The past twelve months were some of the biggest in the history of tech, both across the Indian subcontinent, and more broadly globally. Much of this can be pointed in the direction of the major elephant in the room that is generative AI. Whereas all everyone could speak of recently was crypto-currencies, NFTs and the seeming imminent arrival of the ‘metaverse’, all of that has taken a back seat to a suite of technologies that have instantly demonstrated their utility and substance.
Out of nowhere, OpenAI and their disruptive LLM, ChatGPT, have seemingly revolutionized the sector and paved the way for massive new inroads in investment. Now, at the outset of 2024, it’s abundantly clear that India is not immune from the allure and promise of next generation AI – but that’s far from the only trend to keep your eyes on over the coming months.
Artificial Intelligence
If 2023 was the year of AI, it’s hard to picture a reality where 2024 doesn’t continue this trend. Virtually every major tech company is currently scrambling to build out rival models to ChatGPT, and a slew of start-ups and mid-size tech companies are equally investing heavily in integrating generative AI into their existing products.
India is not immune from this global gold rush. January will see the government hosting the second IndiaAI Artificial Intelligence Summit to bring together industry leaders and think tanks around the topic of AI – from its potential threats, to the various ways it stands to benefit India’s economy and society.
In 2024, one in five Indian firms are predicted to work towards integrating generative AI into their products. Leading examples of this trend can be seen by the likes of major SaaS company Zoho actively rolling out ChatGPT integration, ScribbleData’s launch of their GenAI ‘Hasper’ Engine, and the growing import of Arya AI – a Mumbai startup focused on creating developer toolkits for third party LLMs.
The impact of AI is also being felt in India’s leading cultural export. Bollywood, eagerly seeking to capitalize in emergent technologies, has increasingly begun to utilize AI with Joy Studios leading the way by integrating AI processing and design into their animation products.
Growing Tech Entertainments Sector
India, unlike China, has come to benefit from a relative openness to the Anglosphere when it comes to internet products. This has resulted in western tech and entertainment sectors having an easier job of accessing the huge and growing Indian consumer market. One area where this growth is really taking off is in the realm of entertainment.
For example, while iGaming occupies somewhat of a grey area within the region, the runaway success of T20 cricket in recent years has led to a boom in sports betting surrounding the league. Elsewhere, online casinos – particularly those providing their services to the states of Goa and Sikkim – have enjoyed sustained growth as a result of the growing penetration of smartphones, and smart devices, in the country.
So much so, that dedicated platforms that compare and collate the best online casinos in India have begun to establish themselves. Furthermore, in providing competitive welcome bonuses and sign-up offers on these platforms, they have come to contribute to the sustained interest and organic growth of these sectors across the nation. Expect 2024 to continue this upward tick.
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Ongoing Pivot Towards EVs
Sustainability is a key goal for India as it emerges as one of the next global economic superpowers. As the world’s most populous country, key decisions on limiting environmental impact and investing in renewable technologies are vital in helping position it as a leader in Asia and beyond. No small part of this is to be found in the task of converting the country’s 326.3 million road going vehicles to electric and biofuel solutions.
While India’s net zero target is somewhat further out, at 2070, than other leading economies – a reflection of its developing industry – India’s EV market is still gaining speed as more and more middle and upper class Indians contribute to prevailing global consumer trends. At present, its exhibiting at CAGR of almost 70%, and is expected to increase from just shy of 23 billion USD to 35 billion USD by the end of 2024.
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