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TWTW Weekly Wrap Up: 27 Oct-5 Nov

"Startups are critical in promoting societal transformation as well as economic progress." — Jagdish Mitra, Chief Strategy Officer & Head of Growth, Tech Mahindra

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Last Week’s Latest

  • Global metaverse market is expected to reach USD 1527.55 billion in 2029, with a CAGR of 47.6 per cent from 2022 to 2029, according to a report by Fortune Business Insights.
  • Global leader in digital transformation and expertise in the Salesforce cloud and Snowflake data, Ness Digital Engineering has been acquired by KKR.
  • Lewis Hamilton partners with Serena Williams and Tiger Woods, investing into new sports technology company TMRW Sports.
  • Global Public Cloud end-user spending to exceed USD 600 Billion by 2023, according to report by Gartner.
  • Johnson & Johnson intends on acquiring cardio tech company Abiomed for USD 16.6 billion, marking its largest acquisition in nearly six years.
  • AI spending in India is predicted to reach USD 11.78 billion by 2025, contributing USD 1 trillion to the Indian economy by 2035, according to World Economic Forum Report.
  • EdTech player UpGrad, announces comprehensive plans to merge all of its M&As in India into 'One upGrad,' with a goal of completing the integration process by March to June 2023.
  • Indian government to collaborate with the Interuniversity Microelectronics Centre (IMEC) Belgium, to develop chips measuring 28 nanometres or larger.
  • 5G readiness high in India, more than 100 million customers with 5G-ready smartphones will upgrade to a 5G subscription in 2023, according to a report by Ericsson
  • Funding for tech startups reached USD 15.7 billion in 2022; deal volumes increased 78 per cent year on year, according to a report by NASSCOM
Focused Story Of The Week #1: Metaverse – Shaping The Future For Business And Beyond

With a growing interest in using the Internet to connect the physical and digital worlds, the prevalence of mixed reality, augmented reality and virtual reality are playing a pivotal role in expanding metaverse globally. 

A recent report by Fortune Business Insights indicates that the global metaverse market is expected to grow from USD 100.27 billion in 2022 to USD 1,527.55 billion by 2029, at a CAGR of 47.6 per cent between 2022-2029.

Many companies have begun to use metaverse as a platform for selling virtual representations of their products or displaying their information online. With metaverse delivering a virtual experience to customers, businesses are leveraging 360° and 3D technology, allowing them to create new forms of storytelling. Metaverse is revolutionising healthcare by allowing remote monitoring and telemedicine for patients who are geographically confined. This, in turn, has the potential to greatly enhance patient outcomes by opening new pathways for delivering cost-effective medicines.

Metaverse is expected to offer global transformations which will enable us to move across the world effortlessly so that we can work better, socialise better and communicate more freely without any physical boundaries. Metaverse in the future is also predicted to have a native economy, including digitally native assets and trading.

"Metaverse is the key that will unlock doors to the tech world without any physical boundaries, propelling businesses and people into a new-age tech enabled future."

Focused Story Of The Week #2: Indian Tech Startups – A Catalyst For The Indian Economy

In the first three quarters of FY22, Indian tech startups raised USD 15.7 billion. According to NASSCOM, deal volumes increased by 78 per cent to 215 by the end of September this year, up from 121 in the previous quarter. With the development of Indian startups, new markets and opportunities have emerged, while traditional business models in India have been disrupted.

The future of Indian tech startups is promising, but not without challenges. According to a survey on the startup ecosystem in India, the majority of business owners identified talent acquisition and demand development as their top obstacles. The government's policies are constantly being updated and simplified. Startup-friendly policies do not always necessitate big amounts of funds or incentives. They do, however, necessitate that the government act differently than before. They require access to international markets, which entails facilitating cross-border data flows and lowering trade obstacles, hence stimulating additional demand through globalisation.

Our life experiences, problems, and difficulties have inspired us to create a wide range of great things in India. Tech startups are generating new concepts and skill sets to reach the public, and this ecosystem must be nurtured in order for it to reach its full potential and help drive the Indian economy. By supporting and encouraging more startups, it is possible to generate more revenue, jobs and an overall better standard of living.

"Startups are critical in promoting societal transformation as well as economic progress."

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