The Year That Was: Unveiling 2023’s Game-Changing Industry Tech-Trends
In a whirlwind of innovation, 2023 witnessed a seismic shift in industry landscapes driven by groundbreaking technological advancements. From AI revolutions to the fusion of sustainability with tech, the year unfolded with transformative strides. Delve into the year’s most pivotal industry tech-trends of various sectors, ushering in a new era of possibilities. Here are the insights from some of the industry leaders.
Mr. Santhosh Reddy, CTO and Co-Founder, ShakeDeal
In the technological tapestry of the supply chain industry in 2023, Automation and Robotics emerge as the undeniable game-changers. Powering the supply chain engine, these innovations redefine efficiency, alleviating the burden of manual labor and elevating precision. From the streamlined orchestration within warehouses to the autonomous dance of vehicles, these technologies not only mark a paradigm shift but serve as the architects of a new era, fundamentally transforming the landscape of how goods are not only handled but orchestrated and propelled seamlessly through the intricate threads of the supply chain.
Mr. Siva Prasad Nanduri, CEO at DTL-
The dynamic technology landscape is rapidly changing the relevance of specific skills. In 2024, key skills will reshape the IT staffing industry. Cloud Computing proficiency in AWS, Azure, and GCP is crucial, along with high demand for AI and ML expertise. Cybersecurity is essential, and proficiency in Data Science, DevOps, and Full Stack Development streamlines software processes.
Blockchain technology demands skills in development and smart contracts. As the IoT ecosystem expands, expertise in designing, implementing, and securing IoT systems is vital. The rollout of 5G networks stresses the need for skills in high-speed, low-latency connectivity. Additionally, Robotic Process Automation (RPA) skills are gaining prominence. Staying attuned to these trends and upskilling is vital for IT staffing companies to excel in 2024.
Jonathan Sumner, Chief Strategy Officer, JetSetGo
“The most profound game-changer observed in the Travel and aviation industry of 2023 was the remarkable confidence exhibited by Indians in embracing private aviation as an alternative to commercial airlines, for both business and leisure travel. This shift empowered JetSetGo to significantly expand its owned aircraft fleet capacity, a move fuelled by the substantial increase of over 20% in business jet movements compared to the previous fiscal year in India. These changes not only prompted our exploration of new horizons but also fuelled innovation and sustained growth within the industry.”
Dr. Sohini Sengupta, Medical Laboratory Director, Redcliffe Labs
‘’In 2023, the health-tech landscape witnessed a transformative shift, with a remarkable 16.7% growth from 2019 to 2020, projecting a year-on-year surge between 20.5% and 31.6% over the next five years. The dynamic response to the COVID-19 pandemic accelerated the integration of innovative med tech trends, notably the widespread adoption of virtual care solutions and home-based services like Home Sample Collection and Online Doctor Consultation.
Online or Telehealthcare emerged as the frontrunner, commanding a substantial 52.2% revenue share in 2022 and 2023, poised for a remarkable 23.5% growth in the foreseeable future.
A standout feature of 2023 was the dominance of AI-powered virtual assistants. In response to the escalating healthcare demands stemming from rising Non-Communicable Diseases (NCDs), the development and integration of AI-powered virtual assistants experienced a twofold increase. AI and Machine Learning took center stage, playing pivotal roles in diagnosing, monitoring, and predicting health risks, supporting comparative studies, and expanding into various realms to streamline healthcare processes.
These cutting-edge technologies empower clinicians to comprehensively monitor patients’ health, tracking aspects such as dietary habits, sleep patterns, and weight. Smart reports offer personalized insights into medical history, facilitating tailored treatment plans and, ultimately, the delivery of individualized care aligned with patients’ preferences.
While the tech dominance in healthcare is undeniable, its efficacy lies in judicious usage, proving to be an invaluable asset for clinicians and healthcare professionals alike.’’
Amit Singh, Founder and CEO of ASL (UniScholars, UniCreds and UniAcco)
“In the rapidly changing landscape of the 2023 startup industry, where AI innovations, sustainable initiatives, fintech progress, and advancements in biotech, healthcare, e-commerce, and digital innovation are influential, a guiding principle emerges: ‘Ideas are the seeds, but implementation is the harvest.’ This emphasizes the importance of not just coming up with great ideas but effectively putting them into action. Entrepreneurs navigating this evolving terrain must be flexible, finding a balance between creative vision and practical execution.
Success in this environment lies in embracing technological progress, integrating AI and blockchain, prioritizing sustainability and social impact. Entrepreneurs should also recognise the vital role of collaboration tools in the era of global hybrid work. This also captures the essence of innovation and adaptability, offering direction for entrepreneurs as they navigate the dynamic startup journey.”
Yuvraj Shidhaye, Founder and Director, TreadBinary-
“In the rapidly evolving tech landscape, 2023 has been a landmark year marked by significant strides that have reshaped our industry. One of the standout transformations has been the emergence of no-code AI, providing accessible interfaces empowering businesses to create intelligent solutions effortlessly. The realms of AR, MR, and VR have witnessed unprecedented growth, offering immersive experiences that redefine user interactions and possibilities. Despite previous challenges, blockchain protocols have persevered, showcasing remarkable progress in zero-knowledge technology, enhanced blockchain interoperability, and the integration of real-world assets into digital ecosystems. Notably, this year has introduced a paradigm shift in user interaction, as ‘pinching’ takes precedence over ‘clicking,’ revolutionizing interfaces by enabling seamless manipulation without relying on physical hardware. These advancements compel industry players to persist in innovation, leveraging these transformative technologies to shape a future that’s not just more efficient and secure but also expands the boundaries of what’s achievable.”- Yuvraj Shidhaye, Founder and Director, TreadBinary
Varun Tangri, Founder and CEO, QueueBuster
“In 2023, entrepreneurs are navigating an ever-evolving retail landscape, and at QueueBuster, we recognize the game-changers shaping the industry. Contactless ordering has become a transformative force, offering not just convenience but a safer and more streamlined customer experience. As businesses adapt, we’re proud to be at the forefront, providing innovative solutions that redefine how customers engage with their favorite brands.
Omnichannel shopping is no longer a luxury but a fundamental aspect of retail success. It’s about creating a seamless journey for consumers across online and offline channels. QueueBuster has been a pioneer in empowering retailers with omnichannel capabilities, ensuring they not only meet but exceed customer expectations.
The surging demand for Android POS is indicative of a broader industry trend. Entrepreneurs are increasingly turning to more flexible and user-friendly solutions. At QueueBuster, we’re meeting this demand head-on, providing state-of-the-art Android-based POS systems that cater to the evolving needs of businesses. As we move forward, our focus remains on driving innovation and empowering entrepreneurs to thrive in the dynamic landscape of 2024.”
Rishabh Goel, Co-Founder & CEO Credgenics
In my observation, the most significant game-changer in the Indian fintech industry in 2023 has been the proactive role taken by the Reserve Bank of India (RBI) in providing a structured regulatory framework to shape the sector’s trajectory. The regulator’s intervention has brought about pivotal changes that are aimed at driving innovation and propelling the industry towards sustained long-term growth.
One of the noteworthy initiatives by the RBI has been the announcement to increase risk weights for unsecured loans. This strategic move not only reflects a positive industry outlook but also sets the stage for a sustained and healthier ecosystem within the unsecured lending sector. By implementing measures that address unwarranted risk in lending practices, the RBI is fostering an environment conducive to the long-term health and stability of the fintech sector.
The approval of the default loss guarantee (DLG) in the digital lending space is a crucial development. This safety-net arrangement, involving collaboration among banks, non-banking finance companies, and fintech players, demonstrates a commitment to facilitate a robust and secure digital lending environment. Such initiatives not only enhance the credibility of the fintech sector but also inspire confidence among stakeholders, paving the way for increased activity and growth. The Reserve Bank of India also launched a pilot for “Public Tech Platform for Frictionless Credit” to create easy access to digital information for lenders which intends to expedite access to credit or loans. The guidelines on digital lending, debt collections and many such areas have provided much-needed clarity on standard operating norms and the way forward for the industry.
In addition, the RBI’s norms to regulate fintechs in the cross-border payments space is a significant stride towards regulatory clarity. By providing a clear regulatory framework, the RBI is not only ensuring compliance but also instilling confidence in investors and other stakeholders. This move is anticipated to attract more investment in the coming years, facilitating the expansion of fintech firms and setting the stage for sustained growth.
The government’s progressive and supportive stance, as exemplified by the RBI’s initiatives, will go a long way in the evolution of the Indian fintech industry. The regulatory measures address immediate challenges and lay the foundation for a thriving fintech ecosystem characterized by stability, transparency, and long-term sustainability.
Sudeep Kulkarni, Founder, Game Theory
The evolving landscape of sports and entertainment is being redefined through the integration of augmented reality (AR) and virtual reality (VR) using computer vision, transforming real sports into captivating gamified experiences. This trend is not just a leap forward in fun and engagement for players, whether professional or casual, but a significant evolution for the entire industry. As we witness the convergence of technology and athletics, facilities across the sector are poised to become hubs of innovation, offering users an unprecedented fusion of excitement and immersion. The coming months and years are set to usher in a new era of sports entertainment, with computer vision-aided AR and VR at the forefront of the revolution.
Rohit Jetly, Head of Shared Services and India Site Head, Fidelity International
“2023 was an important year for India’s Global Capability Centres (GCCs), characterized by trends that highlight India’s crucial position in the global business arena. The surge in GCCs, which are projected to reach 2,000 in India over the next 3-4 years, reflects how organizations are harnessing India’s talent pool more in terms of depth of skill and the volume of innovation that can unfold from here, with substantial focus on areas like AI, analytics, digital, blockchain and cloud. This reaffirms the confidence global corporations place in India as a hub for advanced capabilities and underscores the nation’s position as a global leader in technology. The shift is further accentuated by the talent’s (especially engineers’ and technologists’), clear preference for working in GCCs and product firms, over traditional IT services firms.
In 2024, the outlook for GCCs seems promising and I expect them to play a pivotal role in shaping the future, albeit we take steps to consolidate our position in the rapidly changing world. Our leadership talent needs to be in tune with evolving and unmet customer needs and be ingenious enough to create solutions to meet their needs. They should be able to reimagine how they move through the value chain and improve the value arbitrage we provide. They also need to start thinking more creatively about improving our productivity as a collective. To deliver on our promise, our talent needs to excel, both from a skills perspective as well as from a cultural integration perspective and be more hands on and connected to business and customer outcomes they are serving.
At Fidelity International, India continues to be a place of strategic importance for over two decades now, having built strong customer-centric capability in the country, delivering work across engineering & technology, finance, digital, general counsel, data and analytics, cyber security etc. to name a few. More than 40% of our global talent is based in India and we have recently announced our operations in Bangalore, that will bolster our strategic presence in the country. We have thoughtfully crafted our approach to build a sustainable business, and to leverage India as a talent hotspot as well as a resilience location for our clients globally.”
All India Gaming Federation- Mr. Roland Landers, CEO, All India Gaming Federation
“As the gaming industry continues to evolve, we have witnessed the emergence of new monetization models, with traditional methods being complemented by blockchain-based gaming, metaverse experiences, and play-to-earn models. Simultaneously, the demand for vernacular language games is also on the rise, reflecting the need for inclusivity within the Indian gaming landscape. This shift is expected to prompt gaming companies to develop more games in vernacular languages, catering to a wider audience.
Moreover, responsible gaming practices are set to take center stage, with gaming platforms placing a greater emphasis on age verification, responsible advertising, and enhanced player support. Looking ahead to 2024, the industry anticipates the implementation of IT Rules for online games and the establishment of self-regulatory bodies for game verification. Additionally, a six-month review by the GST Council will assess the impact of the 28% GST rule, while hopes are high for the resolution of ongoing concerns surrounding retrospective taxation. Furthermore, the industry is eagerly anticipating the release and implementation of AVGC policies by multiple states, aligning with the recommendations of the AVGC Task Force’s report from the Ministry of Information and Broadcasting.
With these developments on the horizon, the gaming industry is poised for a transformative year, marked by innovation, inclusivity, and responsible growth.”
Witzeal Technologies- Mr. Ankur Singh, CEO and Founder, Witzeal Technologies
“In 2023, India’s online gaming industry witnessed significant changes. While the introduction of emerging tech such as Web3 promised a redefined gaming experience, the industry encountered a setback with a 28% GST hike affecting monetization. As we conclude this year, the Indian online gaming sector has demonstrated resilience by embracing new technologies, navigating the challenges posed by the GST hike, and adapting to a shifting regulatory landscape. Despite these hurdles, the outlook for the industry in India remains promising. At Witzeal Technologies, our commitment extends to driving innovation and contributing to the ongoing growth and maturity of this dynamic sector in the upcoming year.
Nevertheless, India’s innate gaming potential is indisputable. The increasing smartphone penetration and rising incomes provide grounds for optimism. We remain hopeful for government support to navigate regulatory complexities, promote innovation, and foster a transparent ecosystem.”
Arvind Vaishnav, Head of Clinical Partnerships, Growth Region and Philips Innovation Campus, Bangalore.
“What we have been witnessing in the healthcare industry over the past few decades is a groundswell of technologies that ends up in additional administration and regulation, which is actually pulling healthcare workers away from their purpose of patient care. Ask anyone in healthcare and it is common to hear about that ‘one more thing,’ in their daily work irrespective of how best it fits into their overall workflow and experience. As a result, most of them now spend more time away from actually caring for patients. That is why I think it is incredibly important for everyone in the industry ecosystem to rethink how healthcare workers can be reconnected to their primary purpose of patient care. This implies thinking people before technology, asking what it means for a healthcare professional to interact with a certain technology, and how it can complement their workflow. It also means we need to find better ways of tracking and highlighting the value that healthcare workers deliver to the patient.”
“2023 has marked a pivotal point for India’s journey towards carbon neutrality and net zero. The groundwork has been laid for substantial climate action, with early signs of its effectiveness already emerging. The momentum for action continues to build across both regulatory and industry spheres. India’s public pronouncements and reports project a 65% reliance on renewable energy by 2030, while the real estate sector has ambitiously committed to reaching carbon neutrality by 2050, significantly ahead of the national target. Notably, roughly 70% of India’s building stock is yet to be constructed, presenting an exceptional opportunity to develop them sustainably.
On the cusp of 2024, the urgency for demonstrable progress is undeniable, and businesses and enterprises must rise to the challenge. They need to evolve beyond simply factoring sustainability into their growth formulas and towards a model driven by it. This imperative is heightened by the rising expectations of customers and investors across the value chain who seek to partner with brands aligned with their environmental values. In essence, incorporating sustainability into the very fabric of business operations will no longer be solely about moral responsibility, but a vital strategic element for sustainable growth. As we advance along the net-zero timeline, we anticipate the momentum towards carbon neutrality to intensify, leading to a more profound and enduring impact.”
Saahil Goel, CEO and Co-founder of Shiprocket
“As we reflect on the transformative year of 2023 in Indian eCommerce, the numbers speak volumes—a soaring $105 billion market and a robust 16.8% year-on-year growth. However, the real dynamism lies in the heart of Tier-2 and Tier-3 cities as they emerge as growth engines, striving toward the vision of becoming a superpower by 2047.
In 2023, The Open Network for Digital Commerce (ONDC) emerged as a game-changing force, breaking down barriers and ensuring that the eCommerce boom isn’t confined to metropolitan areas. Just like our mission of enabling the ease of doing business for India’s grassroots, ONDC is fostering a thriving ecosystem for entrepreneurs across every corner of BHARAT.
As we venture into 2024, at Shiprocket, we envision a landscape where the Indian eCommerce ecosystem becomes a cornerstone for innovation, sustainable practices, and inclusive growth. The eCommerce landscape is evolving, and every click and every transaction resonates with the pulse of progress. The industry’s trajectory will be shaped by the interplay of technological advancements, shifts in consumer behaviour, and proactive government interventions. Here’s to breaking barriers, empowering merchants, and redefining the e-commerce narrative together.”
Mr Ratish Pandey, a leading business coach and the Founder of Ethique Advisory.
As we approach 2024, small businesses must position themselves strategically in the dynamic landscape. Here are some anticipated trends that could significantly impact the success of small enterprises in the coming year:
a) Focus on Supply Chain Optimization: In 2024, small businesses will likely emphasise meticulous supply chain management to maintain optimum inventory levels. The key objective is to minimise the “cash gap” and ensure a healthy cash flow. By adopting advanced inventory management systems and data analytics, businesses can strike the right balance between supply and demand, thereby enhancing financial sustainability.
b) Employee Retention Strategies: Retaining talented employees will remain a top priority for small businesses. They need to look at providing opportunities for continuous learning and growth within the organisation to nurture a skilled workforce, one that will contribute to long-term profitability and improved customer retention. Investment in employee development programs and creating a positive work environment will be essential for attracting and retaining top talent.
c) Continued Focus on Automation: Automation is set to play a pivotal role in the efficiency and scalability of small businesses in 2024. Business owners should carefully assess their workflows to identify areas that can be automated and systematised. While employees bring unique skills and insights, integrating automation where feasible enhances productivity, reduces operational costs, and ensures consistency in processes. Remember, employees may come and go, but well-designed systems stay with the business.
d) Increased Focus on Sustainable Solutions: Sustainability today is more than a buzzword; it’s a business imperative. Small businesses are expected to place a heightened focus on adopting environmentally friendly practices and offering sustainable solutions. Whether it’s reducing carbon footprints, embracing eco-friendly packaging, or incorporating renewable energy sources, aligning business operations with sustainable practices benefits the planet and resonates positively with environmentally conscious consumers.
Anuj Tyagi, Joint Managing Director, HDFC ERGO General Insurance.
“As 2023 draws to a close, it is heartening to reflect on significant milestones achieved in innovation, digital transformation, diversity, and strategic partnerships. As we enter 2024, the industry will continue to focus on three areas – digital transformation, accessibility of affordable insurance for all and collaborations to support digital upgradations. We will see innovation in distribution, claim management, underwriting as well as customer engagement.
Digitisation will not only facilitate deeper penetration of the insurance industry, it will also allow insurers to offer products at affordable cost. Innovative products, addressing the emerging needs of today’s customers will further increase and be a key driver in insurance adoption. Considering a comprehensive digital approach, AI/ML backed digital solutions will further enhance customer experience and foster an inclusive digital ecosystem. To propel insurance penetration in the country and acceptability, insurers will need to go beyond the regular business conversations with the customers and evolve as partner of the everyday lives of the customers. Collaboration is another front which will drive higher insurance penetration and help in reaching the last mile while propelling financial inclusion in the country.”- Anuj Tyagi, Joint Managing Director, HDFC ERGO General Insurance
Mr. Atul Gupta, Co-founder and Director of e-Sprinto.
At e-Sprinto, 2023 stands as a transformative chapter, highlighting our unwavering commitment to reshaping the landscape of Indian e-mobility. Supported by our dedicated team, we not only navigated challenges but soared to unprecedented heights. The launch of our high-speed scooter, Amery, alongside the Roamy and Rapo low-speed scooters, exemplifies our dedication to diversifying our product lineup, catering to the dynamic market needs. The first quarter particularly witnessed an astounding 50% overall growth, marking a resounding success for e-Sprinto. Our expansion included the opening of 10 showrooms in Assam and Gujarat and a remarkable achievement of unveiling 26 dealership showrooms in a single day. Strategic collaborations with AutoEVmart and multiple finance companies underscore our commitment to bolstering sales, and distribution and ensuring easy customer access to funding for our E2Ws. Going forward, we remain focused on continuous improvement, addressing challenges, and ensuring a brighter and more sustainable future for electric two-wheelers in India.
Mr. Prashant Muddu, CEO & MD at Jocata
“As we reflect on the final chapters of 2023, it is evident that this year has been both challenging and rewarding for the Indian banking industry. With the winds of digitization sweeping across the nation and the Digital India Stack making significant strides, the financial landscape has evolved providing greater access to finance. By 2030, the Indian digital consumer lending market is projected to exceed $720 Bn by 2030, accounting for almost 55% of the total $1.3 Tn+ digital lending market opportunity in the country.
The year 2024 looks promising, with a rapid pace of change and a wealth of opportunities. As Indian financial ecosystem continues to mature, strong partnerships between traditional institutions & FinTechs become increasingly important to deliver meaningful experiences. FinTech partnerships will enable a crucial headstart in driving innovation & creating value for a new generation of customers while embracing industry trends such as generative AI, embedded finance, open banking, data-driven insights and the expansion of customer outreach beyond conventional banking channels. Together, they can create a sustainable future that strikes the right balance between inclusion, innovation, and regulation.
The primary objective remains the enhancement of financial inclusion, particularly for MSMEs and new-to-credit/thin-file customers. It is essential for financial institutions to leverage AI/ML powered scoring models to assess Retail & MSME borrowers, providing deep holistic understanding of their behaviour and giving them a competitive edge. Layering advance technologies such as AI/ML on GST data will provide a deep understanding of an MSME’s performance across business cycles thereby highlighting any potential risk associated with the business and reducing the Total Time-to-Credit from 2-5 days to less than 6 hours. Similarly, for Retail customers using alternative data like bank statements brings a fresh perspective. Analysing bank transactions of individuals such as income, recurring inflows & outflows, financial asset expenditure, investment income etc provides lenders a complete picture of individual’s financial situation with income, fraud and risk insights.
The entity-level financial inclusion approach can be extended to the macro-level view of MSMEs by leveraging the recently launched India’s first MSME Economic Activity Index. It uses consent-led and anonymized monthly GST sales data and accurately represents the MSME economy and capture the impact of macroeconomic conditions. It will address the MSME knowledge gap and empower financial institutions, policymakers, economists and researchers to strategize credit flow and create tailored policies for the sustainable growth of MSMEs across the country.
Looking ahead, we are confident that 2024 will be an exciting year for the industry and India as it strives to achieve its growth ambitions, setting new benchmarks for sustainable and inclusive economics development for the world”.
Dr. Venkat Mattela, Founder and CEO of Ceremorphic, a leading semiconductor startup
As our lives get more intertwined with technology, the modern world is well on its way to a semiconductor-powered future. India’s semiconductor ambitions have undoubtedly reached global repute with government initiatives, investment in Research and Development, and collaborations aimed at streamlining the industry. In fact, as the global semiconductor industry is projected to become a trillion-dollar industry by 2030; India is well-positioned to become a global hub for the segment. Not only this, but at the heart of today’s modern technology, semiconductors are driving the value-creation trends across several industries, especially life sciences. The use of semiconductor technology, namely the use of high-performance processors has led to breakthroughs in advanced precision medicine and genomic solutions – enabling a revolution in prevention, diagnosis, and treatment.
As we now look back, 2023 was the year for personalized healthcare, with improvements being made in patient safety, satisfaction, and experience. There was a greater push for collaboration to enhance R&D in the field and the recent explosion of generative AI tools prompted many discussions in accelerating biomedical research. As we stand at the cusp of a new era, we can see how semiconductors, have become indispensable tools in this space, contributing to advancements in research, diagnostics, medical devices, and healthcare technologies. Taking this a notch higher, the coming year 2024 will witness the collaborative power of AI, with analog and quantum circuits to accelerate drug discovery and development, resulting in personalized treatments with better outcomes and lower costs. Advanced AI-driven analytics will create relevant data to increase efficiency and reduce development cycles across analog design migration, digital design, verification, and testing. As Generative AI continues to mature, it will be able to predict regulatory queries and incorporate correct answers from the get-go, improving regulatory submissions and saving precious time when trying to get a drug to market. There will be an increase in intermarket collaboration especially between the pharmaceutical and semiconductor industries to scale up manufacturing for green, clean, and emerging technologies. As we head into the new year, we will see an unprecedented efficiency in the drug discovery pipeline in this decade along with significant progress in lessening the side effects. All this will be made possible with new and high-performance semiconductor technology that will enable modelling of cells and tissues more accurately in silicon to enable molecular simulation much faster.
Ongoing research and development will continue to push the boundaries of what is possible in semiconductor technology, especially for life sciences. By embracing this potential of semiconductors, the industry is poised to revolutionize healthcare delivery, ushering in an era where precision, efficiency, and patient-centric approaches define the standard of care.
Reflecting on our achievements, we acknowledge the industry’s potential to drive positive change for a sustainable future. Buyofuel’s core vision remains steadfast – to create an empowering platform for trading biofuel-based commodities securely, with verified buyers and sellers. The triple growth signifies not just economic success but a proactive contribution to a cleaner and healthier planet.
As we navigate the evolving energy landscape, Buyofuel eagerly anticipates continued growth, collaboration, and transformative impact. We look forward to a future where biofuels play a central role in forging a path toward sustainability and positive environmental change.”
Mr.Prateek N Kumar – Founder and CEO at NeoNiche Integrated Marketing Solutions Pvt. Ltd
As the final curtain descends on this Year 2023 my rear-view glance on advertising and marketing journey in India leads to a narrative with a tapestry of innovation, creativity, and deepened consumer engagement. From the surge of immersive experiences to the evolution of data-driven strategies, each chapter illustrates the industry’s resilience and adaptability within the diverse Indian market. Brands, embracing authenticity, wove narratives that harmonised with audiences in the dynamic landscape of the subcontinent. The year-end resonates with the triumphs of strategic storytelling,
As I look through the Windshield ahead on year 2024, Indian brands will prioritize digital-first strategies, leveraging AI-driven personalization and immersive experiences. Sustainability will be a key focus, with brands aligning with eco-conscious values. Influencer collaborations will continue to dominate, and innovative use of augmented reality in marketing will gain prominence, enhancing customer engagement and brand loyalty.
Bishal Thapa, Senior Director – India, CLASP
“As the President of G20 in 2023, India played a decisive leadership role in ensuring that the need of energy efficiency for net zero emissions was recognized. The inclusion of the voluntary pledge to double energy efficiency (EE) was a key milestone of the G20 under India’s Presidency. India has a demonstrated track record on integrating energy efficiency in its own climate strategy, having previously met its goal of reducing emissions intensity 11 years ahead of target schedule.
Looking forward to 2024, the world is counting on India’s continued leadership on energy efficiency. CLASP research on appliance energy efficiency, titled Net Zero Heroes, shows that improvements in ten key appliance energy efficiency could help secure the pathway to net zero emissions. Achieving those goals means deepening collaborations across stakeholders, supporting impactful policy development, and continued efforts to elevate energy efficiency initiatives. A special emphasis in India could also be on efforts led by the states to enhance energy efficiency policy implementation and on public and private market transformation initiatives to accelerate adoption of energy efficient appliances.”
Giridhar L V, CEO, Nuvepro Technologies
“As we step into 2024, the rapid evolution of technology is evident, emphasizing the need for diverse skills beyond traditional certifications. Developers must embrace Cloud, AI, Data Science, DevOps, and more. At Nuvepro, we recognize the challenges—limited hands-on experience, time constraints, and the importance of tailored training. Our approach assesses current skills, sets clear goals, invests in targeted training, and adapts to industry trends. In the realm of AI, our GenAI Skill Bundles redefine upskilling, offering a transformative learning experience that aligns with the dynamic landscape of artificial intelligence.”
Deepak Gupta, WEH Ventures
“2023 was a year of reckoning for the startup ecosystem. The boom times of 2021 became a speck in the rear-view mirror and funding rounds at Series A and beyond became severely constricted. Many founders have got religion and adapted to this new reality, with scaling monetization seen across the board. Going into 2024, with a thaw in the IPO market and tempering global interest rates, we expect a rebound in venture activity. Consumer spending across online and online, products and services will create multiple vectors of opportunity. As the cycle reverts, certain sectors that have been in the shadows such as edtech may come back to the forefront. Meanwhile, DPI-linked opportunities and Gen AI should see good action as well.”
Karan Verma, Co-Founder & Director, FAAD Network
“India has solidified its status as the world’s third-largest startup hub with a count of 116,679 ventures, but 2023 experienced a downturn in funding, reaching a five-year low. The standout sectors for investment in 2023 were Fintech, retail, enterprise applications, environmental tech, and space tech. Government initiatives such as the Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme (SISFS), and Credit Guarantee Scheme for Startups (CGSS) underscore a strategic commitment to supporting startups throughout their business cycles. The Agriculture Accelerator Fund, addressing farmers’ challenges, demonstrates a focused effort in the agricultural sector. In a cautious capital environment, startups showcasing sustainable growth and financial prudence are poised to attract discerning investors, indicating a shift toward resilient enterprises. Looking to 2024, the prevailing trend emphasizes lean and efficient operations, with efficiency becoming the coveted standard. The outlook for 2024 anticipates a bullish trajectory, with potential funding ranging between $15-20 billion. Emerging sectors like BPC, health and wellness, diagnostics, clinics, gaming, app studios, and personal loans are poised to take center stage in the evolving startup landscape.”
Rajat Mehta, Chairman of JITO Incubation and Innovation Foundation (JIIF)
“In the dynamic landscape of 2023, the industry underwent a significant transformation as incubation programs embraced diversity, notably introducing exclusive women cohorts. As we anticipate the developments in 2024, the industry is gearing up to explore novel frontiers, placing a strategic emphasis on space tech and defense sectors. Poised for innovation, the upcoming year holds the promise of dynamic initiatives and a forward-looking vision, signalling a continued evolution in the industry’s trajectory.”
Ms Saloni Jain, Founding Partner Sunicon Ventures.
“Anticipating trends for 2024, a notable surge in funding for deep tech startups is expected, indicating a shift from the dominance of SaaS companies . This shift reflects India’s hidden strength in cultivating deep research, paving the way for innovative startups. The recognition that traditional service-centric models have limitations in sustained growth and valuation is driving this change. Additionally, a decline in the emergence of direct-to-consumer brands as funded entities is foreseen due to market saturation. Consolidation within the space will focus on optimizing logistics, supply chain, and marketing costs to ensure healthier profit margins. Furthermore, the rise of homegrown venture capital funds and family offices as key investors is anticipated, as many of the foreign investors have started exiting from the country . This shift is poised to burst the valuation bubble, with strategic players actively supporting the startup ecosystem, fostering sustainable business growth. In summary, 2024 is expected to usher in a transformative era with a focus on strategic innovation and sustainable growth.”
As we approach the end of 2023, GajShield Infotech anticipates a transformative year ahead in 2024, where the impact of AI on the cybersecurity landscape will be significant. With the surge in sophisticated cyber attacks and the constant evolution of threat landscapes we are standing at the forefront, anticipating the automation of cyberattacks. We remian committed to empowering professionals with cybersecurity knowledge and skills, offering cutting-edge solutions to combat the rising tide of AI-driven threats and reinforcing India’s resilience in the face of evolving challenges.
In addition, I believe that artificial intelligence in education has advanced to new heights this year. We investigated the complexities of personalized learning at Greatify, employing AI algorithms to determine specific student demands. As the conversation shifted from ‘How can AI improve education?’ to ‘How can we ensure ethical and responsible use of AI in the educational context?’ The implementation of AI for exam evaluation and personalized learning is our recent innovation, and the next thing we’re coming up with is the PlacementX Module.
Printing industry:
“2023 was a testament to the print industry’s resilience and adaptability in striking innovation, particularly in the realm of digital printing. Digital printing has become the preferred choice for many businesses due to its cost-effectiveness, versatility, and quicker turnaround times. The digital printing segment is projected to grow at an impressive rate of 6.7% annually, cementing its place as a dominant force in the industry.
As an industry leader, we reached out to an untapped clientele in the hinterland of the country, across tier 2, 3, and 4 cities, with the latest tech in production printing and digital printing tech, empowering Indian businesses to successfully shape the future of the Indian Printing Industry, which is expected to reach a market size of to 279 billion rupees by 2025. By leveraging its strengths in intangible assets, Konica Minolta also seeks to create customer value through co-creation with customers.”
ESG:
“Staying committed to equitable and all-encompassing smart sustainability, Konica Minolta has been established as a pioneer, segment-starter, and innovator who leads the way in both digital and physical print solutions. Sustainability will continue to spearhead print solutions in 2024, as it did in 2023, with a greater emphasis on margin-friendly, ecologically sound solutions that can be driven at scale. Sustainable solutions are growing to become the need of the hour for businesses because it led to an increase in operational efficiency, attract new customers, increase competitive advantage, build public trust, most importantly contribute to a healthier planet, and in driving cost savings, customer loyalty, and employee morale.
We set our global ESG vision in creating a positive impact on society while ensuring the longevity of our business, aiming to become carbon-minus by 2030. To support this mission in India, we partnered with a renowned logistics company to deliver products and accessories via 2-wheeler and 3-wheeler EVs to local customers, and under the PRAYAAS Initiative planted 4000 plants, which culminated in 2023. Together, we can multiply efforts to execute sustainable goals at scale, that will prime us and our businesses from future disruptions.
Dr. Yajulu Medury, Vice- Chancellor of Mahindra University
“In India’s educational landscape, 2023 has been a year of profound transformation, marked by resilience, adaptability, and a redefined vision for the future. As we reflect on the trends that have shaped this journey, it is evident that the digital revolution has become the cornerstone of education. From remote learning solutions to innovative pedagogical tools, technology has emerged as the catalyst for democratizing knowledge, breaking barriers, and fostering inclusivity. The imperative of skills and specialized courses that fuel employability have taken center stage. Looking ahead to 2024, we anticipate a continued surge in the adoption of cutting-edge technologies, such as artificial intelligence and virtual reality, reshaping traditional education paradigms. The shift towards personalized and experiential learning experiences is set to redefine traditional education models. The integration of interdisciplinary approaches and a focus on developing critical thinking skills will prepare students for a world that demands adaptability and creativity. Furthermore, collaborative learning platforms and global partnerships will bridge cultural gaps, providing students with a holistic perspective that transcends borders. Embracing sustainability as a core educational value will empower the next generation to address complex global challenges. At Mahindra University, we believe in sculpting future leaders, and our vision for the next year is one where education is a dynamic force, constantly evolving to meet the needs of an ever-changing world.”
Matthew Foxton- India Regional President & Executive Vice-President, Branding & Communications, IDEMIA
“In 2023, the spotlight shone brightly on identity technologies, unveiling their pivotal role in sculpting a safer, more convenient world. As we embark on 2024, the identity landscape is on the brink of a profound transformation propelled by technological advancements in AI and ML services, the escalating adoption of online services, and a persistent demand for inventive solutions. Throughout the year, we anticipate the emergence of future-proof solutions, underpinned by the latest breakthroughs in biometric and cryptographic technologies, revolutionizing the way we perceive and manage physical & digital identities.”
Mr. Anku Jain, Managing Director, MediaTek India
“Technology advancements are reshaping our world into a more inclusive place, where intelligence and connectivity enrich our daily lives. In 2023, MediaTek remains a frontrunner in diverse 5G use cases, delivering next-gen technologies including Satellite connectivity, Generative AI, Cloud Computing, Automotive, Connectivity and advanced 5G solutions across 5G FWA. MediaTek foresees that Generative AI is emerging as the top opportunity for 2024 and is leading the revolution by uncovering new possibilities. Recently launched flagship chipset, MediaTek Dimensity 9300 has groundbreaking big core designs and supports generative AI on-device processing for seamless, secure edge AI experiences. Besides Generative AI, the major technology trends such as quantum computing, sustainable technology, cyber resilience, and autonomous vehicles will drive the technology landscape in the fast-evolving age of AI.
Furthermore, MediaTek believes in transforming the world with increased commitment towards working with OEMs to create incredible experiences and flagship solutions based on the changing customer demands and requirements. Our R&D centers are working on innovative technologies to expand our diverse portfolio for smart ecosystems, smartphones, and smart devices.”
Rajnish Gupta- VP and Head – India & Subcontinent Business, Zebra Technologies.
“As India strides into a transformative era, technology is driving sectors towards automation. More focus is being placed on the next generation of automated solutions, as India enters the digital future. This transformative period will witness continued efforts across enterprises, with a focus on upskilling and reskilling initiatives to fortify the workforce and get them up to speed.
Additionally, the government has plans to reduce the cost of logistics to a single digit, thereby rendering the transport & logistics and warehousing industry a hotbed for cutting-edge technologies. Enterprises in this sector are also preparing themselves for long-term growth and are digitalizing themselves through the introduction of varying solutions, including mobile computers and wearables, RFID (radio frequency identification), and even machine vision and fixed industrial scanners, just to name a few.
Zebra’s latest Warehousing Vision Study has further highlighted the importance of enhancing employee value and retention, with 70% of Asia Pacific (including Indian) warehousing decision-makers planning to automate workflows by 2024 for more customer-centric tasks. The study also confirmed that 58% of warehouse decision-makers plan to deploy RFID technology by 2028 to help increase their inventory visibility and reduce out-of-stocks. The infusion of smart technologies, automated processes, and robust warehouse management systems will transform Indian warehouses into efficient hubs and empower them to meet the evolving demands of a dynamic market in the days ahead.”
Simultaneously, in the sphere of medical tourism, this year reflects a nuanced narrative. While the allure of seeking specialized treatments abroad persists, the global landscape is witnessing a recalibration. Patients now prioritize safety, quality, and holistic care experiences over mere cost arbitrage, reshaping the very fabric of medical tourism.
These trends underscore a transformative phase where Artificial Intelligence emerges not only as a catalyst but as a linchpin. While AI’s impact on pharmaceuticals and acute care remains substantial, its integration into home healthcare and medical tourism stands at the precipice of profound change. The maturation of AI technologies promises real-time insights, empowering caregivers and transforming patient experiences, ensuring better outcomes, and amplifying satisfaction across both home-based care and the evolving paradigm of medical tourism in 2024.’’
“The year has been promising in terms of growth of the e-commerce industry at a macro level with over 26% YoY order volume growth. The adoption of e-commerce has grown significantly over the last year due to various reasons such as the transformation of customer preferences which is inclining towards more innovative product categories, and sustainable products getting growing awareness. Categories like Home Décor have shown high growth with rising demand for artifacts, kitchenware, and plant accessories leading to a 27% YoY growth for the category. This encourages brands to introduce a diversified range of products, for customers to explore and purchase.
Growth of e-commerce has been remarkably increasing from Tier-2, 3 & 4 cities. Over 65% of prime members who shopped during the festive season were from tier 2 and 3 cities and towns (vs 50% last year). Moreover, from the seller’s perspective, this year has been a massive success, wherein not only blue-chip companies witness significant growth, additionally a wide pool of SMBs, women entrepreneurs, and artisans outshined, especially during the 4 months of the festive season the segment has made remarkable sales. We have found a substantial 30% increase in the number of SMBs participating this festive season as compared to last year. SMBs also saw an increase of 35% in sales within the initial 48 hours during the festive season.
Overall, apart from the buyers if we look through the lens of the sellers, it has been observed that sellers from Tier-2 & 3 cities also witnessed successful strides all around the year. Over 65% of sellers who received a sale are from tier 2 cities and beyond. This has been complemented by a large distribution network. Almost 50% of all orders (pan India) from prime members were delivered within 2 days or less. Most importantly, there has been almost 20 percent YoY increase in consumer spending that altogether makes the year 2023 a year full of opportunities and growth for the industry.”
Suhas Baxi, Co-founder & CEO, BioFuelCircle
“Cutting-edge trends within the industry are reshaping the sustainability and technology integration narrative. Technology plays a pivotal role in bridging gaps and fostering inclusive growth across the bioenergy supply chain. BiofuelCircle’s digital platform connects farmers, rural businesses, and industrial end users, disrupting traditional dynamics and providing a level playing field. Cloud-based scalability and transparent payments facilitate easy rural participation, empowering communities, as seen in the Biomass Bank at the village cluster level. A paradigm shift is underway with the Carbon Ledger, offering an accountable record of CO2 emissions saved through green fuel adoption. This not only aligns with environmental goals but also serves as a benchmark for organizations to quantify their positive impact. In the pursuit of traceability and authenticity, Green Tokens leverage blockchain technology to track fuels to their source. This platform sets the stage for future carbon trading, establishing a foundation for the industry to showcase commitment to sustainable practices.
BiofuelCircle stands at the forefront, demonstrating technology’s transformative power in achieving circularity within the supply chain. By converting agro-residue into biofuel and incorporating byproducts like bio-fertilizer back into the soil, the platform exemplifies a comprehensive approach to digitized, sustainable practices.”
As we approach the close of the year, let’s take a moment to contemplate the journey of progress and change. In the realm of business consultancy and coaching, every challenge met, each goal surpassed, and every lesson learned speaks to the enduring resilience and determination required for the pursuit of success.
In the intricate fabric of business, every decision acts as a stroke on the canvas, crafting a distinctive masterpiece of strategy and innovation. As consultants and coaches, we’ve navigated through intricacies, unlocking potential, and nurturing resilience in our clients. This year has marked collaborative triumphs, where the fusion of expertise and unwavering commitment has led to notable breakthroughs.
As we bid farewell to this year, let’s carry forward the wisdom acquired, using it to propel our ventures to new heights in the upcoming year. May the insights gained empower us to navigate unexplored territories in the future, transforming challenges into opportunities and dreams into tangible realities.
Here’s to the bold entrepreneurs, resilient businesses, and the pivotal role played by consultants and coaches in shaping success stories. Wishing everyone a prosperous New Year filled with fresh perspectives, resolute determination, and limitless achievements. Here’s to the myriad possibilities awaiting us in the year ahead.
Balaji Baktha, Founder and CEO, Ventana Microsystems:
“As we approach 2024, the landscape of India’s semiconductor industry is on the brink of a transformative era, thanks largely to advancements in RISC-V and chiplet technologies. At Ventana Microsystems, we’re not just observing this change – we’re at the forefront, driving it. Our innovative solutions are tailored to meet the unique needs of the Indian market, ensuring that our technology not only aligns with but actively supports the government’s vision for a self-reliant digital India. We’re excited to play a pivotal role in this journey, bringing cutting-edge, high-performance RISC-V CPUs to the heart of India’s tech growth. Stay tuned for a year of remarkable progress and partnership as we work together to redefine the boundaries of India’s semiconductor capabilities. Ventana Microsystems is poised to be a key player in the Indian semiconductor revolution. As RISC-V and chiplet technologies take center stage in 2024, we are actively committed to contributing to the substantial and positive impact they will have on the industry. Our dedication to innovation aligns perfectly with the government’s vision for a thriving semiconductor sector in India.”
V. Balasubramanian, CEO, FSS Cash Tech
“With billions of financial transactions happening on smartphones, the overall payment ecosystem is witnessing a continuous need for innovation. In sync with the disruption and increasing demand for technology-enabled services, banks and financial services providers are looking to streamline operations, enhance customer experiences, and meet evolving regulatory requirements. This is resulting in a higher demand for cloud-based software and technology solutions.
FSS will continue to focus on developing innovative solutions that will address the unique challenges of the payment ecosystem. This includes developing scalable, secure solutions that can be deployed quickly and efficiently in order to enable faster transactions. We have always aimed to create a payments industry-focused platform and will continue to do it in 2024, thereby helping banks and financial institutions achieve their digital transformation goals and contributing to India’s digital payment infrastructure.”
Amit Kumar, CEO and Co-Founder of RAMP Global
“As the gears of progress continue to turn, the wheels of innovation in electric vehicles (EVs) are spinning faster, attracting a global audience to the transformative potential of sustainable mobility. With advancements in technology, heightened environmental consciousness, and a surge in infrastructure development, the EV landscape is destined for a spotlight moment.
In 2023, the EV industry experienced a monumental milestone, witnessing a massive surge in sales of approximately 1.5 million units. This staggering figure not only reflects a growing preference for electric vehicles but also signals a seismic shift in the way we envision and embrace transportation.
Looking ahead to 2024, the momentum is set to intensify. Predictions point towards a sustained surge in EV adoption, with an influx of new models, expanded charging infrastructure, and an increasing awareness of the environmental benefits of electric mobility. The highways of 2024 are poised to become the stage for an electric revolution, marking a significant shift towards a cleaner, greener, and more electrifying automotive era. As the world plugs into the future, the coming year is destined to be a milestone, weaving the threads of innovation, sustainability, and global consciousness into the fabric of our transportation landscape.”
Rahul Garg, Founder and CEO of Moglix
“As 2023 concludes, it’s evident that the growth of the Indian economy is being fueled by startups. The job creation by startups is expected to grow at a rate of 24% annually in the 2022-27 period. This job creation engine extends beyond the internet economy, with startups now present across sectors from manufacturing to agritech. India is now home to over 100+ unicorns, with companies like Moglix driving innovation in B2B commerce and supply chain. The rise of digital public infrastructure has enabled startups to scale and drive inclusion. Over 50% of recognized startups are now from tier 2/3 cities, creating economic opportunities beyond metros.
However, to sustain this momentum, startups need access to capital and talents. Further opening up public markets, improving ease of doing business and investments into skills and R&D are vital. Policy initiatives like National Startup Advisory Council show the government’s commitment. As we enter 2024, I’m optimistic about the Indian startup movement’s potential for job creation and problem-solving. With the passion of entrepreneurs and support from ecosystem stakeholders, our best years are ahead of us.”
Anshul Gupta, the Founder & CEO of Kirana Club.
As we step into 2024, the FMCG sector is poised for a transformative year, fueled by strategic expectations and evolving market dynamics.
We anticipate a surge in rural demand which will further propel FMCG sector growth, driven in part by the upcoming general elections and an increased consumer spending. As companies prepare for this demand uptick, rural distribution takes center stage, recognizing the pivotal role of tier 2+ regions in shaping market trends. This strategic focus coincides with collaborative efforts, exemplified by platforms like Kirana Club, facilitating connections between FMCG brands and local kirana stores. Through such partnerships, the industry aims to efficiently tap into the vast potential of local markets, ensuring a comprehensive and impactful reach in the evolving landscape.
In terms of product categories, the spotlight remains firmly on healthy eating as a predominant consumer trend. This emphasis on wellness and nutrition reflects a fundamental shift in consumer preferences. FMCG companies, recognizing this shift, are expected to tailor their product offerings to align with the demand for healthier options, catering to an increasingly health-conscious market.
Furthermore, the year 2024 is anticipated to witness a significant expansion of portfolios into new categories. FMCG players are gearing up to diversify their product lines, exploring innovative offerings and adapting to emerging market trends. With this, the aim would be to capture a broader consumer base and stay ahead in a competitive market environment.
Amidst these changes, regional brands continue to pose formidable competition to national players. This competition will fosters diversity and innovation, creating a dynamic marketplace that benefits consumers and stimulates overall industry growth.
In conclusion, the upcoming year holds the promise of a dynamic and transformative year for the FMCG sector. The convergence of favorable commodity prices, an upswing in rural demand, strategic focus on rural distribution, a spotlight on healthy eating, portfolio expansion, and the continued resilience of regional brands collectively shape the narrative of growth and evolution in the FMCG industry.
