Technology Landscape is Blooming
If innovation transforming a country was a technology, it would look like India’s Unified Payments Interface (UPI), the instant payment system developed in India and now being exported globally. India does more digital transactions today than that of the US, China, and Europe put together. However, India's success in digital transactions can be traced back to the launch of Digital India in
2015. Recently, Minister of State for Information and Technology Rajeev Chandrasekhar said, “In 2015, through the launch of Digital India, Prime Minister Narendra Modi set unconventional expectations through three broad goals technology should improve the lives of citizens, impact governance and democracy and further expand and create an architecture for an innovative economy. Over the past nine years, India has taken the lead in creating technologies instead of being a mute spectator and consumer of technology.”
Additionally, the pandemic became a tailwind to cloud adoption in the country. Most businesses migrated to the cloud to ensure the delivery is resilient and consistent and the deliverables maintain high quality. According to marketsandmarkets.com, the global cloud computing market size is expected to grow from $445.3 billion in 2021 to $947.3 billion by 2026 at a Compound Annual Growth Rate (CAGR) of 16.3 percent during the forecast period. Asia's softwareas-a-service (SaaS) industry has made the most of this favorable ecosystem. The SaaS segment alone is projected to hit $58.40 billion in Asia by 2027. On the other hand, the global RPA market size is expected to grow by $16,628.29 million during 2022-2027, progressing at a CAGR of 35.83 percent, and Artificial Intelligence Market is set to be worth $407.0 Billion by 2027, Growing at a CAGR of 36.2 percent. The wind looks ideal for technology startups to cruise.