Over the few decades, emerging technologies have included Artificial intelligence (AI), advanced analytics, internet of things (IoT), and robotic process automation (RPA) into its structure and now it is now escalating further to incorporate themes like decentralization, increase in efficiency, immersive customer experience and security. These emerging technologies in the path of development and growth have helped in advancing the growth and expansion of start-ups which led to re-position India as a top competitor of new-age technology. In recent years, India has created a digital society with a large network of citizens’ digital infrastructure. The RBI (Reserve Bank of India) is continuously making efforts to create a simple and transparent system for interactions between individuals, markets, and the government.
Blockchain technology
Initially, technological advancement has opened the bars of high data threats and these threats were much more severe in the financial and banking sectors. Blockchain technology came to assist companies in overcoming the fear of data threats with an estimated growth of USD 176 billion in its business by 2050. The technology is a digital database in which information is stored in the form of blocks and chained together, the system can be explained as a single solution for permanent and tamper-evident record keeping, real-time transaction transparency, and auditability.
With providing innovative service to a range of processes and applications, in India blockchain technology has emerged most in the banking and finance sectors. As it supports track and trace in its system the blockchain provides a transparent transaction process in any domain. In the country, many private sectors are exploring blockchain in their businesses in increasing effectiveness with around 56% of Indian incorporating blockchain in their core business. The technology unlocks the opportunity for P2P loans, a faster and more secure loan process. Blockchain is going to revolutionize B2B, G2G, G2C, and B2G in relation to various application domains.
Edge computing
Edge computing is a distributed computing structure that drives computation and data storage closer to the data source. This juxtaposition of data to its sources caters to benefits like faster insights, better response time, and saving bandwidth for business. Edge computing is more like architecture rather than a technology that makes real-time insights and analytical predictions possible by leveraging in-device computing capabilities. This quality of improved analytical data in edge devices increases the strength of innovation and upgrade quality as well as the value of the business.
With immersive and differentiated customer experiences, companies are continuing to seize market share. Due to the enormous growth in digital adoption, customers' digital footprints and points of interaction have also expanded. Companies can automate decision-making and action with edge computing and edge analytics. By embracing new technologies, companies can create more reliable, consistent, and faster customer experiences, increase efficiency, and open up new business opportunities through edge computing. Through its localized and distributed approach, this emerging technology is most in demand for its contribution to today’s multifaceted devices that fascinated most of the public. Healthcare IoT, Traffic management and surveillance, efficient industrial manufacturing, Fintech, AR, VR & Mixed reality, are some of the use cases in India that can benefit from the technology.
Quantum computing
Quantum computing applies the laws of quantum mechanics that help the devices to perform computations that are too complex for classic computers, offering a higher efficiency for solving specific data with the capability of handling huge volumes of information. The system has the capability to run a high number of possibilities and extract as many solutions to several complicated problems. With an expected CAGR of 25.40% from 2021-2030 globally, the quantum computing market is expected to contribute USD 310 billion by 2030 in India. Its efficiency and potential attracted many companies to utilize the benefits for indulging customers.
Quantum computing is a discovery that can benefit many sectors independently and therefore attract companies in various fields. Quantum computing can be used in the secure sharing of information and detection of alien devices or aircraft with improved radars. In healthcare, it can help in developing new drugs, genetically targeted medical care, or advanced DNA research. Quantum computing can make stronger online security and help in designing better data encryption. It can also help the environment by keeping water clean with chemical sensors. In the financial sector, technology can help in creating a more effective and efficient investment portfolio or build a more secure system with better fraud detection and trading simulators.
Conclusion
In the ever-developing world, technologies with high potential for efficiency and catering to huge volumes are emerging rapidly. Various companies of different fields are benefiting from these new technologies and simultaneously reaching out the customers conveniently. The digitally oriented public is gaining trust in the companies that uses the ways of such technologies to serve their customer and clients.
