Industry forecasts for the Years 2024-25 in Numbers:
India IT spending is projected to total $124.6 billion in 2024, an increase of 10.7% from 2023, according to the latest forecast by Gartner, Inc. While investments in artificial intelligence (AI) and generative AI (GenAI) will contribute to IT spending growth in India, their impacts on IT spending levels will not be evident until 2025.
The market size in the Artificial Intelligence market is projected to reach US$5.47bn in 2024 as per Statista.
The Big data and analytics services market size is expected to see rapid growth in next few years. It will grow from $ 137.23 bn in the year 2023 to $154.79 in the year 2024 at a CAGR of 12.8% as per Big Data and Analytics Services Global market report 2024 by The Business Research Company.
NASSCOM has predicted that the Indian analytics industry is expected to reach USD 16 billion by 2025. This means that it may account for 32% of the analytics market worldwide
The Indian IT sector, which has seen a contraction in hiring amid global economic slowdown and funding winter, is likely to witness a positive turnaround with 8-10% increase in hiring in 2024, suggests a new report from talent solution company NLB Services.
As per the report by Allied Market Research, the global big data and business analytics market was valued at $225.3 billion in 2023, and is projected to reach $665.7 billion by 2033, growing at a CAGR of 11.6% from 2024 to 2033.
The 10 Most Important AI Trends For 2024 as per Forbes are Ethical AI, AI In Customer, Augmented Working, AI-Augmented Apps, Low-Code And No-Code Software Engineering, AI Jobs, Quantum AI, Upskilling For The AI Revolution, AI Legislation, Beyond Words And Pictures.
The 10 Biggest Generative AI Trends For 2024 as per Forbes are Bigger And More Powerful Models, Electoral Interference, Generative Design, Generative Video, Generative Audio And Speech, Multi-Modal Models, Prompt Engineers In High Demand, Autonomous Generative AI, Generative AI-Augmented Apps And Services, Generative AI in Schools And Education.
As per the report Top 10 Data Science & AI Trends For Enterprises in 2024 provided by AIM Research are 1) Rapid Expansion of Workforce Automation, 2) Surge in AI Training Initiatives, 3) Increasing Reliance on LLM in Data Storytelling, 4) Data Privacy, Security, and Responsible AI Practices, 5) New Revenue Streams for Cloud Providers in Generative AI, 6) Emergence of Specialized GenAI Roles, 7) Impact of AI on Traditional Software Development, 8) Technical Evolution of Data Professional Roles, 9) Rise of Prompt Engineering, 10) Prominence of Multimodal LLMs.
As per the report predictions of data and analytics for 2024 provided by Forrester’s. In 2024, generative AI (genAI) applications present significant opportunities for businesses, emphasizing the crucial role of robust data and analytics foundations. Executives will focus on managing data in relation to AI strategies, leading to the emergence of Chief AI Officers (CAIOs) on executive teams. Sixty percent of employees are expected to receive prompt engineering training to maximize genAI capabilities, and unstructured data managed by enterprises is predicted to double, offering untapped potential for insights. Success in 2024 lies in strategic investments in people, practices, and data strategies.
The Top 10 Strategic Technology Trends for 2024 as per Gartner are AI Trust, Risk and Security Management (AI TRiSM), Continuous Threat Exposure Management (CTEM), Sustainable Technology, Platform Engineering, AI-Augmented Development, Industry Cloud Platforms, Intelligent Applications, Democratized Generative AI, Augmented Connected Workforce, Machine Customers.
Fintech Trends To Look Out For In 2024 as per Forbes, 87%—that’s a great number for a new year, especially for the Indian fintech industry. This is the number that signifies the rate of adoption of fintech products by consumers in India and it beats the global average by 23%. 1) The Pay Later Market is Growing, 2) Cyber Security and Fraud Prevention, 3) Open Banking and API Integration, 4) Rise of AI in Fintech, 5) The Return of DeFi and Blockchain, 6) Embedded Finance is Going to See a Boost, 7) Credit Scoring will Become More Accurate, 8) Neobanking will Become Hyper-Focused.
As per the report by Economic Times the Top 10 banking and fintech trends to watch out for in 2024 are A2A payments, Central Bank Digital Currencies (CBDCs), Generative AI to personalise spending insights, Digital identity integration, AML tools evolve, Fintech embraces sustainability, FedNow to spark innovation, Mobile financial services evolve, Biometric in-store payments, B2B BNPL fills financing gaps for SMEs.
Top Strategic Technology Trends 2024 as per Nasscom are Sustainable Technology: Nurturing a Greener Tomorrow, 2) Platform Engineering: Architecting the Digital Foundation, 3) AI-Augmented Development: Amplifying Human Potential, 4) Intelligent Applications: Enhancing User Experiences, 5) Industry Cloud Platform: Tailored Solutions for Verticals, 6) Cybersecurity: Safeguarding the Digital Frontier, 7) Talent Solutions: Navigating the Skills Landscape, 8) APIs: Orchestrating Seamless Integration.
