Often labelled as a developing country, India’s rise to its innovation prominence is not without bumps, yet by striving through the odds it emerged as one of the most influential leaders in the industry. It has been named the start-up hub for millennials, an offshore hotspot for software design, and boasting large proportions of AI investments. What made Bangalore’s transcendence so unique?
- young workforce has set up at least 1200 start-ups
- nurtured a group of young talents in post-industrial trades and businesses
- strong encouragement and culture brought about the robust talent base
- home to the headquarters of many multinational corporations
- 78% of Indian IT companies have adopted different forms of AI
- heavy investments in AI and Big Data analysis
- massive talent pool and lower operative cost attracts global offshore establishments
- catered to the particular needs of talent shortage in European countries
- springboard for foreign companies to tap into Asian technological markets
Bangalore’s IT stage boasts strong entrepreneurship, encouraging millennials to build their start-ups from scratch. Among the young workforce is the Chairman and Managing Director of India’s largest biotechnology company, Kiran Mazumdar Shah from Biocon Limited. Great skills, resilience, and tenacity were inherent in their culture, enabling fast market expansion of the IT industry. As of 2018, the young workforce has set up at least 1200 start-ups, ranking third in the world’s start-up ecosystem.
Thanks to its sound infrastructure and abundance of resources, the southern Indian city is home to the headquarters of many multinational corporations. Global information titans like Cognizant, Texas Instruments, Wipro, Microsoft, and SAP Labs all have their R&D centres in the city. Heavy investments in AI technology also give Bangalore an edge in Big Data analysis and processing. Studies show that 78% of Indian IT companies have adopted some forms of AI to pump up efficiency, jump-starting on traditional countries.
With talent shortage becoming increasingly alarming in Europe, many companies seek offshore talent. In a country where 1.5 million engineers are produced every year, these countries can look no further. Offshore software development gives companies leverage on the massive talent pool and lower operational costs by setting up their own multinational R&D centre. In the endlessly evolving realm of technology, there are boundless opportunities for IT market expansion in Bangalore.
Resting in the heartlands of Asian civilisation, Bangalore offers various opportunities for the IT industry to thrive. With new technologies coming up every so often, this surely is the next city to be crowned the “silicon valley” throne.
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