Digital disruptions are the need of the hour, as businesses and lifestyles are being governed by the new rules of a global pandemic, making remote engagement and digitisation the new normal. And this new normal demands innovations that are not only out of the box, untried ideas but also carry the potential of solving some of the pressing challenges and create impactful results. In other words, one of the key requirements for any successful tech innovation is the product market fit. However, the real journey of a new product development starts with an innovative idea, forming the foundation for further development.
2020 has been an eventful one, with various disruptions that have impacted both the personal and professional lives of millions worldwide. The Indian fintech sector has been a pivotal one that has witnessed massive growth in the segment over a short period. As per a report by Research and Markets, India registered an 87% fintech adoption rate of March 2020, the highest among emerging markets worldwide, while the global average adoption rate for fintech remained at 64%. Further, as per the report, the Indian fintech market is expected to grow at an approximate CAGR of 22.7%, from INR 1,920 billion in 2019 to reach INR 6,207 billion by 2025. Driven by factors like the preference for cashless payments and rising eCommerce spends, supplemented by broader adoption of UPI and encouraging government policies around digitizing banking and finances, the sector is set to grow further in 2021, will newer innovations and collaborations.
Even as the world comes to terms with the new normal in the post COVID era, cyberspace continues to remain one of the most vulnerable dimensions for businesses and economies. While e-commerce and increasing digital adoption across sectors have been a saving grace for both government and businesses, the increased instances of data fraud, cyber security breaches, and ransomware/ malware attacks are posing a huge threat to not just the financial security but also to personal privacy and life at large. Additionally, the ‘work from home’ mandate has forced several businesses to allow employees to access and share sensitive data through their home or private servers which lack the requisite data security and protection. From fintech, eCommerce, and education technology applications to the more sensitive health technology solutions are increasingly falling prey to cyber-crimes, even as the governments and economies come to terms with the legal framework and secure SOP protocols, to avoid further crimes.
Sumana Iyengar grew up in Bengaluru in a middle-class family where her father ran a bakery and struggled to make ends meet. “I was fascinated by my father’s undying spirit to run the bakery despite financial challenges. He has been my role model and continues to inspire me. He instilled the entrepreneurial spirit in me that later led to Goavega,” she recalls.
Today, Cloud computing has become one of the integral part for the digital transformation of businesses, especially after the global pandemic made remote working, a normal phenomenon. Video conferencing platforms, electronic communication apps, virtual private networks, and cloud storage have made it easier for professionals to collaborate while not operating from a central location. With trends, like work from home and remote and flexible work culture taking a centre stage, cloud and data security have become a vital part of the business tech infrastructure. And while most businesses have been prompt identifying and making the shift, a lot of businesses continue to remain unaware of the security protocols and the significance of adequate cloud security measures.
The Union Budget 2021 augurs well for the economy and markets overall. With the aggressive investment, monetization, and recapitalization initiatives, the Government is taking steps towards getting the economy back on the rails. The focus on infrastructure, public transport, and highways will see a jump-starting of multiple tracks of the economy. For the IT Sector, this will translate into an increase in projects, business, and interventions that will be needed to support all these economic programs. Another good move for the IT sector was that the Tax holiday for start-ups has been extended by one year and exemption on capital gains on investment in start-ups extended by one year. India has always been a resilient economy and these efforts will provide the elevation we need to take off and lead in the coming years.