Indian Business Climate Looks Promising
Separator

Indian Business Climate Looks Promising

Separator
Indian Business Climate Looks Promising

Sujith Vasudevan, Managing Editor, 0

It is quite evident that India’s business ecosystem is blooming. It not only presents enormous opportunities for Indian entrepreneurs but also manifests a great proposition for the world to invest in the country. The pandemic became a tailwind to this trend, thanks to accelerated cloud adoption in the country. According to marketsandmarkets.com, the global cloud computing market size is expected to grow from $445.3 billion in 2021 to $947.3 billion by 2026 at a Compound Annual Growth Rate(CAGR)of 16.3 percent.

The recent Gartner forecast also sheds light on how the exponentially growing cloud services market adds fuel to
the global Software-as-a-Service (SaaS) market. According to Statista, the SaaS revenue is expected to show a CAGR of 14.48 percent, resulting in a market volume of $58.40 billion by 2027. Remember, India minted 21 unicorns last year, and the major wedge of them are SaaS startups. On the other hand, the global RPA market is expected to grow by $16,628.29 million during 2022-2027, progressing at a CAGR of 35.83 percent. Adjacently, the Artificial Intelligence Market is set to be worth $407.0 Billion by 2027, Growing at a CAGR of 36.2 percent. India recently installed the AI Supercomputer ‘AIRAWAT’ at C-DAC, Pune, which is ranked 75th in the world. This puts India on top of AI Super computing nations worldwide.

However, the boost in this technology ecosystem can be traced back to the boom of the Telecom industry. The recent amendments made in the Right of Way (RoW) rules for telecom infrastructure are set to expedite the 5G rollout in the country. According to a report by insights and consulting company Kantar, India will have over 900 million internet users by 2025, driving more than 500 million digital transactions. The report also predicts that more than 87 percent of Indian households will have at least one internet user by 2025. The wind looks ideal for technology startups to cruise.