TECH BYTES – Monthly Tech Industry Bulletin February 2023

Highlights from NASSCOM Reports Released in January2023

• Metaverse – Prepare To Win
• Designing The Enterprise Of Tomorrow: Cloud Computing – A Compendium Of Case Studies

Key Insights

• Metaverse definition is converging, with familiar components integrated into a novel technology
  • Metaverse is a digital extension of the real world, defined by 4 attributes – Persistent, immersive virtual worlds, Interoperability, Concurrency, and Users having agency.
  • This novel internet avatar has seen accelerated development since 2020, driven by 6 factors including technology revolution, consumer readiness, rise of consumer-led marketing; significant PE, VC and M&A investment announced in metaverse.
• While early adoption is strong, full-scale vision will emerge in 8-10 Years
  • Enterprise and consumer metaverse adoption trends are similar to those of AI and internet in their early stages, 55%+ CXOs have at least one active Metaverse use case.
  • At-scale potential will be determined by factors –
    • Clarity on return on investments – CXOs find it difficult to justify RoI.
    • Technology readiness – nearly 1000X compute power needed.

• How Gen Z & Millennials are reshaping the Future of Workforce
  Panellists: Newgen Software, TATA Technologies
• Gig - The New Work Model
  Panellists:Giggr Technologies, Pactera EDGE

• Tech Trends: Indian IT companies focus on Cloud technologies globally through setting up centres for better customer experience. Indian companies are helping global business transform their operations digitally.
• ER&D Trends: Indian ER&D companies and institutes collaborate with global companies to explore digital manufacturing space.
• Tech Start-ups: Deals worth Rs 196 Cr in funding startups signed at IIIE Conclave. Agritech sector accelerates with big techs investment.