2022 Recap and 2023 Forecast: What the Business Leaders are Saying

Business Leaders Share Insights and Forecasts for 2023

In this post, we’ll hear from business leaders across various industries on their thoughts on the highlights and challenges of 2022, and their predictions for 2023. From advancements in technology to shifts in consumer behavior, get a glimpse into the future of business with these expert insights:

Shashidhar Angadi, Co-Founder and Chief Technology Officer, Exterro
“India remains one of the most challenging economies when it comes to protection and enforcement of intellectual property. Coupled with the new hybrid work model, in house investigations have become doubly challenging as insider threat poses serious threat to businesses . When conducting a covert investigation, to detect if any user has been stealing proprietary information, it’s no longer a case of physically borrowing that laptop. Organizations need to obtain remote access to that device, scan and image it quickly . What Indian businesses need are digital forensics solutions that centralize data and analyze it so it can be sent to relevant investigative teams. These solutions will be a gamechanger in 2023 as businesses veer towards workflow automation to cut costs amidst turbulent economic conditions.”

Bob Huber, Chief Security Officer, Tenable
“Nation states will begin to target cloud service provider (CSP) managed services as companies migrate more of their attack surface to these managed services. Cloud adoption continues to rapidly rise, in fact, CSP managed service market is projected to grow to $117.65 billion by 2028, a 14.5% spike from 2020. While there are numerous benefits to cloud adoption and outsourcing cloud services to a MSP, the opportunities for exposure increases significantly, which attackers will without a doubt capitalize on.”

Dr. Mukesh Gandhi, Founder and CEO, Creative Synergies Group
“Going into 2022, businesses were cautious that the economic slowdown in the US and Europe, would produce consequences at a global level. However, India held its stronghold. Businesses reported strong growth rates and according to IBEF, the industry hired 380,000 freshers in 2022. While the year wasn’t devoid of challenges such as addressing the 5 lakh talent gap, shortage of skilled labor and pressures to increase investments in R&D and sustainability, predictions point to a positive outcome in 2023. For us at Creative Synergies Group, 2022 was a very rewarding year. We achieved new milestones, invested in our team’s growth and continued to uphold the 92% customer retention rate. The core of our vision has always been to make things simple, efficient and rapid for businesses across the globe and 2022 gave us the opportunity to expand our capabilities. In 2023, our goals are to leapfrog our unwavering expertise in upcoming NextGen technologies. We look forward to extending our deep-domain prowess to our customers across sectors and welcoming high caliber professionals to our team.”

Deepak Agrawal, CEO and Co-Founder, TurboHire
“In 2022, recruitment automation came into its own as a must-have of the future. Given the large number of layoffs that occurred, the number of candidates actively seeking jobs shot up – which created a clear need for companies to quickly sort through applicants’ profiles and identify the ones most suited for the job. In 2023, we expect an increase in the adoption of AI and automation in recruitment as companies recognise the high costs of poor hires. Applicant tracking systems are already becoming a necessity, with a variety of features to help companies keep tabs on each applicant. To further streamline the process, pre-employment assessments and auto-scheduled interviews will become popular, especially as the remote/hybrid work trend continues. As businesses gun for success after the two-year pandemic slump, having the right talent on board is vital. Recruitment automation will not only speed up the hiring process but also get recruiters in touch with top-quality talent pools – which will ensure that vacancies are always filled with the best fits, both now and in the future.”

Nitish Rai, CEO and Co-Founder, FreightFox
“2022 has been a year of reckoning for global logistics and supply chains. The year created the sensitivity and need for strong supply chain visibility and resilience across manufacturing logistics. This year has also been instrumental in laying the foundation of rapid digitalisation and data-led transformation to create future-ready logistics. Also, 2022 saw strong tailwinds with organisations globally talking about ESG / Sustainability also as a core theme and taking aggressive objectives towards building net zero value chains. We believe this year was foundational in many ways and learnings post-Covid and carved a well thought future path for transformation and resilience in 2023.”

Subodh Parulekar, CEO and Co-Founder, AFour Technologies
“2022 saw cybersecurity come into the spotlight as a high-priority area, even as attacks continued. As many as 54% of organizations experienced a cyber attack in the last 12 months. Around 75% of organizations have experienced some form of security incident due to credential theft, lost/stolen devices, or ransomware attacks. In 2023, we expect to see ransomware protection come into its own through the choice of security tools that a company makes and the training it imparts to its employees. Cloud configuration will also take priority, as misconfigurations can account for up to 70% of all cloud-related challenges – IT teams will take on a more proactive role in testing out different cloud vendors before signing one on. And finally, identity threat detection and response will become a top priority when designing IT infrastructure. Given that hybrid work is here to stay, cybersecurity needs to expand and adapt to the needs of a remote economy – both small and large organizations must therefore build robust practices to dissuade attacks and minimize the damage if they do occur.”

Padmakumar Nair, CEO & Co-Founder of Ennoventure Inc
“With the digital ecosystem being integrated in our daily lives, there is a need for a holistic solution to protect the authenticity of products and services. Counterfeiting is a major roadblock in India’s digital aspirations while costing the Indian economy approximately INR 1 trillion annually. In India, industries such as FMCG and Pharmaceuticals have been the worst affected due to this alarming issue of counterfeiting.

With governments implementing stricter norms and taking stringent actions against counterfeiting across the globe, it is imperative for brands to integrate anti-counterfeit solutions backed by technology to protect authenticity of products. Cryptographic code embedded into the packaging solutions is one such cutting edge technology tool that will stand as a strong deterrent to counterfeiting.

At Ennoventure, we provide covert brand authentication and engagement solutions to create a direct relationship between the brand and the consumer. We believe that adoption of a connected packaging solution will increase conversion rates by multiple times, enabling brands to build a trustworthy relationship with their customers. We have several global engagements and look forward to building a counterfeit-free world.”

Naman Shah, CEO and Founder, NowPurchase
“The year 2022 was a positive one thanks to the increased adoption of technology and the provision of procurement services enabled by technology. Tech has played an increasingly important role in the supply chain in years past, leading to an ever-increasing reliance on tech-enabled sourcing. New factories and industrial parks have emerged since the introduction of the government’s pro-manufacturing “Make in India” policy, which has significantly boosted the growth of the sector. Other government initiatives, such as the National Manufacturing Policy and the PLI scheme for production, aim to bring India’s core manufacturing sector up to international manufacturing standards, and these have helped the country make steady progress toward Industry 4.0.

With the development of technologies like blockchain, AI, and augmented or virtual reality, the outlook for the procurement industry in 2023 appears promising. If SMEs in retail end up being a major economic force, the role of in-house sourcing experts will likely give way to that of consultants who work with multiple buyers to pool their procurement resources. Data and analytics are other significant factors that will continue to remain in the spotlight because they enable quicker decision-making, which in turn leads to better results.”

Meet Vij, Co-founder, Lyne
“The consumer electronics sector, which is among the most active and quickly growing sectors, is showing no indications of slowing down in terms of sales or technological advancement. 2022 has also seen nothing but growth for the consumer electronics market. Especially with the health factor gaining more prominence and relevance, health tracking gadgets have taken the centre stage in innovation. Customer demand for smartwatches, with extensive health monitoring features has increased, leading to brands developing gadgets at affordable costs. Lyne, for example, has introduced the Lancer-1, a smartwatch with a complete health assessment system where it measures and monitors your necessary body vitals like heart rate, body temperature, and stress levels.

Other accessories such as headphones, earpods, and TWS showed a 62% QoQ growth in 2022, with an increased penetration, due to low prices, convenience of use, and suitable gifting options. By 2023, it is anticipated that 490 million wearable devices will be shipped worldwide.

As basic electronics are constantly updating their features to meet consumer expectations, the market growth for power banks has traditionally been slow. Despite this, since the “Work From Anywhere” idea has gained widespread acceptance throughout the globe, innovators are attempting to provide fast charge through all of their charging ports in order to gain a competitive edge.
The consumer electronics and accessories industry is anticipated to expand in the year 2023 as well. For example, the market for wireless headphones and earphones was worth INR 11.47 billion in 2016 and throughout the estimated period, it is anticipated to increase at a CAGR of 12.1%. Growth is undoubtedly impacted by manufacturing and importation expenses, but since overall demand also has an impact on these costs, the market will undoubtedly keep growing.”

Gaurav Burman- VP & APAC President, 75F, India
“The Building Management System industry has witnessed a significant spurt in demand for HVAC systems and advanced IoT-embedded solutions. Throughout the year 2022, the industry has been amidst a technological revolution to keep up with the evolving needs of homebuyers and builders. Rapid technological advancement coupled with the adoption of IoT technologies have resulted in the creation of smarter and more efficient HVAC systems, which are enabling buildings with intelligent solutions. Building owners and facility managers are now striving towards newer energy efficiency standards as they get empowered by actionable intelligence.

The increase in pollution and poor indoor air quality has prompted India to prioritize building management solutions for ensuring an optimal working environment. With the government emphasizing on energy efficiency, green buildings, and climate control measures through its Energy Conservation (Amendment) Bill, sustainable business practices have started gaining momentum. Businesses are prioritizing converting to green buildings to be in line with the Indian government’s goal of achieving a net-zero emission status by the year 2070.

At 75F, we are very optimistic about the year ahead as we see a high demand for services in the BMS industry as businesses and building managers look towards optimizing operations and increased energy efficiency. With our Smart Building Technology and IoT solutions we look forward to being an active part of this journey towards a greener and sustainable future.”

Sachidanand Updadhyay, MD & CEO, Lord’s Mark Industries (Lord’s Automative Pvt Ltd, a part of Lord’s Mark Industries
“The EV space in India is rapidly evolving. The growth opportunity is huge because of growing EV adoption. Our outlook is positive, and we are geared up to play our role in the transportation landscape transition. With multiple EV launches in the two-, three-, and four-wheeler space, and a robust growth rate of 686 percent in the first quarter of FY22, it’s evident that this has been the biggest year for electric mobility in India. Electric two-wheelers alone saw 250 percent y-o-y growth, while carmakers across all categories launched more models than in any previous year, and we’ll see a steady rise in EV launches in 2023.

In 2023, the government will focus more on developing EV infrastructure. The government is expected to propose provisions in the upcoming budget to promote the adoption of EVs and provide incentives for battery manufacturing. It will announce incentives to promote the domestic production of EVs and energy storage systems. There is also the possibility of a reduction of 5-20% of the existing import duty on parts used to make lithium batteries. Further, the government has also decreased the goods and services tax (GST) on EVs. To encourage domestic manufacturing of EVs, taxes on items like synthetic separators, anodes, and cathodes used in lithium-ion batteries can be reduced as well.”

Mr. Jose Ramapuram, Marketing Director at Evolve Back Resorts
“Interestingly, 2022 saw most travelers look up luxurious accommodations that checked all of their boxes for wellness, adventure, and authentic yet immersive experiences. An uptick in demand for enlightening and culturally unique activities was also observed. Our coracle ride, historical treks and trails in Hampi, coffee plantation and worker’s trail in Coorg, and the safaris to discover the Indian biodiversity in Kabini; all piqued people’s interest this year. This also drove a lot of people to choose our properties for their intimate weddings and honeymoon. Furthermore, we have noticed a shift in the industry over the last few years as demand for ethical and sustainable travel has increased. As we foresaw the environmental impact of our sector, the core of Evolve Back’s philosophy was implemented to preserve the ‘Spirit of the Land’, curate experiences around local culture and heritage. Keeping this in mind, most hotel and resort chains are also moving toward sustainable practices as inflation, the recession, and awareness of climate change are predicted to increase. While sustainable travel is here to stay, demand for bleisure (business+leisure) is also rising. In the era of flexible, work-from-anywhere trend, we saw multiple corporate employees visit our properties for leisure purposes that also enabled them to work remotely. Additionally, it is projected that tourists would favor locations that are great for solo travel or for capturing the aesthetic on social media while also providing a unique experience. We envision all these trends will continue to be popular in 2023 and look forward to another successful year of creating lasting experiences.”

Sridhar Balram, Founder and CEO Intech Additive Solutions
“We had an incredible year where we exported our 1st mid-format LPBF Metal 3D Printer iFusion325 to Europe, launched our 2nd Gen iFusion150 Metal 3D Printer and showcased our ‘iFusion325’ Metal 3D Printer at Formnext along with our One-of-a-kind Parameter Optimization Software ‘AMOptoMet’. Additionally, we established several business alliances with significant aerospace, tyre, defence, and research players, including Bellatrix Aerospace, UIT Dresden, and others. We have been a part of this industry for over a decade, which helped us recognize the pertinent need for sustainable technology across all production sectors. This has increased market awareness of the need to move away from traditional methods and gradually adopt Additive Manufacturing (AM). We anticipate a rise in demand for AM solutions for high-volume production as India transforms into a manufacturing hub for large-scale international businesses. With the rapid advancements and perpetual upgrades in software and solutions, AM is keeping up with consumer demands and various industrial needs. It is said that the global additive manufacturing market size is expected to expand at a compound annual growth rate (CAGR) of 26% from 2022 to 2030. In 2023, we are committed to growing our capabilities and increasing our base globally to build supply chain resilience. As most customers are turning to additive manufacturing for their manufacturing needs, we hope to reinforce our position as leaders in the AM space worldwide.”