India is an attractive destination for foreign investments because of the country’s fast-growing technology sector. The country has made several technological advancements in the last few years and as a result, is one of the most advanced countries in the world. The large consumer base and the availability of skilled workers attract multinational corporations. India has the third largest technical and scientific manpower in the world.
The Information Technology (IT) sector is the field that stands out in India. It is growing rapidly, and has a lot of potential. Hyderabad is dubbed the next IT hub of India and is set to replace Bangalore for the position. A lot of companies are opening up their offices in Hyderabad because the city has a lot of skilled manpower. Another factor that is important to remember is that there are many reputed engineering colleges in Hyderabad. Which means that it is smart of large organizations to set up base near the supply of human resources. IKEA has entered the Indian market by setting up their first store in India and some other major companies who are setting up their office in Hyderabad are Google and Uber.
Mobile technology is one area which will see immense growth in the next few years. It is being linked to other sectors such as health care, e-commerce, etc. New apps are being developed every day. The latest development has been in payment apps like Paytm, Google Pay, etc. New users are joining these apps at a very rapid rate, and many shops, stores, and fast-food joints have started accepting these modes of payments. The country is moving towards a future which will have only digital transactions.
Both the government and private institutions have realized the importance of cybersecurity. Cybersecurity is providing them with a way to tackle data breaches by using block chain technology. Another important part of cybersecurity is encryption. As our lives become more integrated with technology, encryption of data becomes very important. Cyber-crimes are on the rise and privacy is a big issue today. As a result of this realization, a lot of institutions are now providing courses on cybersecurity.
Cloud technology has been around for a long time but some of its benefits are yet to be discovered. It will play a major role in the coming few years. Cloud computing provides a more efficient method of storing data, and also allows companies to reduce costs and speed up production. The country is expected to have around 1 million job openings for the role of cloud computing by 2022. Jobs in cloud computing will also pay a much higher salary than regular IT jobs.
Another sector that expects a lot of growth is Artificial Intelligence (AI) technology. This sector has nearly 4,000 vacant jobs because of the lack of qualified talent. Since 2016, almost $150 million dollars have been invested in the Indian AI sector by Global Investors. India has a big pool of talent but lacks professional manpower in AI. Recently AICTE, which is the governing body for the professional education system in India added AI, Machine Learning and other relevant subjects in B.Tech courses.
The future trends are predicted based on past and current trends. These future trends can never be 100% accurate, but the industries and technologies listed above will play a major role in the coming few years. These trends can help you if you are looking for a job or looking to invest in this new booming industry.