India’s Digital-Driven Revenue
Over the years, Asia has become a force to reckon with in terms of digital innovation and transformation. The Asia-Pacific region houses about sixty percent of the global population and around fifty percent of internet users in the world. It is also the region that serves as home to some of the fastest-growing economies in the world. Thus, it is no surprise that Asia is already ranking ahead of many other continents like America and Europe in terms of digital innovation.
One of those countries that stood out among others in Asia is India. Companies in the country have experienced rapid growth in recent times due to their adoption of technology and digitalization.
Asian technology investments over the years paying off
According to a 2016 report by Cognizant, companies in India and other Asian countries had already begun to spend more on technology than other regions. The report which was titled “Work Ahead in Asia”, states how Asian companies spend about 15% of their total yearly income on making technology investments while the global average stood at 11%.
Many Asian firms invested heavily in technologies such as AI, automation, and the internet of things. When the unexpected COVID-19 pandemic struck, these investments began to pay off. While almost all countries were badly hit by the virus, the economies in India and other Asian countries were able to bounce back faster than the western nations.
Indian Economy performing better than other Asian countries
As of October 2020, India recorded higher tax collection with its GST (goods and services tax) crossing 1 trillion rupees. It also experienced a huge increase in the demand for power, exponential growth in digital payments and also increased foreign investments.
More research shows how digital transformation in India helped to ensure a continuous increase in Indian’s IT sector and other areas of the economy. An example is a recent study by Cognizant which shows how India fared better than other Asian nations after the pandemic.
According to reports from the study, only 36% of Indian firms as compared to the regional average of 44%, were affected negatively by the COVID-19 pandemic in 2020.
Furthermore, the study reports that about 12% of India’s total revenue in 2020 was gotten from digital channels. And this represents the highest percentage of digital revenue gotten by countries in Asia.
India’s Gaming Sector is one of the biggest contributors
In recent years, India has been one of the biggest markets for digital and online games in the world. The year 2020 brought about a surge in the demand for games and gaming products like never before. It also saw many foreign developers and gaming companies gaining more interest in the Indian gaming sector.
There has also been an influx of many online casinos and gaming sites to India. This has created plenty of options for India’s young population to enjoy their favorite games without having to leave their homes. They enjoy these games with their smartphones and mobile devices, which have also become readily available in India.
Indian card games such as real cash Teen Patti and Rummy are representing the biggest growth in terms of gaming in India. Teen Patti especially is the largest Indian game online currently. Having attracted the attention of several foreign developers, the game is now available in different versions.
Digital Revenue from Indian IT Companies crosses $50 billion
Reports from India’s IT organization, Nasscom, show that the revenue from IT firms crossed over $50 billion in 2020. The managing director at Wedbush Securities, Moshe Katru, believes that this growth is a result of the firms’ investment in digital knowledge in recent years. According to him, IT companies in the country have aggressively invested in providing training for their employees in new digital technologies, employing onsite experts with knowledge in newer technologies, and also refreshing their workforces to focus more on digital and cross-selling digital-based projects.