India networking products market grows 21.6% in Q3 2022
Here's your daily dose of key developments in the technology world of India.
India networking market grows 21.6% in Q3 of 2022: IDC
The networking products market in India which includes ethernet switch, routers and WLAN segments witnessed a 21.6% year-on-year (YoY) growth in terms of vendor revenues for the third quarter of 2022 calendar year, according to International Data Corporation (IDC).
The very strong growth was exhibited on the back of vendors trying to clear backlogs as much as possible before they step into the next financial year.
Chip shortages continue to be an issue and the same is expected to last at least till the first half of 2023. Despite the multiple challenges that include delays in delivery, price increases, and a slowing global economy the demand for networking equipment remains unscathed. The new normal is expected to propel more demand towards wireless owing to hybrid work and technologies like 5G expanding the edge.
Switching business in India had a strong 30.4% YoY growth by vendor revenue during Q3 22. Overall strong growth in the switching segment pushed up the growth for both DC and non-DC switching at similar levels of 30.4% and 30.5%, respectively. Key industries that contributed to the switching business include services, finance, telecom, and manufacturing.
Improving customer experience top priority for insurance industry CIOs: Survey
Improving the customer experience and operational excellence, not growth, is the driving force of a majority of insurance digitalisation initiatives in 2023, according to a new Gartner, Inc survey of insurance CIOs and technology executives.
The 2023 Gartner CIO and Technology Executive Survey gathered data from 2,203 CIO respondents, including 91 from the insurance industry in 81 countries and all major industries, representing approximately $15 trillion in revenue/public-sector budgets and $322 billion in IT spending.
“Improving the customer experience (CX) ranked higher in the survey this year than more strategic focuses, such as growing revenue or new products/services development to support transformation. The economic stressors of the coming year are making companies refocus and shift directions to fill gaps which have existed for many years,” said Kimberly Harris-Ferrante, Distinguished VP Analyst at Gartner.
With operational efficiency top of mind, especially as insurers face a possible economic downturn and the need to drive more value to stakeholders, the implementation of process change and technologies is key. The survey found that over half of CIOs are increasing technology investments in 2023, with the most common areas being application modernization, cybersecurity/information security and BI/analytics.
Infosys Foundation’s Aarohan Social Innovation Awards
Foundation, the philanthropic and CSR arm of Infosys has announced the launch of the third edition of its Aarohan Social Innovation Awards.
The Aarohan Social Innovation Awards 2023 seek to encourage and reward individuals, teams and NGOs developing unique technology-based solutions that have the potential to bring about a significant difference to the underprivileged across India, at scale. The Infosys Foundation will commit up to Rs 50 lakh per winner, with a total award purse of Rs 2 crore.
The Aarohan Social Innovation Awards 2023 will accept submissions across three categories: education, healthcare and women empowerment.
“At Infosys Foundation, we have always believed in the power of working relentlessly towards social good. Aarohan Social Innovation Awards further this very aim through a platform where the finest innovations with the potential to impact social good are valued, encouraged, and rewarded, said Sumit Virmani, Trustee, Infosys Foundation.
Edited by Kanishk Singh
