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BLOCKCHAIN | BUSINESS | IOT |
There are a lot of threats involved when it comes to investing in the artificial intelligence industry. These threats include the data flow curbs, the rapidly changing technological ecosystem, and rising protectionism. However, the IT industry in India is set to invest big bucks into the AI and automation industry with high hopes.
2018 was the year of Digital at Scale for NASSCOM, primarily because IT firms were involved in leveraging and developing new technologies. At the same time, these firms rapidly relied on policies, partnerships, and innovation in order to create the right skills for a sustainable ecosystem.
According to Debjani Ghosh, the president of NASSCOM, the coming year (2019) contains a number of transformative opportunities.
For instance, it is expected that the exports will grow at about 7% to 9% in the year 2019. This is the same as the previous fiscal. At the same time, the domestic revenue will have a faster growth at around 105 to 12%. This is what makes the year 2019 a supposedly transformative one.
Throughout the years, the IT industry has gone from being the back office to the front-end of transformation. Today, it is actively involved in helping clients stay ahead of their competitions by optimizing their operations.
As governments in key IT markets that include the UK, Australia, and the USA are bringing rather strict regulations for work visas, the Indian IT firms are trying to hold their presence by hiring a greater number of locals abroad.
According to Ghosh, this rising level of protectionism is discriminatorily targeting the Indian IT firms which present a big challenge.
Currently, the business model in the Indian technology industry revolves around the creation of value and solution provisioning. Previously, however, it primarily revolved around cost-arbitrage.
In the year 2018, the GDPR was implemented in the European Union in the month of May. This is considered a big development. The prime aim of GDPR is to protect and strengthen the data rights of individuals’ present in the region. Non-compliance by the companies in this regard can result in heavy fines.
This is an opportunity for many. According to the President of Microsoft India, Anant Maheshwari, India has been given a great opportunity to build capabilities and expertise, new lines of consulting businesses, and increase competitiveness for the customers in the European Union.
India itself, back home, is working on its own rules for data protection that revolve around consent, personal data storage restrictions, and the individual rights of data. Based on the rules proposed, cross-border personal data transfer is also restricted. This means that many international technology companies will have to host their sensitive data in local servers. Hence, it was a clause that irked a number of international companies.
According to Nasscom, there are more than 1200 advanced tech startups that have been added to the ecosystem in the past year. The largest contributor to this number is data analytics. It is expected that this momentum will continue and increase in the year 2019.