Which startups pay off best in Bangalore
Technology landscape 2020 - 5 trends in Bangalore’s IT industry
The early 90s didn't just spawn Kurt Cobain and the Simpsons. A technology that has changed the world rapidly to this day has also been commercialized - the Internet. With the internet came a profound change - a technological revolution. Since then, we've seen a number of new technologies and breathtaking innovations almost every year.
We are now close to the next decade. The digital transformation is far from over. New technologies such as machine learning, artificial intelligence and automation are still in their infancy. Developing countries in particular are investing a lot in order to get a piece of the pie.
A recent study by Gartner estimates that India will spend $ 94 billion on IT in 2020. That is an increase of 6.6% compared to the previous year. Much of the money is used to develop technology in Bangalore - the city where most engineers and software developers live and work.
In such a scenario, what does the IT industry in Bangalore look like in 2020? Can you count on a further increase in the numbers? Will you soon only be producing with robots? Or can we even travel through time? In this post, we want to highlight 5 trends to watch out for in Bangalore over the next year and probably throughout the decade.
1. "Millennials" and the startup culture
New innovations have come more and more frequently from India over the past two decades, despite the economic constraints that come with the constraints of a developing country. With no great universities, accelerators or incubators, Indian entrepreneurs have had to overcome many obstacles in order to bring the tech industry to today's highs. An amazing dedication and indomitable steadfastness have helped them create extremely successful businesses.
The IT scene in Bangalore today has a keen sense of entrepreneurship. The large number of talented, success-driven “millennials” alone has Founded over 1200 new startups in the last year, according to a report from NASSCOM.
In 2018 alone, Indian tech companies managed to raise an impressive $ 12.68 billion in equity funding and an additional $ 1.14 billion in debt funding. And the largest share flows directly into companies based in Bangalore. And that's not all. According to forecasts, around 11,500 startups will have settled in Bangalore by 2020. If you want to start an IT company and are still wondering about the right location, then you have found it now.
2. The growth of the IT giants
Although Bangalore is the third largest startup ecosystem in the world, the advantages of infrastructure and abundance of resources have also attracted many large international corporations to set up offices there. These companies represent Bangalore's success and quality of work.
Take Flipkart, for example. The company was founded in 2007 in Bangalore and currently has a market valuation of $ 20 billion. Another company is Inmobi, which deals with automation and artificial intelligence. It was named one of the top disruptors by CNBC in 2019. European and US companies have also settled here. In addition to Amazon and Uber, Cognizant, Texas Instruments, Mercedes, Microsoft, SAP and many more have their development centers in Bangalore.
3. AI-guided robots
The World Economic Forum's (WEF) Future of Jobs 2018 report suggests that around 75 million jobs could be lost to automation by 2022. But they also add that another 133 million additional jobs will be created. This would mean that chatbots and robots would cost a lot of jobs, but new technology and opportunities will also create new jobs.
It is interesting that 78% of Indian IT companies use some kind of AI technology to implement more efficient processes or to improve their products. Countries like France or Japan cannot keep up. For example, AIndra Systems and Formcept have launched AI platforms that have proven to be very valuable in data analysis. With more and more AI-based applications being developed in Bangalore, we can rely on one thing in 2020: the wave of success will not decrease.
4. Offshore software development
More and more technology companies in Europe are feeling the effects of the shortage of skilled workers. Offshore software development is exactly the solution you are looking for. The global offshoring market has grown steadily over the past few years. This is not surprising and the trend will continue into 2020.
By expanding into a country like India, where technology is constantly evolving, companies can leverage the vast talent pool and reduce their operating costs. In India, 1.5 million new engineers enter the labor market every year. In such a scenario, finding the best developers with a few years of experience and an enormous thirst for knowledge is no longer a difficult task. Keep this option in mind because the best developers are in 2020 in Bangalore, the Silicon Valley of Asia.
5. Technology conferences and knowledge sharing
The IT industry in Bangalore is huge, with innovative minds and competent executives. The best place to find them is where they gather together - at technology conferences. If you think conferences are boring, we hope to change your mind with this.
Technology conferences help you learn new technical tricks that you've probably never heard of. It also helps you learn how other companies approach their work and projects. What works for others can work for you too! A new perspective is sometimes all that is needed. Conferences are also a great way to meet new people, discuss the latest developments, get legal clarity on topics affecting the tech community, and even find potential new employees.
In a city like Bangalore, where so many big conferences are held every weekend, it would be a shame to miss them. Here is a list of the biggest tech conferences to be held in the city in 2020!
If you would like to build your own team of experienced developers in Bangalore in 2020 and want to be one step ahead of the competition, then get in touch with us. Simply fill out the contact form and we will get in touch with you.
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