Industry 2023: Expectations & predictions from the tech industry

Starting a new year is always exciting. How will the coming year be for industry? The Tech Panda sought to know what industry experts are predicting for industry as we enter another year.

GIG ECONOMY

ECONOMY Vidyarthi Baddireddy, CEO & Co-founder, PickMyWork

“Amidst modifications in working habits with the young workforce searching for adaptability, digital platforms will stand out as the unique enabler for employment creation in 2023. The gig economy in 2023 will also encompass both structured jobs that have benefited from gig platforms as well as new jobs being established in the marketplace.

The gig economy in 2023 will also encompass both structured jobs that have benefited from gig platforms as well as new jobs being established in the marketplace

“As stakeholders will seek greater Return on Investment (ROI) from startups in the face of changing consumer behaviour and a funding drought, the implementation of a gig workforce will offer distinctive advantages. Additionally, gig platforms can assist startups in expanding their campaigns into Tier II and Tier III cities in order to broaden their clientele and gross margins.”

FINTECH

Rishabh Goel, Co-Founder & CEO, Credgenics

“The emergence of SaaS startups with innovative approaches has helped the debt collections industry fast track their digitisation initiatives and it will be one of the major factors driving the market growth in 2023. The new digital and data-driven collections models are compliant with evolving regulatory norms, customer-centric and a profitable path for lenders. The focus is gradually shifting towards managing the borrower’s experience rather than just collecting the dues. Technology would have a greater say in how debt collection strategies are formulated and implemented, thereby significantly reducing the time taken as well as the cost of recovery. Big Data analytics, AI, Machine Learning, and NLP will remove aggressive recovery tactics by humans to a more balanced and humane approach.

Technology would have a greater say in how debt collection strategies are formulated and implemented, thereby significantly reducing the time taken as well as the cost of recovery

“The uncertainties in the economies globally coupled with innovations in consumer lending and a differentiated customer experience are driving the demand for advanced technology solutions in collections. We are already working with some of the leading lenders in India and Southeast Asia and we are very excited by the response that we are getting.”

CRYPTOCURRENCY

Kumar Gaurav, Founder & CEO, Cashaa

“For 2023 end, we are expecting a rise in the market, as new regulations are coming into place to make crypto a more secure space.

For 2023 end, we are expecting a rise in the market, as new regulations are coming into place to make crypto a more secure space

“However, interest rates are rising, and monetary stimulus is being lowered, which is likely to produce a tougher funding environment that will narrow the field of potential investors that can win high strikes.”

LOW CODE

Varun Goswami, Vice President, Product Management, Newgen Software

“This year, we saw a considerable surge in demand for low code-based platforms and applications as the technology had become key to enterprises and digital transformation initiatives. As application development projects mature, we anticipate that more businesses will increase their low code investments in the upcoming year. Per our conversations with business leaders, enterprises will leverage low code to create hundreds of applications quickly while ensuring security and compliance to cater to unique business needs. Low code will also enable the participation of business users in application development projects, bringing valuable insights into applications.

Per our conversations with business leaders, enterprises will leverage low code to create hundreds of applications quickly while ensuring security and compliance to cater to unique business needs

“Enterprises will particularly invest in low code platforms that enable analytics-based process discovery, connected application development, and one-click deployment. The traction for cloud-native or SaaS-based platforms with microservices architecture and technologies like artificial intelligence, machine learning, and analytics will be tremendous. With low code becoming mainstream, the industry will witness a gradual shift in talent hiring from core IT developers to low code application developers. Leading ed-tech platforms and institutions will provide training and certification programs to keep up with this trend.”

CYBERSECURITY

Ranjan R Reddy, Founder & CEO, Bureau

“2022 was filled with news about crypto meltdowns, synthetic ID fraud, phishing, fraud rings, UPI fraud, money laundering, collusion, OTP theft, and referral abuse, to name a few. Online fraud has exploded as attackers constantly evolve their techniques for maximum benefit, leading to financial and reputation loss for businesses across industries.

In the wake of rising data leaks and alarming identity theft incidents, the key focus for organisations across sectors will be to ensure trust and security by creating an underlying risk infrastructure that will help protect user data, simplifying the user journey by creating a secure, transparent and frictionless experience across sectors

“In 2023, businesses must look beyond traditional approaches and opt for digital-first technologies that combine AI, machine learning, behavioural biometrics, and device intelligence. It will also be crucial for all stakeholders to collaborate and create a pro-privacy data infrastructure. In the wake of rising data leaks and alarming identity theft incidents, the key focus for organisations across sectors will be to ensure trust and security by creating an underlying risk infrastructure that will help protect user data, simplifying the user journey by creating a secure, transparent and frictionless experience across sectors. This will further pave the way for innovation and scalability.”

F&B

Kushang, Co-founder & CEO, SupplyNote

“As the market is recovering from the pandemic, this year has been all about clarity for us. The business has witnessed 300% Year-on-year growth in revenue, however major focus has been towards refining our offerings to further empower the F&B industry. This year alone, we acquired a point-of-sale product to strengthen our SaaS offerings, pivoted our service vertical making it more pocket-flexible and solving wider problems for our customers. We also incepted a new business vertical to facilitate procurements for small to medium F&B enterprises.

We believe 2023 will be a year where we can expect substantial growth and transformation within the industry

“As we stand today, we offer a complete stack of software and services for F&B businesses that allows them to completely outsource their supply chain without compromising on quality and at a more efficient cost model. With this vision, we believe 2023 will be a year where we can expect substantial growth and transformation within the industry.”

AGTECH

Krishna Kumar, Co-Founder & CEO, Cropin

“As we grapple with numerous challenges, organizations and countries need to make quick and take decisive actions backed by the right investments to enable sustainable living and protect our planet at large.

2023 could very well be a make-or-break year for us to decide our fortunes. We shouldn’t let the food system fail and the time to act is now

“2023 could very well be a make-or-break year for us to decide our fortunes. We shouldn’t let the food system fail and the time to act is now.”

IT

Avneesh Kumar Agarwal, Founder & CEO, SpeckyFox

“I think that driven by India’s stable political, geographical, and economic foundation, despite the global trend of growing layoffs, tech firms in India are expected to pick up their hiring in 2023. Alongside this, I think the IT industry would be comparatively lacklustre in 2023 as businesses will become more cautious about development and expansion.

I think that driven by India’s stable political, geographical, and economic foundation, despite the global trend of growing layoffs, tech firms in India are expected to pick up their hiring in 2023

“SpeckyFox also has great plans to expand its business in various domains and technologies. We would also like to become a 100+ team by the end of the year 2023.”

Vishal Agrawal, MD, Avaya

“The industry is going through a transformational stage of growth to adapt to the latest technical and cloud trends. In this post-pandemic phase, a number of themes have emerged, and we are convinced that they will continue to be important in 2023 and beyond. Several trends like the metaverse, AI, 5G, and IoT, are new forms of communication along with hybrid and remote working model, which we believe will continue indefinitely. The cloud is what we need to stay connected with these work modes. It is evident that people are loving this new environment, and from the standpoint of communicators, this opens new opportunities.

Several trends like the metaverse, AI, 5G, and IoT, are new forms of communication along with hybrid and remote working model, which we believe will continue indefinitely

“The fact that things have completely taken a turn in the digital era proves that change is the only constant, and we must embrace it as it comes. Most IT leaders are interested in futuristic technology but are not sure of how to use it or what some practical business use cases are. A cloud communications solution that works the way you do, where you do, is no longer the wave of the future — it’s here, now.”

HEALTHCARE

Preet Pal Thakur, Co-founder of Glamyo Health

“At Glamyo health, we are reimagining the secondary care surgeries landscape in India. We started this company with one sole mission of solving for Indian patients the triad of – access, affordability, and quality.

Over the next 12 months, we intend to disburse healthcare financing worth INR 100 crore through our fintech partners

“Despite 3 covid waves, in the short span of 24 months, we have been able to provide free medical counselling to more than 4,00,000 patients with an NPS of 70. Over the next 12 months, we intend to disburse healthcare financing worth INR 100 crore through our fintech partners. Our mission is to make high quality affordable secondary surgical care accessible to all.”

Archit Garg, Co-founder of Glamyo Health

“We have ended the year on a happy note. In last 12 months, we have grown more than 4x in growth in terms of revenues and 4x growth in the number of patients catered to.

We are continuing our vision to reach a milestone of 30+ cities in the coming year

“We are continuing our vision to reach a milestone of 30+ cities in the coming year and create a chain of 1000 + surgical centres and touch the lives of 1,00,000+ patients over the next 12 months.”

WOMEN’S WELLNESS

Sujata Pawar, Co-Founder & CEO at Avni

“In the coming year, we plan to launch more products in this category. All of these products are developed by experts and are specifically targeted to meet customers’ needs. There is plenty of scope and opportunity in the women’s wellness space as this is a space still nascent in India.

With the growing women population in India, the opportunity is expected to grow further

“With the growing women population in India, the opportunity is expected to grow further. We have many customers who are working jointly with us on new product developments and product improvements. We expect more customer involvement in developing/improving the products as part of customer evolution in the category. We have always believed that with the right products and customer loyalty, we will be able to grow our business more sustainably.”