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TECH BYTES – Monthly Tech Industry Bulletin – February 2021

This monthly industry bulletin is our endeavor to aggregate and feature on a regular basis, key trends and insights shaping the technology sector. The information covered here is collated from publicly available sources and gives a bird’s eye view of what has happened in the technology sector during a particular month.

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Key Findings

IT-BPM Insights
  • January saw most of the top firms announcing their December-ending quarter results. An analysis of the top company results shows some interesting insights
    • During H1CY2021, if investments were efficiency oriented –keeping the lights on, cost optimization, etc., then H2CY2021 saw a return of investments that are growth-oriented.
    • Three digital technologies stood out –cloud, collaboration and cybersecurity –as enterprises’ focus was set on enabling remote working for employees as well as for customers.
    • A quarterly comparison over calendar years 2019 and 2020 shows a clear trend towards a broad V-shaped recovery
    • Hiring momentum also picked up pace during the quarter with the top 5 Indian IT companies cumulatively adding nearly 34,000 employees
DIGITAL TECH INSIGHTS –APIs to drive BFSI digitization
  • APIs in recent times have moved from strictly private and within firewalls, to something called Open API or public API.
    • In the BFSI digitization effort, APIs have a critical role to play.
    • During COVID-19, several banks adopted public APIs and started offering a major chunk of their banking services outside their firewalls.
  • Gartner indicated in a 2019 analysis that public APIs on web-enabled applications will become the most vulnerable point of cybersecurity attacks, accounting for 90% of cyberattacks by 2021.

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