By Meg Flippin, Benzinga
Macro headwinds may be impacting the economy along with geopolitical tensions, but that isnt stopping businesses from looking to invest in their technology and IT solutions focused on business transformation and improved customer offerings.
For 2023, worldwide IT spending is forecast to reach $4.6 trillion. Lytus Technologies recognizes the growing global demand for technology engineering services and aims to fulfill it through Lytus Digital.
Driving a lot of that growth is spending on software. Forecasts estimate software sales will increase 12.3% in 2023 and 13.1% in 2024. Companies are looking to increase automation and productivity and are spending their investment dollars on software to achieve that.
Need For Digital Transformation
In recent years, digital business strategy has had a growing influence on overall business strategy which has resulted in companies leveraging technological solutions to transform their operations and improve their value proposition. A recent Gartner survey highlighted the demand for these services with 89% of board directors recognising the need for technological solutions but only 35% having achieved their digital transformation goals.
Lytus Technologies new venture aims to serve the needs of the global SME sector which accounts for 90% of businesses and more than 50% of employment worldwide. Lytus Digital reports that it offers a suite of high-quality technology solutions that leverage several leading-edge technologies like cloud computing, wireless sensor networks and low-code rapid application development frameworks to address a wide range of enterprise pain points, and it makes these solutions accessible to a larger customer demographic across the globe.
Winning Isnt Easy
Lytus Digital reports it is working on a range of exciting projects in its pipeline that address the major challenges faced by global enterprises in terms of building their digital presence, facilitating better business practices and improving customer interactions. The company is developing an ecosystem of customizable platforms focused on streamlining business process management, finance and compliance systems. This ecosystem will be integrated with The Next Generation E-commerce Platform featuring virtual and mixed-reality experiences. The company aims to remain at the forefront of innovation by leveraging deep tech like AI-assisted automation, computer vision machine learning and natural language processing.
Lytus Digital operates in a market where the barrier to entry is providing value to customers at aggressive thresholds, said Lytus Digitals Co-Head Jugal Gala when announcing the new offering. Our in-house engineering capabilities will help us break into the market profitably. With this pursuit, we aim to establish strong partnerships in the industry to boost multinational growth, and to build accessible leading-edge technology-enabled products and solutions across various verticals.
Emerging Tech Brand
By entering the technology engineering sector, Lytus is not just tapping an underserved need, but is positioning itself as an emerging competitive tech brand serving global markets The companys business model is potentially disruptive but easily repeatable and scalable across geographies. Its recent launch of Lytus Studios is another example of how the company is leveraging technology to serve growing markets. Lytus Studios is a content creation and technology services business bringing virtual reality, augmented reality, mixed reality and extended reality to the film, video, commercial, corporate and digital markets.
This venture brings a strong tech native presence into our fold of companies and further strengthens Lytuss ambitions to emerge as a leading technology brand in the global markets, said Lytus Technologies CEO Dharmesh Pandya. We are confident that the Lytus Digital team, with their strong engineering capabilities, will have a positive impact on our offerings and revenues.
Lytus Technologies is a platform services company enriching the experience for users whether its streaming content, telemedicine or fintech services. The company reports that its ability to provide a cutting-edge platform regardless of the digital offering is what makes it unique. The company operates telecasting, telemedicine and OTT platforms, leveraging its 5,000-kilometer network of installed fiber and broadband infrastructure to serve more than four million users in India and the USA. It's one of the few Indian companies listed on the NASDAQ.
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