Wipro to increase its investments in metaverse and web 3.0

19 Jul 2022 , 11:50 AM

Wipro’s operating model has changed from being industry-organized to market-organized, and as part of this transition, the business has set aside $1 billion to invest in the cloud services sector over the coming years, according to Chairman Rishad Premji, who spoke at the annual general meeting on July 19.

According to Premji, the business would keep spending money on “developing capabilities and obtaining market-leading personnel” in expansion sectors. He declared, “We are stepping up our investments in TopCoder, our platform for crowdsourcing, as well as in cutting-edge fields like the metaverse, web 3.0, robotics, self-learning AI, and privacy technologies.

Despite some short-term uncertainty, the demand for digital, cloud, data, and cybersecurity services is increasing quickly, and as a result, the technology has bright future.

Although there may be some short-term uncertainty due to the need for digital, cloud, data, and cybersecurity services, Premji indicated that long-term prospects for the field of technology services are promising.

“As businesses embrace digital business models, they have considerable difficulties navigating a complicated ecosystem with several difficult-to-manage vendors. To organise their digital transformation, they require an end-to-end transformation partner. We aim to play here,” he stated.

He continued by saying that the business is now more focused on expansion than it was in the past and bigger acquisitions.

Premji emphasized that despite the fact that the epidemic is still ongoing, inflation is skyrocketing daily, there is still an active international military war, and the environment and energy crises are becoming worse, he remains hopeful about the future of the planet. He stated, “I think that tremendous upheavals contain the seeds of huge potential.

According to CEO Thierry Delaporte, the business is closely monitoring the geopolitical risks and economic headwinds. “We expect the demand for services to stay robust as enterprises grow more skilled in their use of cloud technology and as they start to comprehend its benefits,” he added.

He stated that they have updated their incentive programs and promotion cycle since professional advancement and growth are crucial for employees. In FY22, the corporation hired nearly 45,000 new employees.

In the IT sector, there is still a talent battle, and attrition rates are still high. Wipro saw a 23.8 % attrition rate in the last quarter. Prior to this, the corporation had said that promotions up to mid-management level would occur every three months starting in July, and that compensation increases would start in September.