4th April 2024: Deloitte India’s latest Tech Trends 2024 report reveals that India continues to lead the global technology (tech) sector despite global economic uncertainties. The report estimates a FY 2024 revenue of US$254 billion for India’s tech sector, marking a 3.8 percent year-on-year growth and reaffirming its status as a trusted global leader.
Highlights of Deloitte Latest Trends 2024 Report
Revenue Surge: The Indian technology industry, including hardware, is set to surpass US$254 billion in FY 2024. This represents an addition of more than US$9 billion compared to the previous year. The growth trajectory remains robust, even amidst global challenges.
Global Capability Centers (GCCs): India’s GCCs are poised to assert their prominence. These centers exemplify India’s ability to address international tech needs. With over 1,600 GCCs, the Indian market is on track to exceed US$100 billion by 2030. These centers are likely to employ more than 4.5 million people across 2,500 GCCs nationwide by the same year.
Engineering Research and Development (ER&D): India positions itself as a global tech hub for innovative solutions. ER&D contributed a substantial 48 percent (approximately US$2.88 billion) to the US$6 billion export revenue addition in FY 2024.
- Emerging Technologies: Industry stakeholders expect India to emerge as a key player in several domains:
- Spatial Computing: India’s focus on spatial computing promises transformative experiences.
Industrial Metaverse: The convergence of physical and digital worlds opens new avenues.
Cloud Computing: India’s cloud adoption continues to accelerate.
Generative AI (GenAI): AI-driven innovation is reshaping industries.
Modernization, Security, and Trust: The Deloitte report emphasizes a strong focus on modernization, security, and trust. India’s tech sector aims to shape a future that is not only prosperous but also inclusive and sustainable.
