Government initiatives and the involvement of researchers, start-ups and enterprises are driving an innovation boom in India, with communication technology acting as a backbone for the digitization process in India, according to Frost & Sullivan.
“Current government programs, adoption of digitization, and developments in mobile payment applications and m-services are ripe to change the country’s ICT landscape,” said TechVision Industry Analyst Swapnadeep Nayak.
“India’s global position in manufacturing, healthcare, information and communication and agricultural sector will witness a boost in the coming years,” he added.
A recent Frost & Sullivan’s research report highlighted the impact of digitization in India and explored key enabling technologies and their convergence prospects.
The report noted that current technology trends and developments transforming the market include mobile broadband, which could be the main catalyst behind binding rural and urban India. Mobile app downloads in the country are expected to reach 10 billion by 2020. Key mobile-based industries such as mobile banking and e-governance would benefit as a result.
Online retail is also projected to be one of the fastest growing industries, with a market potential of $35.08 billion by 2025, accounting for nearly 4% of total retail. Meanwhile, smartphone applications are encouraging the use of applications such as mobile payment, m-health, m-governance, and m-commerce.
Finally the IT sector, primarily driven by IT services, is becoming one of the major contributors of India's GDP. Due to strong adoption among small and medium organizations, cloud computing through IaaS will increase.
“Digitization can only be realized through proper implementation of strategies backed by the government and technology developers,” Nayak noted. “Revamping and restructuring policies, as well as skill-set development, are crucial to facilitate the adoption of new services.”