The Information Technology (IT) industry has seen tremendous growth in the last couple of years, but will have to rethink about the future growth. To enable the next wave of growth, technology companies need to revitalize efforts to improve transparency. Agility, collaboration, sustainability, and digital innovation.
According to Mckinsey (McKinsey Technology Trends Outlook 2022, Published August 2022)- several trends that are based on proven and mature technologies—namely applied AI, advanced connectivity, future of bioengineering, and cloud and edge computing—score more highly on quantitative measures of innovation, interest, and investment than trends based on technologies that are still in the early stages of development. These trends also tend to have viable applications in more industries, which places them closer to a state of mainstream adoption than other trends.
Mckinsey further adds that the next noteworthy group consists of trends that are closely aligned with sustainability priorities. These trends—which they call the future of clean energy, future of sustainable consumption, and the future of mobility—display increasing levels of innovation, interest, and investment. Of all the 14 trends that Mckinsey studied, the clean-energy and mobility trends attracted the most investment. They have also emerged as significant across multiple industries. Outside the first two major categories, newer and less-proven digital tools power a set of emerging trends: industrializing machine learning, immersive-reality technologies, trust architectures and digital identity, next-generation software development, and quantum technologies. These trends could have major benefits for businesses. For example, industrializing machine learning (ML) can shorten the production time frame for ML applications by 90 percent. But much work must be done to develop, refine, and commercialize the technologies that underpin these trends. As a result, it’s unclear how long it will take for these trends to be adopted in multiple sectors, let alone to realize the potential seen by proponents. .
The study published by Deloitte (2022 Technology Industry Outlook) broadly identifies the following trends:
Evolution of cloud computing to continue- Even with the headwinds that the IT industry is facing, the secular uptrend of putting everything as a service will continue. However, the complexities will increase in managing the hybrid cloud
Creating the supply chain of the future- Systems with better visibility and resiliency is the key to overcoming the uncertainty induced supply chain disruptions, which have happened recently. The covid has been an eye-opener for the industry. India in particular is looking at bolstering its presence in the chip manufacturing space that proved to be a bottleneck in the face of changing geopolitical scenarios and pandemic.
Hybrid workforce is here to stay- The question is not if we need the hybrid workforce but how do we manage and empower the hybrid workforce.
Sustainability is the key- The pressure from the shareholders and the environmental, social and governance pressure is going to increase the focus on reducing and reversing the environmental impact.
From the India perspective, the deep-rooted fundamentals are healthy and robust. The headwinds of looming global recession and rupee depreciation will have an impact in the short term. Employers are treading on a cautious path amid impending global slowdown. However, growth enhancing policies, increased investment in infrastructure, rising exports etc will nullify the impact in the mid and long-term
Priority focus on soft skills coupled with an analytical approach and technical skill sets is making it more difficult for employers to match talent to the available opportunities.
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