India in for digital transformation: Report
Bengaluru: India is on the cusp of a digital transformation, thanks to the spread of high-speed data services. Not just that, as new age technologies like digital, analytics, AI, robotics disrupt industry value chains, Indian firms would be at the forefront of driving this change in the global market, says a report.
The report by Deloitte predicts that the year 2019 will be the inflection point for conversational AI in India, with voice assistants moving well beyond information access and entertainment in the next two to three years. AI-powered voice assistants could become an important element in home automation, hospitality sector, heath care, potentially progressing to voice-based commerce. “The technology industry in India is in a truly exciting phase right now, unlike any other country at any other point in time. For more than two decades, its technology services industry was at the forefront of driving the technology-enabled transformation of businesses across the world,’’ said Deloitte India’s Hemant Joshi.
India’s first phase of digital explosion was driven by smart phones and mobile internet penetration. Its next growth phase will be led by mobile-first and voice-first technologies. Original and localised content will play a crucial role in ensuring the faster adoption and wider application of voice technologies, the report said.
Another area that will witness significant growth is financial services technology. The shift in consumer preference towards digital channels for investments and wealth management is steadily rising. While digital investing may increase at varying rates for different asset classes, the facility of immediate service, better discovery of products, and innovations in providing improved customer experience will cause customers to gravitate towards these new-age platforms, found the study.
It expects the entertainment industry to reach a high-growth phase this year. Deloitte India’s Jehil Thakkar said: “This is a good time to be a (content) consumer in the Indian market. Large players have entered the Indian OTT (over-the-top) market and allocated sizeable budgets for creating original and exclusive content.’’