India (14/08/2022): The digital transformation market in India is well on its way to becoming a top market in upcoming years. Its Compound Annual Growth Rate or CAGR is expected to be well over 70% in the years to come and this percentage shows how rapidly the tech industry is making progress in India.
The Government of India has played its role in moving the country towards digitization. The Digital India initiative introduced a few years ago, has been a great success. The Government of India introduced various other initiatives such as Aadhaar Card and Aatma Nirbhar Bharat that have also promoted digitization in India. The ultimate goal of all these initiatives by the Government of India is to promote digital transformation among the masses in India.
From the looks of it, India has a bright future ahead of digital transformation. We are seeing India becoming a top destination for outsourcing IT-related projects from around the world and the city of Bangalore is known as the Silicon Valley of India. Let’s have a look at what the future holds for Digital Transformation in India:
Integration Of AI Into Different Sectors
Artificial Intelligence has proven to be a very useful technology as evident by its application in the tech world and in upcoming years, we will be seeing the introduction of AI into different sectors. During the Covid pandemic, India started to advance further to achieve its goals of digital transformation. Not only in India, but all over the world, we saw huge improvements in the tech world.
During the pandemic times, many businesses and brands in India came to acknowledge the importance of AI and how it can improve business operations, which led to many businesses embracing AI. In upcoming years, this trend will continue as we will see more and more businesses embracing AI and integrating it into their business operations.
Digital technology and the internet have played their role in making all of this possible and thanks to improved speeds and better connectivity from the past, they are an invaluable asset for businesses as well as consumers, which are indispensable. In years to come, we will be seeing the inclusion of digital technology across various sectors in the country including education, healthcare, governance, and more. And AI will be an important part of this inclusion.
Internet Penetration And Number Of Internet Users Will Continue To Increase
The internet penetration in India also improved over the period of the last decade. Although India is a country where the majority of the population belongs to the low-middle class, it has surpassed China in data consumption. In India, an average mobile user consumes around 8.3 GB of data per month, compared to 5.5 GB in China.
One of the major reasons behind the conversion of India’s internet dreams into reality is the cheap data rates offered by Reliance Jio. Mobile users in India pay less than 50 cents for using 1 GB of mobile data, making it one of the cheapest countries in terms of mobile data rates. The rates of wired and wireless internet networks are also cheaper in India compared to top countries, which further makes it easier for people in India to access the internet.
In a couple of years, the number of internet users in India will cross the 40 percent mark and it will be a good reason for businesses to include digital transformation in their objectives. As the number of smartphone and internet users in India will increase, businesses will try to capitalize on this opportunity by going towards digitization.
Companies Will Continue To Adopt Digital Solutions
According to a global survey held by McKinsey in 2020, India had an adoption rate of 52% for digital solutions which is very impressive for a developing country that is on its path to achieving digitization. In upcoming years, the adoption rate of digitization across the country will increase and more & more companies will continue to adopt digital solutions.
Technologies like the cloud will see a huge increase in adoption rate and the usage of online programs like Excel to PDF that makes working with spreadsheets easier and JPG to PDF that makes it easier to convert images into PDF for better presentation.
A New Era For The Banking Sector
High-speed internet and growing penetration of the Internet in India will bring remarkable changes in several sectors across the country and one of such sectors is the Banking sector. It is expected that digital transformation will lead to a new era of banking combined with fintech. As a result of this, new markets and digital ecosystems will appear across the country, providing many opportunities.
Digital transformation is being adopted rapidly in the country and at present times, it is one of the top trends. In the future, digital transformation is expected to gain even more traction as digital infrastructure will improve and the number of internet users in the country will increase.
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