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India top choice for digital pursuit; firms to boost investments in AI, big data, cybersecurity: Nasscom

Economic Times

Economic Times · 1y ago

India top choice for digital pursuit; firms to boost investments in AI, big data, cybersecurity: Nasscom

India remains a top choice for expanding digital services portfolios, with companies expected to increase spending on AI, data analytics, and cybersecurity, according to a report by industry body Nasscom. The report, based on a survey of 550 enterprises, found that 71% of Indian companies spent over 20% of their tech budget on digital in 2023. Furthermore, nearly 90% of companies plan to increase investments in key digital technology areas in 2024. The report highlights a shift towards cybersecurity, driven by the adoption of generative AI technology. India also continues to be a preferred outsourcing destination for various sectors.

Related News

NASSCOM Selects Shorthills For Its Gen AI Foundry Programme

OutlookIndia

OutlookIndia · 1y ago

NASSCOM Selects Shorthills For Its Gen AI Foundry Programme

Shorthills AI has been chosen as one of the top Generative AI companies for the Gen AI Foundry Programme by NASSCOM. The company specializes in using its Gen AI technologies and LLMs to transform unstructured data into actionable insights. They provide AI solutions across various industries, including e-commerce, Edtech, Healthtech, BFSI, and automotive. The Gen AI Foundry Programme aims to support GenAI companies in advancing their development and offers resources like GPU power, data access, and connections to venture capital firms and global tech companies. Shorthills AI was founded in 2018 by Pawan Prabhat and Paramdeep Singh.

CEOs Anticipate Revenue Growth Uptick in H2 2024 Amidst Continued Macroeconomic Headwinds for FY2025

OutlookIndia

OutlookIndia · 1y ago

CEOs Anticipate Revenue Growth Uptick in H2 2024 Amidst Continued Macroeconomic Headwinds for FY2025

A recent report by Nasscom highlights that the technology industry in India is focusing on efficiency and reinforced business fundamentals in the face of global economic slowdown. The industry grew by 3.8% in FY2024, adding $9.3 billion in incremental revenue. Sub-sectors like Global Capability Centre (GCC) and ER&D saw growth, with ER&D alone contributing 48% to total export revenue. The report also mentions the domestic sector's growth, driven by investments in emerging technologies and digital spending among Indian enterprises. Furthermore, companies are investing in upskilling their workforce in AI, cloud, data, and cybersecurity. Despite macroeconomic challenges, CEOs expect technology spending to increase in 2024, with industries like Hi-Tech, BFSI, and TMT predicted to improve.

Microsoft is about to pump billions more into AI data centers

Business Insider

Business Insider · 1y ago

Microsoft is about to pump billions more into AI data centers

Microsoft is planning to invest $2.9 billion in AI data centers in Japan by 2025. The company will place advanced AI semiconductors in two existing data centers, develop an AI training program for 3 million workers, build an AI and robotics research lab, and collaborate with the Japanese government on cybersecurity practices. This investment is part of Microsoft's effort to boost Japan's competitiveness in AI and keep up with the US in artificial intelligence technology and computing. Recently, Microsoft also announced investments in UK data centers and the opening of an AI hub in London.

Wipro commits $200 mn more to VC arm to invest in tech startups

VCCircle

VCCircle · 4m ago

Wipro commits $200 mn more to VC arm to invest in tech startups

Wipro Ltd has committed an additional $200 million to Wipro Ventures, its venture capital arm, to boost investments in early- to mid-stage technology startups. Since its inception in 2015, Wipro Ventures has invested in sectors including AI, data analytics, cybersecurity, and cloud infrastructure. The firm has made 37 investments and achieved 12 exits. This latest funding aims to further Wipro's strategic participation in technological innovation globally, with recent investments and exits reflecting its dynamic portfolio growth.

Microsoft invests in cloud data firm Veeam Software to build AI products

Economic Times

Economic Times · 4m ago

Microsoft invests in cloud data firm Veeam Software to build AI products

Microsoft has invested in Veeam Software to enhance collaboration on AI products. Veeam specializes in data recovery after cybersecurity breaches and offers immutable backups against ransomware. The partnership aims to integrate Microsoft's AI services into Veeam products, focusing on research and development. Microsoft's interest follows previous investments in similar firms like Rubrik. Veeam, acquired by Insight Partners in 2020, serves over 550,000 customers, including Deloitte and Canon.

Hackers coming for Indian firms as fintech rises

Economic Times

Economic Times · 1y ago

Hackers coming for Indian firms as fintech rises

India ranks among the top five most targeted countries globally for cyberattacks, with a surge in cybersecurity risks due to increased digital transactions and data access. Anil Valluri, Managing Director of India & SAARC at Palo Alto Networks, noted that India experienced a 75% increase in cybersecurity budget allocation for 2023. However, it also witnessed a high number of disruptive cyberattacks across various industries. The report revealed that 66% of Indian manufacturing firms faced increased risks from unsecured IoT devices connected to their networks, and 48% believed that 5G adoption would widen security vulnerabilities.

AI could create 78 million more jobs than it eliminates by 2030—report

Arstechnica

Arstechnica · 6m ago

AI could create 78 million more jobs than it eliminates by 2030—report

The World Economic Forum's Future of Jobs Report 2025 predicts AI will create 170 million jobs while eliminating 92 million by 2030, leading to a net gain of 78 million jobs. Businesses anticipate hiring AI-skilled talent, despite planning workforce reductions. AI and big data expertise, cybersecurity, and technological literacy are top skills in demand. Certain jobs, like postal clerks and graphic designers, may decline due to AI. Human-machine collaboration and retraining programs are expected to shape the future workplace.

93% of Indian executives anticipate cyberbudget increase in 2025: report

Economic Times

Economic Times · 8m ago

93% of Indian executives anticipate cyberbudget increase in 2025: report

Indian organizations are increasing their investments in cybersecurity, with 93% of executives planning to increase their cybersecurity budgets in 2025. This comes as data breaches continue to be a concern, with one in three organizations reporting breaches costing over $1 million in the past three years. Cloud-related threats have emerged as the top risk, with 55% of executives highlighting it as a concern. However, many leaders feel unprepared to tackle these risks, with only 20% of organizations employing robust methodologies for quantifying cyber risks. Despite the challenges, organizations are increasingly investing in generative AI and AI governance to strengthen their cybersecurity strategies.

Indian businesses lead in cloud, AI, and ML adoption

OutlookIndia

OutlookIndia · 1y ago

Indian businesses lead in cloud, AI, and ML adoption

According to a study conducted by Forrester Consulting for Experian, Indian businesses are leading in the adoption of cloud, AI, and machine learning (ML). The study reveals that 85% of surveyed Indian businesses use external cloud providers for analytics, outpacing countries like Germany, New Zealand, and Spain. The report emphasizes the role of AI in mitigating top risks, including data privacy and cybersecurity. It also highlights the importance of data integration and cloud investments in driving AI success. AI is seen as a tool to improve productivity, efficiency, and service delivery for businesses.

India's AI Market To Touch $17-Billion By 2027: Nasscom-BCG report

OutlookIndia

OutlookIndia · 1y ago

India's AI Market To Touch $17-Billion By 2027: Nasscom-BCG report

India's AI market is expected to reach $17 billion by 2027, driven by factors like increasing enterprise tech spending and a growing AI talent base, according to a report by Nasscom and BCG. The global investments in AI have seen a 24% CAGR since 2019, with data analytics, GenAI, and ML algorithms and platforms being the majority of the investments. The report also highlights India's strong position in the AI talent market, with the second-highest installed talent base and three times more AI skilled talent compared to other countries. However, to accelerate AI growth, significant investments in AI skilling and ethical development practices are needed.

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