According to the latest report by Deloitte titled Technology Trends 2024: India Perspective, India will become a major participant in fields like cloud computing, generative AI (GenAI), industrial metaverse, and spatial computing.Derivations from the reportAccording to the study, India is adopting new technologies faster than many other nations. For example, the analysis states that between 2023 and 2024, the number of AI-related initiatives rose almost three times, and over 650,000 individuals received training in GenAI skills.The income from spatial computing and the industrial metaverse, another important growth area, is expected to reach $2.1 billion in 2024 and expand at a compound annual growth rate (CAGR) of around 40% until 2030. Thanks to all of these initiatives, India can maintain its leadership position in the global technology sector. Deloitte expects that industry revenue for the financial year 2024 will be $254 billion, up 3.8% yearly.Insights from Deloittes partnersDeepa Seshadri, Partner and CIO Program Leader at Deloitte India, said that with the support of emerging technology, India Inc. is poised for a significant transformation that will highlight the countrys success story. Indias incredible resiliency is highlighted in the Tech Trends 2024 study, which redefines Indias status as a trailblazer in rapidly embracing innovative technology. As per the report, Indias GenAI market is expected to develop at a compound annual growth rate of more than 24.4% from 2023 to 2030. India is set for a revolutionary era as more companies embrace spatial computing and 5G to enable immersive experiences and as government efforts support digital innovation. Technology interventions are revolutionizing traditional industries, breaking silos, bringing greater modernism and optimism, and propelling India into a new era of digital excellence, according to Keerthi Prakash, Partner, Consulting, Deloitte India. These interventions range from application development to automation, SaaS, and cloud enterprise spending.
