Technology accelerating breakthrough innovations in the 21st century?

In a constantly evolving world, technology has become the nucleus of disruptive innovations. From the creation of efficient tools for usage in daily life to the development of improved medical treatments & defence instruments, it has been a major driving force behind many of the innovations we have seen in recent years. With technology, we are able to achieve things that were once thought to be impossible. 

In this blog, we look at how technology is accelerating innovations & changing the world as we know it.

What do statistics indicate?

Studies suggest that in the next three years, 38.6 billion IoT-connected devices are predicted to be in existence around the world. Given a few more years, it could grow to 50 billion. 

Looking at the global startup landscape, there were about 1.35 million tech startups in the world in 2020. In India, there are 75,000 start-ups as of 2022. A majority of these startups are either based in technology or have technology as part of their business. 

Technology's significance to 21st-century innovations 

Technology became the turning point in our lives with breakthrough innovations made throughout the 20th century.  It continues to be assimilated into our day-to-day life in the 21st century and has ultimately reached the most remote corners of the world. So what can be done to ensure that innovation progresses enough to make the world a global village?

For innovation to continue to advance, a bridge must be built between the manufacturer & the customer. Each technological advancement gives countless opportunities to an entrepreneur to develop, implement, & scale their innovation into a profitable enterprise. Technology has thus evolved into a not-so-secret but magical element for entrepreneurs worldwide.   

Thanks to the boundless potential that technology offers, the world at large has significantly improved. 

The role of technology in startups

Each vertical of an organisation is now tech-assisted or tech-based. It drives down cost, efforts, & resources required, thereby increasing accessibility, efficiency & scale. It makes a startup conducive & sustainable for the future. 

From hypothesis to maximum success, technology is the solution. Insights on consumer demographics, funding l&scape, competitors, global market trends & much more are now available at the click of a button on your screen. In fact, 90% of the world’s data that forms the core of today’s startups, is estimated to have been collected in the past couple of years & the answer is clear - it was made possible with technology. 

Similar to how art is to an artist & air is to life, these advantages make it impossible to distinguish technology from other formerly distinct fields. Edtech, Healthtech, Fintech, Agritech, & many other industries are now interlaced with technology.

The Indian ecosystem

Today, Indian businesses are attuned to technology, either fully or partially. In fact, technology is now boosting the growth of e-commerce businesses in India. Whatsapp businesses underline its prevalence. 

The Indian technology industry is present in over 100 countries. India is now the largest tech hub in the world, with $227 billion expected in revenue this year. The software as a service (SaaS) sector, originating in India, is expected to create $1 trillion in value & almost a quarter of the industry’s revenues by 2030. According to Debjani Ghosh, President of NASSCOM, “India’s sweet spot is its leadership in building inclusive public technologies”. We have also attracted global attention for our technologies developed for the benefit of society. (NASSCOM, 2022)

What enables us to outperform the odds?

India places a strong emphasis on technology & service delivery. Other factors include its first-rate infrastructure, & its vibrant startup ecosystem. Additionally, we have a sizable pool of digital talent, a strong & diversified population, & a number of global development centres, all of which have given us a strategic advantage to penetrate international markets.

Technology, the foundation of innovation

Innovation is not a linear concept. Any basic concept is enhanced by years of modifications, which frequently cover several decades. 

Did you know that the modern matchstick—used to start a fire—was not created until 1826?  Which means it took over a millennium for fire, the ultimate symbol of innovation, to be incorporated into its evolved variants.

However, in the modern world, many ideas develop quickly & many wouldn't have been conceivable without technology. This just  exemplifies how crucial technology is to making futuristics & innovative advances!