International Technology Day 2022: What Experts Are Saying Read more at: https://www.cxotoday.com/news-analysis/international-technology-day-2022-what-experts-are-saying/

With the rapid adoption of digital mediums, SaaS has grown tremendously in the recent years. Nasscom has coined SaaS as the “Fastest growing Software segment in the world”, and technologies such as AI are playing a huge role in this. According to this report, the global SaaS market is about $150 billion and growing at a CAGR of 23% with the Indian market for SaaS products growing rapidly and will grow 6X by 2025. Thus, as the tech industry continues to grow, India is carving a niche for itself as a global destination for IT services, innovation and expertise. Understanding this adoption of technology, the government is also coming forward and encouraging companies to adopt technologies such as AI/ML/SaaS with their multiple digitization initiatives, providing training programs for hiring in this particular sector and so on. SaaS is driving this movement from the front providing affordable, multi-faceted, constantly evolving products. Similarly, from the PE and VC space, SaaS continues to be a front-runner on the sector that attracts investments. A common trend when it comes to such investments is that Enterprise collaboration, events technology, conversational artificial intelligence (AI), and human resources (HR) technology accounts for more than half of all SaaS funding in India. Sectors such as EdTech, Healthcare tech, logistics tech, e-commerce, cybersecurity, DevOps and dev tools, and data management also attract investments. – Saravana Kumar, Founder and CEO, Kovai.co
Manufacturing Industry has been in constant lookout for technology advancements that would eventually help increase operational efficiency, better quality control, lower production costs, lower maintenance costs, increase revenue, etc,. With adoption of Industry 4.0 principles, the industry has been addressing challenges like having to deal with complex processes, high costs due to legacy tools and technologies. Some of the key assessments required to be done before the tech shift include 1) the equipment readiness to be connected to a central data system, 2) Software and Hardware required for addressing loads of data being generated 3) Capacity of the IT systems like storage, processing, etc, 3) Readiness for Smart Operations and 4) Change Resistance in People One of the key technology shifts in the manufacturing space is deploying technology solutions driven by Artificial Intelligence. Some of these AI driven use cases include: 1) Detection of anomalies and perform predictive maintenance to save huge repair costs. IIOT devices help with collection of relevant data sets 2) Improve quality control by statistical process control 3) Inspection of products/components using AI based visual tech and thereby reduce human errors Another key AI use case is Digital Twin technology where in a physical object, process or a whole factory for example is represented digitally.  Some industry examples include engines, wind farms, buildings, cities, etc,. The digital twin technology can be used to collect data, create simulations that can predict how a product or process will perform. – Mr. Satish Pala, CTO, Indium Software
Post-pandemic, there is no more disputing that digitization is the key to survival of every business. Even in very “physical” sectors such as supply chain and logistics, technology has taken a central role. Supply Chain organizations are investing heavily into IoT, AI, Collaboration, Robotic Process Automation among others. What is even more exciting the potential of disruptions thanks to emerging technologies such as 5G, Augmented and Virtual Reality. One key difference in today’s world is spread of technology globally. Indian companies are deploying same tech and tools as their counterparts in developed nations. Not just that, Indian start-ups are deploying technology perfected in Indian markets for global companies. This two-way exchange of tech knowledge is defining feature of our times” – Apurva Mankad, CEO and Founder, WebXpress