What is ongoing in research
- 1. WHAT IS HAPPENING WORLD OF RESEARCH IN INDIA India is already on a path to growth, but the country’s drive toward digitization may put it on track to be the world's fastest growing economy over the next decade. Newer technologies such as Artificial Intelligence (AI), robotics and automation, 3D printing, mixed reality that combines virtual reality and augmented reality, and blockchain are not only disrupting and transforming business models and the lives of individuals, but also ushering in the so-called gig economy which envisages an environment in which temporary positions are common and organizations engage independent workers on short-term contracts. The result could be a multi-trillion-dollar opportunity. India's economy is poised to leapfrog from its current seventh-place position to the third-largest economy by 2027 with $6 trillion gross domestic product. Its equity market, now tenth in the world, could jump to fifth, with financial services and consumer discretionary stocks leading the way. Primary Data is key to companies being able to make good decisions about products, services, employees, strategy and more. Biometrics and Bank Accounts: The beginning of India's digital revolution was the 2010 launch of a biometric identification program called Aadhaar, which assigns everyone a unique 12-digit number that can be verified by fingerprint or iris scan. The project is nearly complete, with most of India's 1.3 billion people now registered in the government's digital database. India has among the highest numbers of young people entering the work force over the next two decades. “These individuals are not attached to old banking habits and they will have access to mobile phones and smart- phones. Mobile Revolution: Currently, India has around 800 million unique mobile users, and about 430 million have Internet access—a third of India's population. It is believed that Internet access will double in the next 10 years and we estimate that 915 million Indians will be on the Internet by 2026. India has among the highest numbers of young people entering the work force over the next two decades. “These individuals are not attached to old banking habits and they will have access to mobile phones and smart phones. Five significant trends will dramatically shape the global outlook and operating environment through 2023. Battle for technological supremacy: The United States and China have emerged as the dominant players in the race for supremacy in the Fourth Industrial Revolution. Divergent technology standards will persist while the competition continues. The winner will have outsized influence—with economic, political, and military implications for years to come. Technologies such as artificial intelligence, machine learning, blockchain and IoT have a wide range of potential use-cases in the FinTech industry. (www.pwc.in) Rise of the Indo-Pacific: The Indo-Pacific is the new mega region at the heart of the global economy and geopolitical competition. As China steps up, the United States bows out, and a variety of middle powers move into the mix, the Indo-Pacific will simultaneously become more
- 2. important to the commercial success of multinational corporations and more difficult to navigate. Clean food revolution: The global food industry is experiencing a profound disruption. More consumers prefer eating “clean foods” that are healthier and more environmentally sustainable. And technological innovations in food production are enabling a new meat mix that will change how people around the world consume protein. Next-generation fake news: Fake news has already proven costly to governments, businesses, and societies around the world. Get ready for more volatility. Falsified video & audio are becoming less expensive and more convincing—and have a wider global reach. This next generation of fake news could prove far more damaging as fabricated stories become much harder to disprove. Transformation of higher education: Technological changes, policy shifts, and companies taking a more active role in addressing skills shortages are reshaping higher education for the 21st century. As education shifts toward more technical training, a more specialized global workforce will emerge, and education systems will become a more important determinant of national competitiveness. Technology luminaries, including Bill Gates, Elon Musk and even Stephen Hawking, have expressed fear that robots with AI could rule mankind. Those who believe that AI machines can be controlled include Mark Zuckerberg and Kurzweil. The fact is that despite the advancements in AI, it is still nothing like what we see in sci-fi movies. The benefits, though, include smart personal assistants, AI- powered chatbots, better search engines, more efficient translation tools, driverless cars and trucks, and predictive healthcare. Research released by Accenture Plc. also reveals that AI could add $957 billion, or Rs60,68,150 crore, to the Indian economy by changing the nature of work to create better outcomes for businesses and society. Globally established companies such as Stratasys and Optomec have footprints in India through partnerships and alliances, notes the above-cited 6Wresearch note. Major companies active in the Indian 3D-printing market space are Altem Technologies, Imaginarium, Brahma 3, KCbots and JGroup Robotics. Trends in technology in Education sector : Blackboard, chalk, textbooks and ink pens are slowing becoming a thing of a past. It is time to embrace technology where digital facilities coupled with tech-savvy teachers are enriching students’ learning experience. A little glimpse into the dynamic digital world is indicative of how technology has given a whole new meaning to education. The rapid change and evolution of technology over the past few years has caught many educators by surprise, with many educational centres struggling to keep up with the new skills that will be required from the next generation Technology has emerged as the driving force in all the industries. Teaching and learning have gone beyond the norms of reading from a book
- 3. and understanding. With the rapid development of technology, students are able to better visualise and understand concepts at a much profound level. Source : www.atkearney.com www.morganstanley.com www.livemint.com www.stoodnt.com