Tech for good is set to become a growing trend with tech innovations from startups, says Kumara Raghavan of AWS at ET Soonicorns Summit
“You can definitely make good use of technology and I think we’ll see more and more of that innovation happening in the future. And even for areas where technology wasn’t accessible before, I think they will feel the impact of it one way or another. And in the times to come, I definitely see that as a growing trend,” Raghavan told Miloni Bhatt, Editor-in-Chief – Digital Broadcast, EconomicTimes.com during of his opening meeting on the first day of the summit.
At the ET Soonicorns Summit, an initiative by EconomicTimes.com to celebrate India’s league of future unicorns and unleash their full potential, Kumara also spoke about the important role the growing number of disruptive startups are playing in the country, including including those in Tier 2 markets, will play into the next Techade feed for India. “You see a lot of innovation coming from these Tier 2 cities in areas like artificial intelligence, climate technologies, and IoT, among others. The growth of startups and startup initiatives in these small towns in India not only proves effective for the founders and entrepreneurs of startups, but these towns themselves reap the significant benefits due to the progress taking place in their backyards. court,” Raghavan said. .
Among the sectors that are seeing the creation of some of the most innovative products and solutions are fintech and software as a service (SaaS), two spaces that are also attracting the most interest and investment from investors. Additionally, AWS remains excited about the amount of innovation taking place through artificial intelligence and machine learning technologies, Raghavan said.
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Edited excerpts from the interview:
EconomicTimes.com: During the pandemic, businesses were forced to digitize, which caused them to migrate from optimized computing to cloud computing and now businesses are realizing the agility, flexibility and scalability that the cloud. Can you give us an idea of how things have changed in the way companies approach and operate their cloud business, between the pre- and post-pandemic period?
Kumara Raghavan: The pandemic has been a life changing experience for all of us. As everyone turns to digital channels to meet their daily grocery shopping or even educational needs, there has been a very rapid adoption of digital services by default. This has pushed companies to move from on-premises computing to cloud computing, so that it can support their rapid technology-driven growth. Cloud computing has been a major contributor to this rapid pace of digitalization globally, especially over the past two years. So, the everyday benefits offered by technology are something we constantly see.
Market projections from an IDC report peg India’s market for public cloud services at $13.5 billion by 2026. This would make India one of the fastest growing markets for the public cloud service as a whole. Also, startups have played an important role in the adoption of cloud services in India. Everyone wants to cut costs, and the cloud is a good way to do that, but the advantage really lies in the kind of agility the cloud offers.
EconomicTimes.com: Companies are recognizing the importance of digital technology in the aftermath of the pandemic and many are investing or trying to invest in AI. Can you give us a sense of the impact of these products and any specific sectors or industries where you may be seeing unexpected interest in AI?
Kumara Raghavan: We are very excited about machine learning technology and so are our start-up customers. India is a growing economy and we see the reach of AI and ML becoming very wide. Initially, it was used as a mechanism to increase efficiency, but now you see a tremendous amount of innovation happening in this area as well. There is significant momentum in the adoption of ML across all verticals, be it healthcare, gaming, edtech, or fintech.
So the way we look at AI and ML is three-layered. At the first level, we look at the basic infrastructure needed to build an AI/ML capability. The second layer of technology is what we call Amazon SageMaker. It is a fully managed machine learning service that helps data scientists and developers prepare, build, train, and deploy high-quality ML models by bringing together a wide range of features. And then we have a set of out-of-the-box offerings like Amazon Textract that automatically extracts text, handwriting, and data from scanned documents.
EconomicTimes.com: Recent government data showed that more than 50% of startups originate from Tier II and Tier III cities. There are also other trends we’ve seen throughout the pandemic, such as working from home and the gig economy. Beyond creating demand for services and products, how do you see these trends and markets actually fueling India’s economic promise?
Kumara Raghavan: India is definitely seeing a very stable but very unique trend of experienced professionals and startup founders moving from metros to tier 2 cities. And you see a lot of innovation coming from these tier 2 cities in areas such as artificial intelligence, climate technologies and IoT, among others. The growth of startups and startup initiatives in these small towns in India has not only proven successful for founders and entrepreneurs of startups, but these towns themselves are reaping the significant benefits due to the advancements taking place in their backyard. -court. So there’s clearly a very strong momentum in the tier 2 city startup ecosystem. And we’re engaging with founders to make sure they have the resources to grow their business with full access to the length and across AWS services.
EconomicTimes.com: Technology is seen as the key to solving so many global problems. But while technology can accelerate progress, it has the potential to exacerbate inequality. How are we driving technology for good, especially in India?
Kumara Raghavan: Businesses have realized that shifting to sustainable business practices in itself provides an opportunity for new and innovative ideas. The call for the private and public sectors to collaborate on sustainable innovation is therefore quite strong. And the use of cloud technology is one way to achieve this.
You can certainly make good use of technology and I think we will see more and more of this innovation happening in the future. And even for areas where the technology was not accessible before, I think they will feel the impact of it in one way or another. And in the times to come, I definitely see this as a growing trend.
Watch the full interview here. You can also visit the ET Soonicorns Summit website to learn more about the