growth Of Blockchain Technology
Few people nowadays haven't at least heard of blockchain, with many jumping on the opportunity to get involved in the field in one form or another. The theoretical applications of blockchain make this technology ideal for a wide range of uses such as investing, financial services, data storage, IT security, supply chain management, healthcare, etc.
Innovative use for blockchain that is making its way in India is implementing this technology in the growing digital banking sector. As such, startup Signzy was founded back in 2015 and now combines AI and blockchain to revolutionise how customers use banking services. This startup's main benefits, thanks to modern tech, are a faster, better, and safer digital banking experience for a wide array of banking offers.
Digital banking is another example of how traditionally location-specific businesses are becoming national, even global, product and service providers. This is especially important for countries like India characterised by a large population and territory and numerous remote areas that otherwise wouldn't have access to certain services.
The Expansion Of Indian E-Commerce
The e-commerce sector is surging in India. The India Brand Equity Foundation projects that it'll grow to a value of $200 billion within the next four years and $350 billion by 2030. This growth is being driven by several factors, such as the increasing use of mobile devices, the rise of social media, and the growth of the middle class.
E-commerce is having a significant impact on a wide range of industries in India, such as retail, transportation, and logistics, and on the lives of many Indians. Thanks to e-commerce, people can now buy from and sell to the whole world. This gives citizens of all walks of life access to solutions that might not be readily available in the country. It also means that Indians can easily penetrate the world markets and globally introduce local products.
One of the leading e-commerce businesses in India, IndiaMART, was founded in the country in 1996 but is still going strong. IndiaMART has broken many ceilings in its industry. In 2019 it became the first B2B e-commerce business in India to go public, a testament to its plans to grow deep roots in its e-commerce space.