New Normal, Digital Transformation, Industry 4.0
Trust | Transparency | Traceability
“Deep Tech” is an industry terminology that has been given to the sect of companies which extensively make use of Artificial Intelligence (AI), Machine Learning (ML) and various analytical processes to uncover newer business models.
India needs more deep-tech companies utilizing emerging technologies to come up with innovative solutions to the country’s unique problem statements. These technologies have tremendous potential to bring in efficiencies, reduce costs and improve transparency in various sectors across corporate and government. Deep Tech can also be seen through the lens of Industry 4.0, where we rapid advances in technologies are either physical (autonomous vehicles, new materials, 3D printing, advanced robotics) or biological (genetic engineering, neurotechnology, bioprinting).
Turnaround Year 2020: The present year and the decade thereafter will further emphasize on improving interactions and transactions between companies and their customers. As per NASSCOM data, deep tech has seen widespread embracement from Indian start-ups. In 2014, there were only 8 percent adoption out of the total number of companies in contrast to 2019’s 18 percent (out of the 1300 startups), the compound annual growth rate being 40 percent in the last five years.
Main Drivers for Economic Competitiveness: The aim is to incentivise innovation in areas critical to India’s growth, such as health, housing, hygiene, energy and water. DeepTech is also perhaps the final frontier of technology—Artificial Intelligence, Internet of Things, Blockchain, machine learning, cybersecurity, augmented and virtual reality, natural language processing coming together to lead to significant scientific breakthroughs.
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