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Rise in digital adoption by consumers in going to inevitably lead to the convergence of new age technologies - indicates the KPMG report launched at the NASSCOM India Leadership Forum 2013 at Grand Hyatt today.
“A rapid increase in Digital Consumerism will be seen in the coming decade and we are already witnessing micro-segmentation of customers and product & services being tailored at individual level,” said Pradeep Udhas, Head IT/ITes, KPMG in India. IT vendors need to work closely with their customers and come up with platforms that can take advantage of the convergence of the technologies, said Mr. Udhas.
“IT vendors really need to listen to the end customers while innovating or developing solutions and products. The emphasis needs to be on tapping inputs from various channels, mediums and devices and using these as critical inputs for new solutions and incremental innovations. Industry bodies can also play a vital role in this, and increase awareness about convergence of technological trends“, he said.
Digitally active consumers have embraced the internet, telecom, media, and social space; changing the way they communicate, transact and make purchase decisions, thus leading to the birth of an era of digital consumerism, says the KPMG in India report. The rise in the number consumers who shop online, seek recommendations and interact with brands presents a tremendous opportunity for companies.
KPMG in India has identified and anayzed six major disruptive technologies which will have a significant impact on key industries, and will lead to the next wave of innovations. These technologies are embedded systems, augmented reality, mobility, social media, cloud computing & big data.
While technologies such as big data and cloud have been dominating the imagination of enterprises for the past couple of years, new disruptive trends like augmented reality and social media have only now started having a tangible presence. The maturity curve of these technologies is estimated to increase at a rapid pace over the next decade, with big data and cloud estimated to reach a market potential of tens of billions of dollars.
KPMG in India estimates that the future of IT-ITeS players in India and globally is dependent on how fast they adapt to the changes in customer demand. There needs to be a strategic shift in solution offerings and supportive ecosystem going forward wherein vendors provide not just the standard core industry platforms, but also think ahead of the curve
The report identified select key sectors like Retail, Healthcare, Telecom, Financial services and government, which account for a significant portion of it vendors’ revenues and are also among the most promising sectors in terms of growth.
Across the world, the retail industry is at the centre of a major shift in the way consumers shop and interact with their retailers. After almost a century of customers “going to the store,” the store is now coming to the customer. Embedded systems are changing every point in a retailer’s business, from sourcing of goods to their distribution to display in stores and finally, checkout. This disruptive technology is enabling a connected ecosystem of devices that allow a retailer to have a real-time view of every step in its value chain.
It is no longer enough for retailers to stock their outlets with the latest products; the popularity of Smartphone’s has given genesis to a new mobile shopping culture altogether. Augmented Reality (AR) is also used to explore synergies in print and video marketing. Augmented Reality (AR) technology has made it possible for phones to become barcode scanners that offer extra information and online prices. It is estimated that AR-based apps will generate close to US$300 million in revenues globally in 2013 as brands and retailers increasingly show appetite for such features.
“Augmented reality is expected to be the game changer for the retail industry. Businesses are increasingly are using augmented reality to enhance virtual shopping experience which will lead to significant investments in augmented reality applications in the near future, especially in the western world,” said Pradeep Udhas, Head IT/ITes, KPMG in India.
The sheer size of the government sector can drive the growth of emerging technologies and since the government interacts with almost all the stakeholders in an economy all the disruptive technologies find utility in one way or the other. However, KPMG in India believes that technologies like mobility, social media, big data and embedded systems, which can help in reaching out to the masses in a more effective way, will have the highest impact on the sector.
India Infoline Research Team / 15:28, Mar 13, 2015
Markets are now reinforcing the perception of an early interest rate hike by US Federal Reserve, with consensus calling for the hike taking place in June, when compared with the prior expectations of a hike in September.