Top technology trends that will change people’s lives in the new year

In recent years, technology permeated almost every aspect of our lives as we witnessed a surge in digitalization across sectors. India made significant strides in its digitalization journey with expansion of internet connectivity across rural and urban areas, a wealth of data generated and consumed, and an ever-increasing number of digital services.

For instance, data from the National Payments Corp. of India (NPCI) showed that Unified Payments Interface (UPI) transactions crossed a record 7 billion in October. Similarly, in the first half of the year, India’s IT and business services market grew 7.4%, compared with 6.4% a year ago, according to the International Data Corp. India’s growing base of 700 million active internet users enjoy one of the world’s lowest data tariffs, and account for the highest wireless data consumption at a staggering 17 GB a month, thanks to an explosion in innovative business-to-consumer, business-to-business, and government-to-citizen services.

The rollout of 5G also heralded the beginning of the next era in network and connectivity technology. India’s data center capacity is also set to more than double from 737 MW to 1,752 MW within the next two years, according to an Anarock-Binswager report in September.

Along with these foundational technologies, the past year saw innovations that enriched lives by accelerating digital inclusion at population scale. In 2023, we expect key tech trends will continue to create significant impact on our lives.

Scaling AI innovations to transform key sectors

As a powerful enabler for growth, artificial intelligence (AI) is expected to add $967 billion to the Indian economy by 2035, and $450–500 billion to the country’s gross domestic product (GDP) by 2025, accounting for 10% of the $5 trillion GDP target. Key sectors such as healthcare, banking and finance, retail and automotive will double down on AI adoption. For example, AI is already being integrated into diagnostic algorithms for screening diseases ranging from cancer to cardiovascular treatments.

We also expect innovative AI frameworks, such as secure federated learning, to revolutionize the healthcare sector in 2023. Accessing data silos scattered across hospitals and health systems in different regions, while adhering to regulatory requirements, has been a significant challenge. The creation of AI-enabled health-tech solutions will be made possible by a secure federated learning platform that will assist in data analysis, and uphold patient data security and confidentiality, where it is generated.

Building a hyperconnected world with 5G

The launch of 5G services in India marks a defining moment for both domestic and global 5G markets. It is predicted to contribute 2% to India’s GDP by 2030, which is about $180 billion. 5G will be a critical catalyst for digital inclusion, leveling the playing field to power an inclusive future. Greater bandwidth, ultra-low latency, and faster connectivity will revolutionize industries, and enhance day-to-day experiences.

With its support for numerous sensors, real-time data dissemination, and analysis, 5G will help spur the development of a massive Internet of Things (IoT) and Edge ecosystems, change power utilities, smart city functions, e-health, traffic systems, and connected cars forever.

Alongside the rise of 5G, the focus on enabling India’s hinterland with over 630,000 villages will gain momentum. Access to broadband connectivity can transform rural communities—youth can leverage online vocational training to get upskilled and enhance their employability, farmers can benefit from technologies to enhance yields and artisans and micro-entrepreneurs can tap into larger markets in India or overseas through e-commerce and financing.

Digital innovations will continue to accelerate

The pace of digitization is unparalleled, leading to an exponential amount of data being generated every day. There are five forces at play that feed on this data—Sensing, Compute, Pervasive Connectivity, Cloud-to-Edge infrastructure, and AI. As these five superpowers become ubiquitous, they unlock powerful new possibilities. All of these, powered by semiconductors, will continue to drive innovations that will help scale businesses.

As a fast-growing economy, India is experiencing tremendous growth driven by technology. The opportunity for the technology ecosystem is to innovate with a focus on developing and scaling key technologies that reach every citizen. Sustained and inclusive growth truly demonstrates the purpose of technology. India’s goal of doubling its GDP and having a trillion-dollar digital economy must enable growth for all in this ambitious journey.

Nivruti Rai is the country head of Intel India and vice president at Intel Foundry Services.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

More Less


Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button