2024 to be a Transformative Year for Indian Enterprises

Having completed his engineering degree from Nagpur University, Sanjeev possesses an experience of over 26 years across diverse tech functions. He was associated with a myriad of companies such as Brightstar Corp., Bharti Teletech, Ingram Micro and Microtek International, before joining Beetel in 2010.

Today, we live is the ‘Digital Era’ where technology is reshaping the world around us and bringing-in disruptive innovations across both in professional and personal spheres. The covid pandemic and various government policies & initiatives that have been introduced over the past few years further added fuel to the widespread adoption of emerging technologies across diverse industries, breaking the inertia that hindered progress. As a result, India’s digital transformation (DX) adoption landscape is expected to grow at a CAGR of 17 percent and reach $23.6 billion by 2025. Furthermore, the Indian government’s push specifically through its ‘Digital India’, along with increased internet penetration, the rollout of 5G network, and a surge in smartphone usage have further catalysed the digital revolution. Strongly positioned as the next global technology hub, some of the key technologies that saw rapid adoption by Indian businesses in 2023 are AI/ML, cloud, blockchain and cybersecurity.

Primary Concerns Prior to 2023

As signs of an impending slowdown began to emerge by the end of 2022 after eight consecutive quarters of hypergrowth, tech organizations entered 2023 facing significant concerns in terms of cybersecurity threats, talent shortages, and the ongoing challenges related to global supply chain disruptions. The rapid pace of technological innovation also posed challenges in terms of keeping-up with evolving industry standards and regulations. However today, tech companies have restructured their business strategies to address these concerns and have started to invest heavily in cybersecurity measures, with a focus on advanced threat detection and response systems. Additionally, they are devising upskilling programs and forging strategic partnerships with educational institutions to curb the talent shortage issue. Further, companies have diversified their supply chain sources and adopted resilient strategies to mitigate the impact of any unforeseen global disruptions.

Key Tech Advancements

While the year 2023 bore witness a wide variety of cutting-edge technologies, two standout advancements are poised to redefine the industry in 2023. Firstly, the widespread integration of Generative AI is set to revolutionize the design and development processes for web and mobile applications. In light of this, Gartner’s recent studies suggest that by 2026, Gen AI will remarkably influence 70 percent of these efforts. Furthermore, by 2027, an impressive 80 percent of CIOs will tie performance metrics to the sustainability of IT organizations, which is the clear reflection of the profound impact of Gen AI on the tech landscape.

Secondly, the cybersecurity landscape is poised to evolve in response to the surge in cyber incidents across India. Looking at the rapidly evolving nature of cyber threats across the world, Continuous Threat Exposure Management (CTEM) has emerged as a pragmatic approach, allowing organizations to evaluate digital and physical asset vulnerability consistently. As per a recent report by Gartner, aligning security investments based on CTEM programs is projected to result in a two-thirds reduction in breaches by 2026.

Looking at the rapidly evolving nature of cyber threats across the world, CTEM has emerged as a pragmatic approach for organizations to their evaluate digital and physical asset vulnerability consistently

Expectations from 2024

AI & Cybersecurity: While 2023 marked a transformative year for the Indian technology landscape, the coming year holds the promise of further technological evolution, with a focus on sustainability, connectivity, and the integration of cutting-edge solutions across industries. AI will continue to penetrate industries, enhancing decision-making processes and optimizing operations. Owing to the increased adoption of cloud technology along with the emergence of sophisticated cyber threats, there will be a heightened focus on cybersecurity leading to increased implementation of zero trust architecture. As per a recent report by Zscaler, more than 96 percent of Indian IT leaders who have started their migration to the cloud have already implemented, are in the process of implementing, or planning to implement a zero-trust security architecture.

Sustainability: A growing emphasis on sustainability will drive the development and adoption of eco-friendly technologies such as the solarisation of telecom towers. From green energy solutions to environmentally conscious manufacturing processes, the tech industry will play a pivotal role in addressing global environmental challenges. Additionally, a significant growth in the capacity of renewable energy sources such as solar, wind, and hydropower is expected as countries strive to meet climate goals and transition to sustainable energy systems. Further, EVs will also play a crucial role reducing greenhouse gas emissions and air pollution. As the world focuses on addressing climate change, the transition is seen as a key strategy for achieving sustainable energy requirements.

To summarize, 2024 promises to be a transformative year for enterprises, marked by the unprecedented influence of generative AI, the democratization of AI, and the intertwining of AI with telecommunications, cybersecurity, and other emerging technologies. The increased focus on sustainable technologies and the evolution of cybersecurity strategies further underscores the industry’s commitment to responsible and resilient tech practices. As businesses embrace these technological disruptions, the stage is set for more efficient, strategic decision-making and a new chapter of growth.