Technology has taken us far beyond the imaginations and digital technology is rapidly shifting, from being a driver of marginal efficiency to an enabler of fundamental innovation and disruption.
Industry analysts are excited about the rise of smart connectivity backed by the newer technologies including IoT, AI, ML and 5G networks. Digitalization is the cause of large-scale and sweeping transformations across multiple aspects of business, providing unparalleled opportunities for value creation and capture, while also representing a major source of risk.
Today technology has become ubiquitous and accessible to the wider population, it is having a profound impact on how customers behave and the expectations they have. We have also seen, the newer generations are raised as “digital natives”, they are not only harder to surprise, but can also imagine for themselves how technology can be used to improve their lives. Digital transformation provides industry with unparalleled opportunities for value creation from expanding profit pools, creating new revenue models and enabling unprecedented access to global markets. It used to take Fortune 500 companies an average of 20 years to reach a billion-dollar valuation; today’s digital start-ups are getting there in just three to four years.
The Brand Book is positioned as the ultimate vehicle for the corporates to position their brand and product identity. The 9th edition of the Brand Book is the testimony of it and it complements to the innovations which are on the look-out for futuristic technologies to challenge the status-quo, cut costs, boost revenues, generate process efficiencies and facilitate the development of new products and services by continuing the turn towards digitization and differentiation.
Technology is a new battleground for CIOs. For years, FinTech (or Financial Technology) has been a hot start-up sector and one of the best industries for business in India. The digital payment space in India is set to witness interesting times as WhatsApp, the global messaging app, is coming in a phased manner with its payment services. There is no doubt that competition in the fintech industry will intensify in the year 2020, however, it will still remain one of the fastest growing industries in India. At the same time, we have seen the gaming industry has grown to become one of the biggest in the entertainment sector in the world and is considered as one of the fastest growing industries, with smartphone penetration at its peak, the Indian gaming market ranks 5th among the world’s top mobile gaming markets.
A hard fact we have to accept and no one generally speaks on the opposite side of the coin, that is more time people spend online, the more they are exposed to data breaches & violations of digital privacy. Data privacy breach makes Cyber Security one of the fastest growing industries and creates endless opportunities for entrepreneurs and business owners willing to bet on cybersecurity and data protection as a business. According to a report by PwC, the cyber security market in India is expected to grow from USD 1.97 billion in 2019 to USD 3.05 billion by 2022, at a CAGR of 15.6%.With ever increasing threat, the role of the chief information Security Officer (CIO/CISO) has constantly confronted by ever-increasing and sophisticated cyber-attacks.
Finally, the most important is as we enter a new decade, the issue of sustainability has never been more important. From minerals to metals, and water to clean air, our world is consuming resources faster than the planet can replace them. With the population predicted to reach 8.5 billion people by 2030 there is a pressing need to develop sustainable systems to reuse and recycle precious materials.
We are confident that the findings will contribute to improving the industry to a further step, as there are few more enterprises that were able to join the digital transformation league with their newer idea and innovations in this year’s Brand book, which would bring fortune both for business and society.
We once again thank you for all your valuable contribution at this difficult time, that made a huge success as it is everyone's energy, involvement, commitment and wonder that makes this year's Brand book more meaningful.
S. Mohini Ratna
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