India leads global tech sector with US$ 254 billion revenue in FY24: Deloitte

Deloitte's recent report, 'Technology Trends 2024: India Perspective,' predicts India's pivotal role in spatial computing, the industrial metaverse, cloud computing, and generative AI (GenAI). The rapid adoption of new technologies is evident, with AI-related initiatives tripling between 2023 and 2024 and over 650,000 employees undergoing GenAI skills training. Projections estimate revenue in spatial computing and the industrial metaverse to reach US$ 25.2 million (Rs. 2.1 billion) by 2024, with a projected compound annual growth rate (CAGR) of about 40% until 2030. India's technological sector is poised for substantial growth, with anticipated industry revenue hitting US$ 254 billion by the fiscal year 2024, growing at a 3.8% year-on-year rate.

Partner and CIO Program Leader at Deloitte India, Ms. Deepa Seshadri, lauds India Inc.'s embrace of emerging technologies, positioning the nation as a frontrunner in technological advancement. Partner, Consulting at Deloitte India, Ms. Keerthi Prakash underscores the transformative impact of technology interventions across industries, from application development to cloud enterprise spending. However, the report also raises cybersecurity concerns, citing a 24% surge in cyber threats in 2024, driven primarily by synthetic media like deep fakes. The need for collaborative efforts between government, tech companies, and citizens to bolster cybersecurity and combat misinformation risks is emphasized, especially with impending general elections.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.