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GCC, GenAI to help India’s tech sector grow to $254 billion in FY24-25: Deloitte

In the fiscal year 2024–25, worldwide consulting firm Deloitte predicted that the technology sector in India, including the hardware segment, would generate $254 billion in revenue, an increase of 3.8% year-on-year, and that exports from the sector would reach $200 billion.

More than 2,500 global capability centers (GCCs) will be in operation by 2030, with the current fiscal year seeing the most expansion. According to the Deloitte Tech Trends 2024 research, the Indian GCC market is projected to be worth over $100 billion and potentially provide jobs for as many as 4.5 million individuals.

Finding investment opportunities and measuring results will take center stage in 2024. GenAI, short for "generative artificial intelligence," has tremendous potential but also dangers including the spread of false information and artificially produced content. According to Deloitte, businesses need to implement integrated risk mitigation and governance procedures to handle hazards associated with GenAI.

Space computing, AR/VR, and metaverse services and devices are anticipated to generate $2.1 billion in sales for the current fiscal year, with a total compounded annual growth rate exceeding 40% until 2030 in the hardware market.

"Indian businesses are in a prime position to benefit from new technology like spatial computing because of the country's abundance of talented engineers and developers. The second reason, according to the research, is that the desire for interactive and immersive digital experiences is growing in India due to the widespread availability of smartphones and internet connectivity, particularly 5G.

In addition to spatial computing, the generative AI space is expected to experience strong growth in the tech sector. This growth will be driven by the increasing capabilities of models such as large-action models (LAM), automation models, and large-language models (LLM), which can now handle complex tasks and responsibilities, assisting users with decision-making.

According to the survey, organizations are use GenAI to seize new possibilities, boost growth, and remain competitive in our rapidly digitizing world. They prioritize innovation and data utilization.

The strength of India's manufacturing sector bodes well for the country's economic growth, which might reach 6.9% to 7.2% or perhaps higher. According to the consultancy's projections, India's economy will have significantly stronger growth in 2024 as the global economy begins to show signs of improvement.

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