Since the first industrial revolution in the 18th century, the seemingly impossible has become part of our everyday lives, at work and at home. As technology makes amazing strides almost daily, we find ourselves on the cusp of a new, digitalized era that is ripe with opportunities for existing organizations and budding entrepreneurs alike to grasp.
These potential technological breakthroughs are being hailed as the Fourth Industrial Revolution (4IR), and already India is in the running to become a trailblazing, global tech hub at the very heart of innovation and entrepreneurial spirit. Historically, India has been the cost-effective outsourcing destination for the world’s support and software services, with the country’s outsourcing industry previously valued at some $150 billion. But now the Indian economy is ready for reinvention as the country experiences a technological transformation that is gaining admiration – and investment – from all corners of the globe.
Only China has more internet users than India’s 560 million and growing, with more than 450 million Indians connecting to the internet daily via their smartphones. This explosion in technology adoption has led to the phenomenal growth of local start-ups and big businesses moving in. For example, the city of Gurgaon has attracted global tech giants Facebook and Google plus multinationals including Uber, TripAdvisor, and Booking.com.
IT software and Fintech are certainly at the forefront of 4IR, and India ranks highly as a trusted territory for attracting international technology transaction investment. Blockchain has moved swiftly from the sidelines to become a core business tool in any organization that needs to provide a safe and secure payment/funds transfer infrastructure alongside solid digital identity management systems.
With the unstoppable growth of e-commerce and steady rise in cryptocurrency payments throughout the world, consumer trust in their transaction security is of paramount importance. Organizations are keen to gain and maintain customer loyalty via stringent security systems.
For example, recommended Indian casino sites are amongst those stressing the safety of deposit and withdrawal methods, as well as other monetary features such as bonuses and free spins, for consumers who are embracing this booming online entertainment phenomenon. However, other areas of the entertainment industry, such as the film and TV sectors, are specifically targeted by cyber-attacks and need to up their security levels. But, while there is a disparity in the level of technological sophistication within the industry, India's readiness for a leading role in 4IR remains certain.
That India is now a recognized leader in the payments and identity spaces via ongoing research and unique experimentation with Blockchain deployment is just one example of how it will become a model for other countries to aspire to in the 4IR era. With its new and unanticipated ways in which to embed emerging technology in all aspects of society, the Fourth Industrial Revolution presents India with an exceptional opportunity to become a genuine star on the global technology stage.
It won’t be plain sailing. To continue this momentum, India must look at attracting even more foreign investment and incentivizing home-grown talent to remain and thrive within the country, despite the temptations of a competitive global marketplace. India has so much to gain at this unprecedented time of digital evolution and, it seems, is now more than ready to play a leading role in delivering the technology of the future, today.