Team L&M
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.
