India continues to lead the global technology sector despite global economic uncertainties, according to Deloitte India’s Tech Trends report. It estimates FY24 revenue of $254 billion for India’s tech sector, 3.8 percent y-o-y growth.
Industry stakeholders expect India to emerge as a key player in several key domains, including spatial computing, the industrial metaverse, cloud computing, and generative AI (GenAI). These projections are complemented by a strong focus on modernisation, security, and trust.
According to the report, the rising prominence of GCCs, highlighting India’s increasing ability to meet international tech demands, is a key contributor to the country’s growth. With over 1,600 GCCs, the Indian GCC market is on track to exceed $100 billion by 2030.
It is likely to employ more than 4.5 million people across 2,500 GCCs nationwide by 2030. Additionally, the focus on Engineering Research and Development (ER&D) positions India as a global tech hub for innovative solutions, contributing significantly to export revenue.
Deepa Seshadri, Partner and CIO Program Leader, Deloitte, India, said, “India Inc. is on the brink of transformative change, where embracing emerging technologies has helped us take a leap, bringing a spotlight on India’s growth story. The Tech Trends 2024 report highlights India’s remarkable resilience, redefining its position as a frontrunner in swiftly embracing emerging technologies.”
In 2024, the focus will be on identifying investment areas and evaluating outcomes. GenAI holds immense promise but also carries risks such as misinformation and synthetic media. Enterprises must manage GenAI-related risks through integrated risk mitigation and governance processes. India’s tech ecosystem is advancing with increased software exports, tech workforce growth, tier-2 city development, government support, and improved infrastructure, solidifying its position as a reliable tech talent hub.