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COVID is Set to Revamp the Work-Life Culture

Be it professional or personal, this pandemic is poised to revamp the consumer needs. The social and work-life of every individual is set to see major transitions in the years to come. With the COVID-19 lockdown being relaxed in phases, the companies are gearing up and re-aligning itself to bag opportunities that are set arise out of this scenario. The trends to emerge in the market post-COVID-19 will involve adding intelligence to products and convergence of technologies to ease out the lifestyle or be it saving time and increasing self-sustainability.

Even before the lockdown was announced, market players are seeing a huge demand in the ICT products across different sectors as Chromebooks and laptops have started to move fast from the shelves. For instance, work from home efficiency surveys and industry’s voice claims increased productivity, backed by headlines of manifold increase of sale of ICT and non-essential goods with e-commerce are some examples of the hour.

Global Supply Chain Disruption

Though the global PC shipments saw a minuscule growth last year; highest in the 7 years, this revamp is set to increase the demands of products specifically notebooks, work stations, conferences, networking, and allied devices at a higher rate. By 2023, the global traditional ICT market is projected to have a sustained growth to reach $4.4 trillion, while the ICT with newer technologies witnessed to grow at 6 times faster to reach $1.3 trillion at a rate of 15.8% CAGR.

This spike in newer technologies ICT devices is due is emerging technologies and increased adoption of IoT, AI, robotics, augmented, and virtual realities. However, the unsettling trade war between the world’s largest consumer of ICT products and the largest exporter has begun disrupting the manufacturing supply chain. [1]

India’s ICT Hardware Manufacturing

India, one of the fastest-growing ICT markets are projected to reach $144 billion by 2023, growing at a rate of 7.2% CAGR. Some of the key initiatives such as Digital India, faster adoption of emerging technologies due to its young population are some key factors fostering this growth in this sector. The Digital innovation hub of the world with the largest global outsourcing market share of over 55% and fast-growing exporter of computer hardware with the growth of 14.78% CAGR in the last couple of years, India is well-positioned to transform into next ICT hardware manufacturing hub in the years to come.

The “Make in India” and “Vocal for Local” initiatives, along with the announcement of much-awaited Government of India’s incentive schemes such as Production Linked Incentives (PLI), Scheme for Promotion of Manufacturing of Electronics Components and Semiconductors (SPECS), and Electronics Manufacturing Cluster 2.0 are a great step. This along with India’s distinct advantages such as skilled manpower, competitive labor costs, proven prowess in design, and development of complex software will help boost India’s ICT hardware manufacturing industry including the component ecosystem.

Backed by 40 Years of Expertise

Syrma, with its 4-decade old electronics design and manufacturing expertise, provides manufacturing diverse markets and been one of the largest suppliers of ICT hardware to Overseas and India’s government-owned telecom service provider. We understand our Indian market and we’re very familiar with its vast regulatory and selling environments. We foster growth opportunities within India through our strong technology incubation ecosystem. We also assist global OEMs seeking to enter the Indian market by leveraging the local supply chain and favorable operating environments for cost reductions.

Our flagship Chennai location opened in 2006 and lies within a Special Economic Zone (SEZ) for electronics manufacturing, offering economic incentives for imports and exports. This primary facility is within 90 minutes of the Chennai seaport and 20 minutes to the international airport, with additional road and rail connectivity linking to the rest of India and beyond, as well as infrastructure advantages with faster import and export clearances. We also have labor force availability, both technical and manual, to rapidly scale to client demand. We look forward to discussing how we can deliver world-class products for OEMs and solution providers across the globe.

To learn more about this topic, please contact us.

Syrma TechnologyCOVID is Set to Revamp the Work-Life Culture

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