The world today is embracing digital transformation in almost every aspect and every field. There are hardly a handful of countries that are yet to experience the benefits of digital transformation. And of course, India is certainly not one of those countries. India is slowly but steadily emerging to be one of the biggest digital hotspots in the world.
The Need for a Digital Revolution
India’s focus is on improving connectivity in the rural areas of the country, farmers, and owners of small businesses to have better access to education, proper healthcare, and good financial services. This is the main reason why Indian businesses are leading India to a Digital Revolution through Technopreneurship. According to Cisco, by 2018, more than 40,000 villages are likely to be under the banner of digital technology.
Technopreneurship as a Driving Force
IT services in India accounts for 43%, or $1.5 billion of the total $3.5 billion, of the global Internet of Things. The emergence of technopreneurship in India has been a driving force in putting India on the list of emerging technology hubs. There may be many digitally developing cities in the world, but not many can match the potential of India’s IT industry.
The competition between India’s local tech companies and their multinational adversaries has been going on for decades. There was once a time when experts used to leave India to work in tech companies in Silicon Valley. But today, tech companies in India are attracting professionals from all over the world. The immense success of Indian businesses like TCS, Infosys, and Wipro are a testament to the sheer potential of India as a technology hub. In fact, even multinational companies like Xerox and Dell have invested in India and witnessed their growth here. IoT services are expected to grow by almost 23.5% or Rs 2,036 crore in business for Indian companies annually.
Indian Start-ups and their Role in the Digital Revolution
India is known to have almost 4,500 tech start-ups, which is the third-highest in the world. Some Indian start-ups have proven their worth not only in India but also in countries from around the world. A good example is Hike which is a mobile messaging app that has almost 40% of its users located in the Middle-East and Europe. Another well-known start-up is Zomato which carries out its operations in almost 100 cities in 18 different countries of the world.
Of course, there is little doubt as to why this sector has gained so much momentum in India. The total number of internet users in the country is increasing every day. In fact, India happens to be ranked first in countries where internet users are added each year, with an expected increase of almost double from 250 million users to 500 million users. In just a couple of years, the Internet of Things is expected to reach $15 billion in India! The domestic market in India itself accounts for almost $35 billion out of the total $150 billion IT industry.
Online shopping websites like Flipkart and Amazon have given a tough competition to their more well-known adversaries like Amazon and eBay. These Indian companies are also trying their best to expand their businesses outside of India.
With a number of opportunities available in this sector, it is quite exciting to think about what more India can achieve in the years to come.
Benefits of digital transformation
Digital Revolution through Technopreneurship
digitally developing cities
India as a technology hub
embracing digital transformation
emerging technology hubs
India’s IT industry