The sector has experienced significant development in recent years and is a significant contributor to the Indian economy. Future technological trends like artificial intelligence, blockchain, quantum computing, and the internet of things are being influenced by a large number of Indian companies. By 2030, it is anticipated that India's software-as-a-service market will be worth $1 trillion and add close to 500,000 new jobs. The industry's recipe for success includes platformization, XaaS, and digital innovation.
Artificial Intelligence(AI)India has a thriving artificial intelligence (AI) startup ecosystem with thousands of AI startups. Some of the top AI startups in India include Intello Labs, Avaamo, and Manthan. These startups use computer vision, machine learning, and deep learning to solve specific problems in various industries such as food waste reduction, conversational AI interfaces, and AI-based analytics. AngelList Talent and AI-startups.org are platforms that provide information on the best AI and machine learning startups to work for in India.
Blockchain
India is a pivotal player in the blockchain technology industry. Indian blockchain companies provide enterprise-grade security that protects information from manipulation. India's IT industry contributes to the improvement in blockchain technology, and more industries are expected to adopt the technology to share data and perform transactions in the near future. Some of the top blockchain startups in India include Primechain Technologies, Elemential Labs, and Sofocle Technologies. Indian crypto startups have also been successful in fundraising, with companies such as Vauld and GoSats raising millions of dollars.
Quantum Computing
India is investing in the development of quantum computing technology. The National Mission on Quantum Technologies and Applications, worth Rs 8,000 Crore, has been launched by the Indian government. India is also planning to develop a quantum computer with a capacity of 50 qubits by 2026. The country has a growing quantum computing industry, with companies such as Quantum Machine Learning Team, which is working on quantum machine learning. Physicist Arun K. Pati is known for his work on the foundations of quantum mechanics, geometric phase theory, and quantum. Quantum computing is expected to be at the core of India's tech growth and expansion, and Prime Minister Narendra Modi has a vision to create a quantum ecosystem in India.
Platformisation
Platformisation is a strategy adopted by India to build public digital platforms across sectors. These platforms are playing a key role in enhancing government-citizen engagement by empowering citizens, ensuring ease of governance, and ease of doing business. The platform economy in India has evolved through certain structures, institutions, settings, and norms. The evolution of platform economies in India has been critically examined in various studies. These studies present case studies that illustrate the social and economic ambitions at the heart of Digital India.
XaaS
Everything as a Service (XaaS) is a concept that refers to the delivery of anything as a service. It encompasses a wide range of products, tools, and technologies that vendors offer to customers using an "as a service" consumption model. XaaS allows users to choose services and tools of their choice, which can be purchased using an "as a service" consumption model. The term XaaS is extremely wide-ranging and refers to any tools, applications, services, and products that can be delivered as a service with the help of cloud computing.
