Last Week’s Latest
Focused Story Of The Week #1: The Indian National Quantum Mission
India has joined six leading nations in quantum tech as the cabinet has approved Rs 6,003 crore for a National Quantum Mission. Quantum computing is a rapidly growing field that has the potential to revolutionize many industries. According to a report by IT industry body NASSCOM, the adoption of quantum technologies across industries can potentially add USD 280-USD 310 billion of value to the Indian economy by 2030. In India, sectors such as manufacturing, high-tech, banking, and defense will likely lead the charge of adopting quantum technologies for critical and large-scale use cases.
The quantum ecosystem in India is growing at an accelerated pace with 10-15 government agencies, 20-30 service providers, 15-20 startups and 40-50 academic institutions active in this domain. During the 2020 budget, an outlay of Rs 8,000 crore (USD 1 billion) was announced for the next five years to advance progress in quantum information and meteorology, quantum applications and materials, and quantum communications.
The growth of cloud hyperscalers is also making quantum technology more accessible on the cloud. In India, enterprise adoption of quantum computing technology stands at around 1-2 per cent. This is expected to go up to 35-45 per cent over a decade.
Quantum computing has a bright future in India with significant potential for economic growth and development. The government and private sector are both investing in this technology and its adoption is expected to increase over the next decade significantly impacting the Indian economy.
"India can capitalise on quantum computing by investing in research and development, collaborating with the private sector, and developing a skilled workforce."
Focused Story of the Week #2: XaaS: Gaining increasing popularity amongst enterprises
XaaS, or Everything-as-a-Service, is a business model that has been gaining popularity among businesses. It involves delivering products, services, and capabilities to users as services. This model has several benefits for businesses and has a positive impact on the global economy. One of the key benefits of XaaS is that it can help spur organic growth. By embracing a digital technology-based business model such as XaaS, businesses can transition from a product-based approach to a service or outcome-based approach. This delivers enhanced value to the customer and improves revenue.
In addition to driving growth, XaaS also has a positive impact on the global economy. The global XaaS market exhibited a higher growth rate of 7.4 per cent in 2022 as compared to 2021. This shows that XaaS is helping to drive economic growth on a global scale.
However, XaaS companies face several challenges as they scale their businesses. Some of these challenges include assessing company valuations across different models, talent recruiting and retention, multi-jurisdictional security, privacy and regulatory compliance, data rights, governance and monetization, and intellectual property protection and risk management1.
One way to overcome these challenges is to approach the XaaS model with everyone in alignment. XaaS affects almost all areas of a business, so it’s important for all stakeholders to be on the same page when it comes to implementing this model
In conclusion, XaaS is a powerful business model that offers numerous benefits for businesses and has a positive impact on the global economy. By embracing this model, businesses can drive growth and contribute to economic development.
"Embracing a digital technology-based business model such as XaaS can help spur organic growth by transitioning from a product-based approach to a service or outcome-based approach."