Language barriers in tech heighten exclusivity, stressing the need for enhanced digital literacy in India: Deloitte

According to recent study by Deloitte, India’s tech sector is poised for a surge of innovation in 2024, blending traditional strengths with cutting-edge advancements.

India’s economic engine continues to roar, and it is projected to be the world’s fastest-growing major economy in 2024. This isn’t just due to traditional industrial strength—tech is playing a starring role.

The 2024 Deloitte India Pre-Budget Survey indicates that more than 90% of firms embrace technologies such as AI, ML, and IoT, notably chatbots and virtual assistants, with ML algorithms closely following. However, 62% of these companies emphasize the importance of establishing clear guidelines for technology deployment and providing adequate training to their employees.

Deloitte technology trends 2024: India perspective report examines the various trends driving India’s rise in technology and highlights how the country is combining its tech growth with strong foundational values.

Envisioning new realities- the industrial metaverse

India’s foray into spatial computing and the industrial metaverse revolutionizes traditional sectors, creating immersive environments where digital and physical realms converge. This innovation is particularly transformative in manufacturing, streamlining design processes and enriching learning experiences through virtual classrooms. The market potential for spatial computing in India is significant, with projections indicating revenue growth to US$2.1 billion by 2024 and a CAGR of 40.03 percent from 2024 to 2030 (Statista).

The Deloitte study highlighted that language barriers lead to exclusivity, underscoring the need to improve digital literacy, ensure affordable technology access, address cultural views, and create content in local languages. This approach aims to foster more inclusive participation in the metaverse among all Indian age groups.

Generative AI- igniting creative frontiers

Generative AI emerges as a pivotal force in redefining creativity and operational efficiency. It’s not just about enhancing productivity; it’s about unlocking new creative potential. In the healthcare sector, AI’s predictive analytics are pioneering personalized treatment plans, while content generation enables the creation of diverse and engaging digital content. This leap is supported by India’s substantial investment in AI research and development, aiming to foster an environment of innovation and growth. 

Recently, India introduced Bharat GPT and Hanooman, AI projects by Reliance and IIT Bombay, targeting linguistic diversity and sector needs. They aim to enhance healthcare, education, and language processing, overcome dataset and computational challenges, and position India in the global AI market. 

The Ministry of Electronics and Information Technology (MeitY) has recently asked India’s social media and AI platforms to seek permission before launching AI products. This regulatory oversight is essential to addressing concerns related to data privacy, bias mitigation, and societal impact and fostering trust and accountability in AI technologies. 

With AI’s rapid growth across sectors in India, creating strong guidelines and frameworks for AI use is essential. This includes raising awareness of ethical AI among all stakeholders and encouraging collaboration to navigate AI’s moral and legal challenges. Through responsible AI practices, India aims to maximize AI’s benefits while minimizing risks, ensuring its positive impact on society and sustainable development.

Revolutionizing computing paradigms

The transition beyond traditional computing to quantum computing and AI supercomputing signifies India’s commitment to tackling complex global challenges. With initiatives like the National Quantum Mission, backed by a US$1 billion investment, India is poised to become a leader in quantum computing, aiming to develop quantum computers with up to 1,000 qubits by 2031. This ambition underscores India’s strategic approach to harnessing computing power for future breakthroughs.

Nurturing talent- the shift towards DevEx

India’s emphasis on developer experience (DevEx) recognizes the value of tech talent and aims to foster an environment where innovation thrives. 

According to the Deloitte India Talent Outlook 2023 survey, salary increases in India are expected to decrease slightly to 9.1% in 2023 from 9.4% in 2022. Attrition rates stood at 17% in 2023, influenced by a challenging job market, economic difficulties, sector-wide layoffs, and an uncertain future. The demand for tech talent has lessened due to a slowdown in North American and European markets and reduced funding for startups, leading to decreased hiring and attrition rates. However, retaining key talent remains a significant challenge, with attrition rates for these employees being 1.5 to 1.7 times higher than the overall rate.

 Initiatives to provide cutting-edge tools, collaborative workspaces, and continuous learning opportunities are vital. The aim is to retain and nurture the country’s vast pool of tech talent, essential for driving future innovations and maintaining India’s competitive edge on the global stage.

Defending digital integrity-combatting synthetic media

The challenge of synthetic media in the digital age calls for a vigilant and proactive approach. India’s response to the potential threats posed by deep fakes and misinformation involves comprehensive cybersecurity measures, digital literacy campaigns, and stringent regulations. 

Synthetic media poses significant risks for intellectual property and copyright violations. This issue is especially pressing in India due to low cybersecurity awareness and limited understanding of the dangers posed by synthetic media, leaving many vulnerable to misinformation. With a population of 1.4 billion and around 50% internet penetration, as India approaches its 2024 general election, it tops the list of countries at risk for misinformation and disinformation, according to the World Economic Forum Executive Opinion Survey 2023. Concerns over data privacy, security breaches, copyright issues, and escalating cyber threats represent India’s significant challenges today.

For instance, the National Cybercrime Reporting Portal has become a crucial platform for addressing cyber threats, reflecting India’s commitment to safeguarding digital integrity against the use of AI and synthetic media. 

Harmonizing progress with the principle

India’s technological journey, as detailed in Deloitte’s Tech Trends 2024, epitomizes a balanced trajectory of embracing innovation while ensuring responsible use. The country’s initiatives, from pioneering in the metaverse to setting benchmarks in quantum computing, are grounded in ethical considerations and aim to benefit society at large. 

The company’s digital transformation journey is marked by significant achievements, including redesigning over 100 customer and distributor experiences and attaining a 90% digital onboarding success rate across all its operations. It has expanded its digital service offerings through various platforms like websites, chat services, and voice bots. This commitment to digital innovation is further highlighted by the availability of services through digital channels, reaching 90% in FY21, alongside an impressive total of 8 million customer service interactions noted across different sectors. Notably, the digital renewal rates stand out, with health insurance renewals at 92% and life insurance at 84%, showcasing the impact and success of the company’s digital strategies.

By integrating groundbreaking technologies with a commitment to ethical principles, India is not just navigating its own future but is shaping the global discourse on technology’s role in society. This approach exemplifies India’s vision of a future where technological advancements are leveraged for inclusive growth, ethical governance, and sustainable development, reinforcing its stature as a beacon of innovation and integrity on the world stage.

Image Source: Freepik

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