New Delhi, Apr 4 (KNN) India's burgeoning technology sector, encompassing both software and hardware segments, is poised for remarkable growth in the financial year 2024-25, according to projections by the global consultancy firm Deloitte.

The sector's revenue is anticipated to soar by 3.8 per cent year-on-year, reaching an impressive USD 254 billion.

Simultaneously, the technology exports from India are expected to achieve a staggering USD 200 billion milestone, underscoring the country's growing dominance in the global tech landscape.

A significant driving force behind this growth surge is the proliferation of Global Capability Centres (GCCs). Deloitte's Tech Trends 2024 report estimates that the current financial year will witness GCCs spearheading the sector's expansion, resulting in the establishment of more than 2,500 such centres by 2030.

The Indian GCC market alone is projected to surpass USD 100 billion in value and could potentially employ a staggering 4.5 million individuals.

While Generative Artificial Intelligence (GenAI) presents immense promise, Deloitte cautions that it also carries risks, such as the proliferation of misinformation and synthetic media.

As a result, enterprises must prioritise the implementation of robust risk mitigation and governance processes to effectively manage GenAI-related challenges.

Within the hardware segment, emerging technologies like spatial computing, augmented and virtual reality, as well as metaverse services and devices, are forecasted to generate revenues of USD 2.1 billion during the current fiscal year.

Moreover, this sector is poised for exponential growth, with an anticipated compound annual growth rate exceeding 40 per cent until 2030.

Deloitte's report highlights India's strategic advantage in capitalising on these cutting-edge technologies, citing the country's vast pool of skilled engineers and developers.

Additionally, the increasing penetration of smartphones and high-speed internet connectivity, including 5G, across India's population is fuelling the demand for immersive and interactive digital experiences.

The report emphasises that businesses are leveraging GenAI to unlock new opportunities, drive growth, and maintain a competitive edge in an increasingly digital world, underscoring the pivotal role of innovation and data-driven strategies.

(KNN Bureau)