While India?ranked only 46th in the latest Global?Innovation report, it has climbed 2 spots over the previous year's standing. And, the development performance is labelled 'above expectations' against the yardstick of the level of development
The Global Innovation Index (GII)?takes the pulse of the most recent global innovation trends. It ranks the innovation ecosystem performance of economies around the globe each year while highlighting innovation strengths and weaknesses and particular gaps in innovation metrics
The Indian government's relentless focus on making innovation My Views for how Going ahead,?India needs to?strengthen?India’s performance .
1.?DIGITAL INDIA :
- ?National Tech Agenda -?We should see MEITY driving strategy and projects around AI , 5G , Blockchain and sustainable technology for Innovations in India
- Central bank and Technology Adoption - We could see huge acceleration for Tech driven business Models with RBI ,ReBIT, RBI Innovation Hub , IFSCA , IDRBT , NPCI.
- National Platform Collaboration - The industry will see greater consolidation & collaboration with UPI, Aadhaar, Account Aggregators , Digi-Locker along with Regulators coming together?
- ?Sustainable Technology - The speed of deployment for renewable energy will outpace other energy sources in 2022 and beyond, driven by new investments, innovation, technology solutions
2. CORPORATE COLLABORATION
- Digitization & Digital Adoption - 2022?holds increased digitization and digital adoption opportunities across the industry, with a positive outlook for talent demand in the sector with BPM , RPA, AI , Chatbots , Blockchain , Mobility,5G, IOT etc.
- People Engagement - re-opening workplaces; and recruiting and engaging talent, they need timely insights into their people. Finding that intersection between actionable data and our workers’ needs will be huge in 2022 ; Let's emphasis on tech skills, less on degrees
- Rise with Hybrid workforce :?With companies committing to hybrid work environments, leaders have to rethink priorities and consider balancing between scale, speed, privacy, and security
- ?Security is no longer something only enterprises and IT workers need to think about. In 2022 is tech and security companies should collaborating & share knowledge to make the world a safer place for all.
3.?EMERGING TECHNOLGOY:
- Blockchain for All - Blockchain becoming increasingly clear, and strong acceleration in production deployments in many industries, such as the financial services industry, in 2022, Rise of CBDC , Cross-Border , Decentralized KYC should be win . Decentralized Smart databases & edge computing gain popularity
- ?Multi-cloud deployments - 2022 is software vendors investing in multi-cloud deployments.
- AI/ML becomes part ?of each application, Kubernetes alignment together for next-wave applications
- BIG Data , Data Analytics in digital transformation - For many organisations Much of 2022 will be about laying the groundwork for expanded enterprise transformation initiatives.
- ?Experimentation around 5G-?While the launch of 5G may be slightly delayed in India compared to the US or Europe, it is expected to bring in a revolution similar to the 4G revolution seen in 2016 and 2017
4. Year for Millennials with Web 3.0 , Metaverse , Crypto, NFT & DeFi
- ?Web 3.0 - Over the next 5 years, Web 3.0 will upend the way we think about application development; Web3 infrastructure paves the way for the decentralization of the internet
- ?Metaverse, as being shouted by everyone; This is a chance to reimagine virtual experiences and find better ways to do things that we did in the real world, including building community among customers
- Rise of NFT Consumers to expand use cases of NFTs for both digital and physical items.?The Metaverse is a virtual platform on which people can collaborate and trade NFTs economically and become a source of income
- Rise of Ethical Crypto with More legal clarity through regulation and through prohibitions
5. CUSTOMER VALUE WITH UNICRONS AND FINTECH
- ?Rise of Unicorns: ?As many as 44 start-ups turned unicorns in 2021 & $41.4 Bn funding boom in 2021. We could see Crypto Ecosystem will Gain clarity. So, while 2022 will see more start-ups going public, they will take a far less aggressive approach. Investors believe there will be a shakeup in 2022 and 2023, when we will see mass consolidation in enterprise tech and ecommerce sectors, after the heights of 2021. Let's see if India close 150 unicorns in 2022.
- ?Fintech: Fintech the rapidly expanding Indian fintech market is estimated to become the third-largest market soon.?It continues to have a huge opportunity to drive financial inclusion, SME, BNPL , Lending and have impact on consumers’ day to day lives.
- Open Banking way forward for Marketplace: Start-ups will be investing in interoperable customer identities underpinned by both Open Banking and Blockchain use cases
- Customer Experience will go to next level: With the amount of venture capital funding entering the industry, there is more competition for attention among customers.
Blessed by a grassroots culture of innovation, the world's 5th largest economy India should now aim at the top 20 rankings of the Innovation index.
