It is no secret that technology has been driving industry-wide disruptions for the past two decades, enabling businesses across sectors to achieve massive scale and growth. However, much of the economic potential still remains untouched by industries. As per MGI predictions, digitization holds the key to unlocking this potential, which will enable the global GDP to gain USD 13 trillion by 2030.
In fact, various industry leaders believe that technology education -- forms the foundation of digital transformation -- can help double the world’s GDP. Riding on the back of AI, Machine Learning, Cloud Computing, Data Science, SaaS, IoT - the next wave of transformation is certainly going to require ample upskilling and reskilling.
It is said that a rising tide raises all boats. To begin with, the transformation journey would be led by some sectors and the effects would then trickle down to other wheels of the economy. Here are some sectors which leading the change:
Recently, various banks, non-banks, and fintech companies have joined hands to deliver faster, presence-less, and hassle-free financial services to users. New-age users can now conduct instant, paperless transactions thanks to technological innovations such as Unified Payment Interface (UPI), net banking, etc. Further, banks are also adopting technologies such as blockchain, biometrics, and one-time passwords (OTPs) to bolster their security infrastructure and make transactions more transparent.
Automation has also made a significant impact on the BFSI sector, with bots having taken over trading floors. It is also leading the digitisation of high-end relationship management within the wealth management domain by enabling data-driven investment counseling. Astride these developments, the BFSI sector shows massive growth potential. A recent McKinsey report projects it to be valued at USD 170 billion by 2025.
India is home to one of the largest consumer bases for any industry in the world, which is continuously generating a whopping amount of data every day. Aiming to leverage this data, major hospitality players have already employed the latest technological tools to better map consumer behavior and provide highly-personalized services to their patrons. Tech-driven offerings such as mobile check-ins, biometric-based access to rooms, automated kiosks, and so on are becoming increasingly common within the industry. In the coming years, more and more brands will upgrade their digital infrastructure to enhance the customer experience and boost retention rates. In light of these developments, IBEF estimates that the Indian travel and tourism sector will contribute INR 32.05 trillion to the country’s GDP by 2028.
The digital revolution in this sector has enabled the automation of routine tasks. This has, however, only reduced the need for human intervention, not eliminated it. In fact, industry players are now using machines to not only improve the human resource but also add value to their operations. Against such a backdrop, professionals need to ensure that they are able to work with technology as expertly as with their co-workers. With this trend expected to continue full-swing for the foreseeable future, MGI projects the Indian core digital sectors to hit USD 435 billion by 2025.
Media and entertainment
On-demand entertainment has already replaced traditional TV as the medium of choice for the new-age people. Over-the-top (OTT) services providers have burst onto the entertainment scene and, if the trends are to be trusted, are here to stay. Companies in this space are actively using technologies including AI, natural language processing (NLP), and data analytics to deliver immersive, engaging, and personalized digital content to users. As per the figures revealed by PwC India, the domestic OTT market, which stood at USD 638 million last year, is projected to be the 8th largest global market worth USD 1.7 billion by 2023. For instance, Netflix recently released an interactive science fiction film called ‘Balck Mirror: Bandersnatch’ providing the flexibility to the viewers to choose their own storyline.
In the past few years, digitization has enabled transportation businesses to increase their efficiency and bolstering their supply chain management. By employing the combination of IoT-led and AI-enabled technologies such as machine learning, cloud computing, along with real-time data analytics, logistics players have been able to significantly reduce the fleet downtime, predict customer behavior, and address any issue in real-time. The coming years will see more companies adopting digital tools to drive their efficiency as well as productivity. On the back of tech-led integrations, this sector is expected to register a 30x growth by 2025. Rivigo, a technology-enabled logistics company has recently got its driver relay model patented and has now launched a Relay-as-a-Service (RaaS) to offer its algorithm based intelligent driver allocation system to fleet owners and truck drivers in India.
To say that technology has empowered medical professionals to deliver improved healthcare would be a massive understatement. It has enabled the IT teams in hospitals to store and analyze patient records, and derive key insights based on their medical history with enhanced accuracy. The integration of robotic implements has resulted in the increased precision and success rates of various medical procedures including surgeries, disease detection, diagnostics, pre-emptive healthcare delivery, etc.
As per a recent Deloitte report, the global healthcare’s financial performance has seen an uptick with the increased adoption of technology, entry of personalized medicine, the emergence of disruptive and innovative medical services providers, advanced payment and public funding models, etc. The trend is expected to maintain its ascent, with expenditures in this sector estimated to increase at an annual rate of 5.4%, enabling it to become a USD 10 trillion ecosystem by 2022. Various healthcare startups like the Bangalore-based mFine are using Artificial Intelligence and Machine Learning to take machine led diagnosis one step deeper than patient interactions. The company claims to handle approximately 15,000 cases in a month, which is approximately the size of Manipal Hospital, one of the largest physical hospitals in Bangalore. Another startup called Docuturnal is working on an AI solution on a smartphone for public health. Currently, the company focuses on lung heath and its app based solution called TimBre is a tool to help with TB diagnosis with a screening test, for which the company uses the phone’s microphone to analyse a person’s cough, that takes around three minutes.
The booming e-commerce sector has technology to thank for its outstanding growth. As various e-commerce platforms have now entered the picture, each company is leveraging technology to differentiate itself while focusing on engaging more consumers and maximizing user satisfaction. Some of the innovations driving this sector’s growth are SEO and data analytics, among others. For instance, one of the leading e-commerce platforms Amazon is leveraging technology predict users’ buying behaviour and to reduce delivery time to the same day. As such, data professionals and skilled programmers are particularly in demand in the e-commerce landscape for implementing the tech-driven transformations. Robotics and blockchain are also driving many innovations in the e-commerce space. Flipkart has recently introduced robot-based sortation technology - Automated Guided Vehicles (AGVs) in its Bengaluru sortation centre.
With technology evolving faster than we can imagine, the need for professionals who possess excellent technical skills has also skyrocketed. The growth of these sectors, therefore, also means that various technology-related job opportunities will be up for grabs in the future. Using reskilling and upskilling platforms like Udacity, individuals can become job-ready to fulfill these high-value job roles and thrive in the evolving business ecosystem.