The year 2023 saw tech trends such as AI, Web 3.0, Blockchain, IoT, etc. profoundly impact the business landscape. Entrepreneurs who embraced these developing trends successfully came out on top. Hear what women leaders have to say about the most impactful tech trends of 2023.
The Indian landscape stands at the forefront of the ever-evolving arena of technology. Technology is revolutionizing Indian commerce, transforming business operations across boardrooms, shop floors, and virtual spaces, causing a significant shift in traditional business paradigms. The Indian technological waves are embracing and shaping trends that redefine the way we live, work, and connect.
The digital era is transforming traditional business paradigms in India, integrating artificial intelligence and e-commerce, paving the way for innovation, efficiency, and interconnectedness. In 2023, the Indian tech ecosystem has undergone significant transformations, driven by advancements in artificial intelligence and the proliferation of advanced solutions. Here are the top 5 tech trends that have brought significant changes in the Indian business landscape in 2023.
Artificial Intelligence (AI)
Artificial Intelligence (AI) is a computer science field that creates machines capable of performing tasks requiring human intelligence, learning from data, identifying patterns, and making decisions. Generative AI tools have experienced rapid growth in 2023, with one-third of organizations regularly using them in business functions, C-suite executives personally using them, and 40 per cent of respondents expecting increased AI investment.
Yamini Bhat, Co-Founder and CEO, of Vymo mentions, "The existing mindset of financial prudence and strategic growth will continue in 2024. This means start-ups will keep sharpening and nurturing their unique value proposition and making operations and processes more agile, so when the storm has passed, they have built enough energy to help them pole vault towards their goal.
Another trend that defined this year and will continue to shape up next year is the use of generative AI. deeper collaborations with chatbot applications, augmented reality, and so on can help start-ups drive more impact on their customers. Another trend is the rise of vertical SaaS, and more and more start-ups are attracting investor attention and customer mindshare by focusing on tailored solutions for a specific vertical.
In all this, continued focusing on branding gives important leverage as start-ups establish a strong market presence and differentiate themselves in 2024."
Internet of Things (IoT)
The Internet of Things (IoT) is a network of devices, vehicles, and appliances with sensors, software, and network connectivity, enabling data collection and sharing. The IoT market is expected to grow from USD 1.02 trillion in 2023 to USD 2.06 trillion by 2028, at a CAGR of 15.12 per cent, enabling interconnected devices to exchange data and perform tasks autonomously.
5G
5G, the fifth generation of mobile networks, has outshined every other network in 2023. People enjoy using this high-speed data in industries, businesses, educational and healthcare sectors, and more. It is set to become widely available in the next two years, offering fast, reliable, and low-latency communication for various applications and services, aiming to create new digital experiences.
Web 3.0
Web 3.0 is the third generation of the World Wide Web, aiming for a decentralized, open, and more user-friendly experience, following Web 2.0's success in the 1990s and early 2000s. The Web 3.0 market in 2021 was recorded worth $3.2 billion and is expected to continue growing, with trends including policy changes, decentralized social media usage, tokenization, blockchain adoption, and machine learning.
Kejal Shah, Co-Founder, BeBetta states “In 2023, AI certainly commanded attention, but the standout for me was the profound impact of Web 3.0. The shift towards a decentralized and user-centric internet has transformed how we engage with technology. In the realm of BeBetta and fantasy sports, Web 3.0 has opened avenues for enhanced user experiences, decentralized governance, and increased data privacy. The shift aligned seamlessly with our commitment to innovation and personalized engagement, allowing us to leverage cutting-edge technology to create a dynamic, user-centric ecosystem. As we navigate the intersection of sports and technology, the influence of Web 3.0 has been pivotal, shaping the future of how sports enthusiasts engage with our platform and each other.”
Digital Twins
A digital twin is a real-world system's virtual representation, updated with real-time data, used for decision-making, performance representation, inefficiencies identification, and design improvement solutions. As the name suggests, it has made Indian businesses function more easily by providing real-time data.
Blockchain
Blockchain is a distributed ledger, used in cryptocurrency systems, decentralized finance, non-fungible tokens, and smart contracts, storing data in blocks linked via cryptography. OpenMind predicts blockchain technology will revolutionize industries and government agencies, requiring time and effort to adopt and requiring businesses to reevaluate their processes. At present it is focusing on green initiatives which aim to reduce energy-intensive technology’s carbon emissions and new ways to combat climate change.
