Indian IT firms should update to the technology of tomorrow to remain competitive, according to Sangeeta Gupta, senior vice-president and chief strategy officer at the National Association of Software and Services Companies (Nasscom), a trade association composed of Indian IT and business process outsourcing firms.
Nasscom noted that the popularity of new technologies such as robotics, artificial intelligence, blockchain, and Internet of Things (IoT) is changing how firms and individual consumers use technology. The trade association has decided to stop giving its annual growth forecast for the industry, an important factor that will assess the sentiment of the sector.
In 2019, Nasscom said it was “cautiously optimistic” about the industry and pointed out rising global economic uncertainties due to trade wars and protectionism. Rising concerns about layoffs have remained amid automation and AI increasingly becoming part of every organization. However, industry leaders said the industry continues to hire people in large numbers.