By Jophy Varghese, APAC Head – SI & Country Manager – India Enterprise, Verizon
As India’s tech titans and emerging businesses focused on generative AI, tech talent transformation, and cybersecurity, 2023 proved to be a pivotal year for the enterprise technology landscape. For instance the number of Gen AI startups doubled last year while 66% of India’s C-suite considered it as a top investment priority. In tandem, a recent study by Gartner outlined that Indian IT spending is anticipated to reach $124.6 billion this year, driven by increased investments in software and IT services.
With the tech sector going from strength to strength, a compelling picture emerges, prompting us to consider what lies ahead.
In 2024, organizations, buoyed by strong economic growth, will further accelerate their digital transformation journey, thereby, creating diverse revenue streams, superior customer centricity and experience, and increased collaboration.
India’s ecosystem to place a high priority on cybersecurity
In an age where data is the new gold, cybersecurity has become its silent guardian and it is estimated that 97% of Indian organisations are grappling with crucial security tasks. Last year, Nagpur-based Solar Industries Ltd., a large manufacturer of industrial and defence explosives, became the victim of a ransomware attack. As per reports, BlackCat pirates stole 2TB of data, including weapon blueprints, arms shipment details, and confidential contracts. This national security breach exposes vulnerabilities and sets a worrying precedent for the digital era.
The Data Breach Investigations Report (DBIR), which analysed more than 16,312 security incidents found that human errors continue to be the leading cause of data breaches, constituting up to 74% of cybersecurity breaches. It is imperative for organisations to address the critical role of the human element in security lapses, involving errors, privilege misuse, stolen credentials, or social engineering.
The steady proliferation of Generative AI holds immense potential for the Indian economy, by improving productivity and efficiency across industries. It has been estimated that AI could contribute nearly $500 billion to India’s GDP by 2035. For example, by deploying advanced AI-based advance analytics or mapping platforms, businesses can gauge real-time understanding of an enterprise attack, identify and categorise active assets such as traditional endpoint devices, data centres, operating systems etc, understand rogue asset behaviours and build their defence against cyber threats. However, the industry must be cognizant of impending pitfalls too. Automated, hyper-scaled pretexting campaigns with ultra real personas can target employees, customers, consumers, partners, brands, as well as their operations. As generative AI continues to evolve, we can expect even more profound transformations in the years to come.
Cloud rationalisation for cost management and scalability
The case for digital transformation emerges from profound shifts in the marketplace. With India’s business landscape rapidly embracing digital transformation, several organisations are shifting from legacy systems to cloud-based infrastructure, as it helps them achieve agility, scalability, and cost-efficiency.
Indian businesses are poised for a cloud-native metamorphosis in 2024. While security, compliance, and resilience will remain as key challenges, businesses are prioritising streamlined cloud deployments, driven by emerging technologies and efficient application management. This shift, while largely invisible to customers, promises significant rewards.
Despite the strategic imperative of cloud adoption, effectively managing and controlling cloud expenditures remains a formidable challenge. By optimising cloud costs, businesses can reduce total cost to ownership by up to 15%. The forecast for 2024 hints at a future where businesses navigate the complexities of cloud adoption, unlocking efficiency and resilience while keeping a watchful eye on the bottom-line.
A continued rally for skilled IT workers
With adoption of new and frontier technologies, the World Economic Forum draws a compelling picture of the near future. While automation may displace close to 85 million jobs by 2025, the emerging era of digital trade promises to generate over 97 million new opportunities. The shortage of skilled IT professionals is projected to endure until 2024, highlighting the need for rapid adaptation and upskilling.
Recognising the need for a skilled workforce, the government and industry have joined forces to bolster cyber-skilling initiatives. The government launched FutureSkills Prime, in collaboration with NASSCOM and the IT industry, aimed at skilling professionals in emerging technologies, such as AI and ML. Skill India Digital initiative was also launched as a comprehensive information gateway, bringing together various skilling and entrepreneurship initiatives of the government.
The impact of the talent shortage is profound, necessitating employers to adjust their approaches to attract and retain skilled professionals. A fresh playbook is essential to address this gap, involving the reskilling and upskilling of the existing workforce. Moreover, there’s a need for alternative, shorter pathways into technology careers. The key to developing resilient skills lies in targeted training, with a strong case for fostering greater inclusion, particularly in areas like cyber analysis and threat hunting.
Heading into 2024, these trends will mould the tech landscape in India, guiding businesses to navigate upcoming challenges and seize opportunities. Given the dynamic nature of the technology sector, businesses should prioritise reinforcing cybersecurity measures, adopting cost-effective cloud transition strategies, and actively reskilling workers for emerging roles in cybersecurity.
