Synthetic media like deepfakes drive Cyber threats surge in India: Deloitte
As per Deloitte's trends report 2024, enterprises must manage GenAI-related risks through integrated risk mitigation and governance processes. India’s tech ecosystem is advancing with increased software exports, tech workforce growth, tier-2 city development, government support, and improved infrastructure, solidifying its position as a reliable tech talent hub.
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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 FY 2024 revenue of US$254 billion for India's tech sector (3.8 percent y-o-y growth) and reaffirms its status as a trusted global leader.
Industry stakeholders expect India to emerge as a key player in several key domains, including spatial computing, the industrial metaverse, cloud computing, and Generative AI (Gen AI). These projections are complemented by a strong focus on modernisation, security, and trust.
According to the report, the rising prominence of GCCs, highlighting India's increasing ability to meet international tech demands, is a key contributor to the country’s growth. With over 1,600 GCCs, the Indian GCC market is on track to exceed US$100 billion by 2030. It is likely to employ more than 4.5 million people across 2,500 GCCs nationwide by 2030. Additionally, the focus on Engineering Research and Development (ER&D) positions India as a global tech hub for innovative solutions, contributing significantly to export revenue.
Deepa Seshadri, partner and CIO Program Leader, Deloitte, India, said, “India Inc. is on the brink of transformative change, where embracing emerging technologies has helped us take a leap, bringing a spotlight on India’s growth story. The Tech Trends 2024 report highlights India’s remarkable resilience, redefining its position as a frontrunner in swiftly embracing emerging technologies.”
Through our comprehensive efforts in the CIO Program, we aim to enable CIOs and tech leaders to transform from technologists to strategists. By fostering a culture of innovation that is agile and collaborative, we aim to harness the power of technology and shape a future that is not just prosperous but also inclusive and sustainable,” she added.
Keerthi Prakash, partner, Consulting, Deloitte India, said, “We are witnessing an unprecedented digital revolution currently, where India stands at the forefront of global economic growth, taking a leap with dynamic changes that impact businesses, decision-makers, industries, and citizens alike.
As more businesses use immersive experiences powered by 5G and spatial computing, coupled with government initiatives supporting digital innovation, India is poised for a transformative era. From application development to automation, SaaS, and cloud enterprise spending, technology interventions are revolutionising traditional industries, breaking silos, bringing greater modernism and optimism, and propelling India into a new era of digital excellence.”
In 2024, the focus will be on identifying investment areas and evaluating outcomes. GenAI holds immense promise but also carries risks such as misinformation and synthetic media. Enterprises must manage GenAI-related risks through integrated risk mitigation and governance processes. India’s tech ecosystem is advancing with increased software exports, tech workforce growth, tier-2 city development, government support, and improved infrastructure, solidifying its position as a reliable tech talent hub.
