TWTW Weekly Wrap Up: 20-26 Nov

• Migu, a division of China has created a "world first" virtual environment so that its subscribers can watch FIFA World Cup games using VR headsets.
• Existing satellite technology could save up to 5.5 billion tonnes of CO2 per year, helping to accomplish one-sixth of the emissions savings required to reach net zero by 2050. (Report by Inmarsat and Globant)
• In exchange for USD 200 million in cash and an additional USD 100 million in shares, Palo Alto Networks plans on acquiring of Cider Security.
• The European Union nations has decided to move forward with a USD 44.4 billion deal to become the semiconductor hub, plan to jump-start the bloc's semiconductor production. 
• Blockchain Technology in the Healthcare Market projected to expand at a CAGR Of 64.4 per cent between 2018 and 2026. (Report by Douglas Insights Report)
• Building on the Trade and Technology Council, India and the European Union (EU) have struck a deal to collaborate in areas of climate modelling and quantum technology.
• Bharat Electronics Ltd. and the Indian Institute of Technology Madras have inked a Joint Development Agreement to collaborate in the field of Quantum Science and Technology.
• India assumes the Chair of the Global Partnership on Artificial Intelligence, will work in close cooperation with member states to put a framework in place.
• Report by GlobalData predicts that the IT services sector would dominate the Indian ICT industry, growing at a 9.1 per cent CAGR to reach USD 80.4 billion in 2026.
• According to CyberMedia Research, 5G tablet shipments in India increased by 61 per cent quarter on quarter (QoQ) in Q3, outpacing the overall market's 22 per cent increase in shipments.

Focused Story Of The Week #1: The Indian IT Sector – A Growth Driver For The BFSI Industry

Between 2021 and 2026, the ICT revenue opportunity in India is expected to grow at a CAGR of 9.3 per cent. In terms of growth, government intervention in supporting innovation across verticals and successful technology implementation will help India outpace other nations in the area. This is projected to revitalise the market by producing a strong demand for ICT products and services, propelling enterprise ICT revenue in India throughout the forecast period.

The BFSI sector is predicted to contribute for 13.6 per cent of the revenue in the Indian ICT market over the forecast period. This shows the potential that the IT Sector has in driving growth in the BFSI sector. With the BFSI sector focusing more on strengthening legacy infrastructure and embracing digital transformation, investment in digital services and technologies such as AI, IoT, cloud, and blockchain will expand. Adoption of a unified payments interface (UPI) and digital payments in the fintech domain will also make the BFSI sector a significant market driver for ICT.

Increasing adoption of emerging technologies such as Industry 4.0 and digital twins, as well as ongoing efforts by the Indian government to accelerate technology adoption and drive the country's digital inclusiveness through the Digital India Program and MSME schemes, are key market drivers for India's ICT revenue market growth.

"A robust banking structure enabled by the latest tech innovations will help India transition from a developing nation to a superpower where the IT Services Sector will play a huge role."