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Autonomous Analytics, AR & VR And Deep Learning Amongst ‘Biggest Bets’ In Tech: NASSCOM Study
Within APAC, India has the highest private tech funding growth at 31 per cent
Photo Credit : shutterstock
Latest report by National Association of Software and Services Companies (NASSCOM) and Boston Consultancy Group (BCG) has identified 12 emerging technologies, which have high funding momentum and R&D focus. These have emerged as the “Biggest Bets,” and include Autonomous analytics, AR & VR, Autonomous Driving, Computer Vision, Deep learning, Distributed Ledger, Edge Computing, Sensor Tech, Smart Robots, Space Tech, Sustainability Tech, and 5G/6G.
The report says these 12 technologies will unravel in diverse ways, giving way to regional and vertical-specific big bets. While buyers in North America and Europe are betting on technologies such as Autonomous Analytics, APAC is likely to focus more on 5G/6G technologies, Sensor Tech and Smart Robotics. Overall, technology buyers anticipate that investments in emerging technologies will account for 70-80 per cent of their tech spending by 2030.
Within APAC, India has the highest private tech funding growth at 31 per cent compared to overall APAC at 11 per cent. Moreover, Healthcare and Transportation have emerged as top funded verticals, followed by Tech, BFSI, and Telecom.
"Emerging technologies have evolved as the nucleus for businesses across segments. It has helped them navigate through the unprecedented challenges of the digital era while allowing them to achieve a competitive advantage", said Debjani Ghosh, President, NASSCOM.
Another NASSCOM survey revealed that tech buyers expect the share of emerging tech to grow threefold in next 4-6 years, driven by higher efficiency, enhanced customer experience, and accelerated product development cycle.
Amongst the top five business priorities for tech buyers will be in key technologies such as Autonomous Analytics, Edge Computing, 5G/6G and Deep Learning. However, for technology providers, supplier priorities differ across technologies and regions. Large firms are diversifying their bets by focusing both on technologies with established use cases (5G/6G), and investing in nascent technologies to gain leadership position (Deep learning and Computer Vision), whereas mid-size firms and digital firms are selective on big bets, either focusing on few emerging areas or going deep in select technologies.
"Going forward, it will be interesting to see how businesses will put their bets on emerging technologies and how they would be taking ahead the tech revolution for the larger good of the society,” Ghosh added.