At its annual strategic review, NASSCOM announced that India’s IT-BPM industry grew 9.2 percent in 2018-19, during which it created 170,000 new jobs across large and mid-sized enterprises. Most of the job creations happened in the field of emerging technologies such as Artificial Intelligence (AI), data analytics, and cybersecurity, as companies across the spectrum ramped up their investments in digital transformation and innovation. NASSCOM also revealed that India is the world’s third largest tech startup hub, with over 7,000 product and service startups in operation right now. As per a CEO survey for 2019 Outlook conducted by NASSCOM, Digital business transformation is the top priority for CEOs this year. Improving customer experiences emerged as the next major focus area. In terms of spending, advanced analytics and AI will continue to lead, while hybrid cloud and cybersecurity are growing in importance, NASSCOM stated.
Union Minister for Electronics & IT Ravi Shankar Prasad recently mentioned at an IT conference that India should become a data analytics hub on the back of the huge amount of data that Indians are producing.
Indian Army is stressing the need to focus on incorporating Artificial Intelligence (AI) and big data computing into the Armed forces’ system. As per the Army Chief, it needs to start understanding the relevance of AI and Big Data computing and how to incorporate this in into the defence system.
The UPI based transactions in India are on a roll. More recently, 672.25 million UPI transactions worth INR 1,09,932.43 crore were conducted in January 2019 as per data from the National Payments Corporation of India (NPCI) showed Monday.
The third Middle East Asia and Africa Fintech Forum was held in Bahrain earlier this month under the patronage of the Central Bank of Bahrain and hosted by Bank ABC and Arab Financial Services. It was attended by senior representatives of many banks, financial institutions, Fintech companies from across Middle East Asia and African countries. The Central bank and Regulators from many countries also attended the event. The world’s most famous robot Sophia was one of the highlights of the event. The forum brought together internationally renowned thought leaders, practitioners and innovators from the FinTech and artificial intelligence space who discussed a wide range of issues including the future of banking, the potential impact of AI and how it can transform the future, open banking, crowdsourcing and financial inclusion.
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