Although technology and life are seemingly different, they have a common component: Both are open to change. Technological development has transformed our lives so that our lifestyle has been completely revolutionized.
To better understand this evolution, we need to look at how tech solutions have enabled people to save energy, make efficient use of resources and make the most of opportunities through Artificial Intelligence, Machine learning, IoT, Blockchain, and Cybersecurity. This article focuses on the technological advancements made by the Cleantech, FinTech, and Industrial Electronics components sectors. Let’s discuss them one by one.
In the early 2000s, the cleantech sector targeted massive investment ($75 billion investment in 2006; a growth rate of 60%). Many analysts expected the market to quadruple in just a few years.
India’s market for clean technologies is growing disproportionately, and the country will increasingly rely on pure methods to generate, transmit, and manage its energy. Yet market entry is challenging.
In India, young entrepreneurs install 75% of the solar PV capacity. to reach a 15% share of the total energy supply, the government expects to invest over $200 billion. A critical issue that many companies don’t want to hear about is carbon emissions. In India, several companies including us have taken the first steps towards reducing carbon emissions. We can also rise to the challenge of combating climate change and developing carbon-free technologies to help the world. Our organizations have come together to launch and drive the
Carbon-Free Technologies Initiative.
CLEANTECH EXPANDED THE BATTERY MANAGEMENT SYSTEM IN ELECTRIC VEHICLES Electric vehicles powered by batteries replace internal combustion engines as the primary source of transportation. The switch from conventional gasoline-powered cars to electric ones was sparked by the demand for electric vehicles (EVs). An electric car is propelled by electric traction motors. Alternatively, it could be self-contained with a battery, solar panels, or an electrical generator to turn gasoline into electricity. It could also be powered by energy from outside the car via a collector system.
FinTech
It may not be evident to us, but innovation has always played a crucial role in the financial sector especially in the field of financial inclusion and banking the unbanked. In any case, the past 65 years have played a massive role in developing the fintech industry and creating a few fintech arrangements.
The digitalization of banking services marked the beginning of the 21st century. The fintech business was severely impacted by the financial crisis and the rise of smartphones. Thanks to digitalization’s growing reach, we saw the emergence of the fintech industry following the 2008 financial crisis that shattered trust in traditional economic institutions.
For example, the introduction of Bitcoin in 2009 significantly impacted the financial sector, and many new cryptocurrencies followed. Various fintech models emerged, including alternative credit scoring, digital wallets, and many others.
India now has a system that allows start-up companies to exponentially develop into enormous organizations. Directly from digging into a scope of unexplored portions of the business world, new Fintech businesses are enabling advancement that was deemed nearly impossible to accomplish.
FINTECH THAT STRETCHES THESE PLATFORMS
Make in India, launched in 2014, has dramatically improved the business environment by making it easier to navigate the business processes in the country. As a result of this movement, there has been a drastic change in the Indian financial sector.
● The rise of Open Banking and Banking as a Service (BaaS) platforms has helped third-party businesses access financial details and enabled banks to move away from complicated systems to digital banking, substantially improving customer experience.
● For both financial and non-financial enterprises, Hay-as-a-Service (HaaS) offers quick, safe, and customizable financial services processing. According to the company, the solution is supported by a low-code automation platform and can handle the challenges of operating its services at scale for its clients.
● In the Software as a service (SaaS) sectors, the advent of fintech infrastructure providers is already having a disruptive impact (the markets for apps centered around a particular market segment or industry). SaaS vendors provide businesses with tools designed specifically to satisfy their demands while taking care of their financial requirements.
● Fintech institutions can fully embrace the cloud by using Platform-as-a-Service (PaaS), which gives them the flexibility to respond to the constantly changing needs of their customers. Businesses can save money and time by utilising the cloud’s capabilities instead of developing and maintaining traditional servers and software themselves. Fintech organizations may access real-time technology around-the-clock with PaaS’s flexibility.
Industrial Electronic Components
Over the last decade, the electronics sector has advanced in leaps and bounds. Looking back over the last ten years, we’ve seen a significant stride in two key aspects that have made industrial electronic components popular: Surface mount technology and miniaturization. Surface mount technology has enhanced the efficiency and automation of electronic circuits, and miniaturization has improved the simplicity and reliability of these circuits.
China has been dealing with severe power shortages in recent months, and some areas are now allegedly experiencing blackouts. These shortages have resulted from increased manufacturing demand and an attempt to reduce fossil fuel consumption. All significant importers, including India, have been requested to limit the hours that manufacturing units can run.
With the Indian government focusing on “Make in India,” this may be the moment to boost manufacturing and even allow Chinese corporations to build up production hubs in India. However, this may require hastening various pending economic changes and relaxing business regulations in India.
Some Words on Our Work
We have made remarkable contributions to the development of technology in India. We can divide these innovations into four main groups, which we will try to introduce (touch on) below:
● Evolute Fintech Innovations: As a hardworking “Make in India” company, we’ve witnessed the expansion of the Fintech vertical and also adapted to the technology that helps the tier 2, tier 3 and tier 4 population inculcating financial inclusion for a better tomorrow. Further strengthening our reach in the market with our innovative products and solutions. IRIS scanner and fingerprint scanner for better authentication, NFC/Contactless and smart card reader, facial recognition, etc are some of the technologies that we harness. Due to legislation and high client expectations, Evolute FinTech Innovations primary goal is to offer services and implementations with
long-term potential.
● Evolute Cleantech Solutions: With our DSIR-certified R&D center and our TQM and ISO 9001:2015 certified state-of-the-art manufacturing facility in India, we at Evolute Cleantech Solutions are committed to developing, implementing, and constantly improving our services with full consideration for our planet and people. Our battery pack chemistries include Lithium Ion and Lithium Ferro Phosphate, Smart BMS, IoT, etc.
● Digital Financial Solutions: We’re pleased to introduce SpiritusPay, among many other products. SpiritusPay is the first all-in-one assisted services model with a vision to bring technology and digitalization into the hands of millions of people worldwide.
● Glomore Electro-Tech Solutions: Glomore Electro-Tech is a full-service turnkey provider of value-added industrial electronic components for the energy, telecommunications, consumer, industrial, automotive, and medical markets.
Evolute Group has established itself as a preeminent technology conglomerate with a legacy that spans four decades. Today, technological upheavals are leading people to a better way of life.
Wrapping Up
There is no question that cleantech and fintech have become a hotbed of innovation over the past decade. Entrepreneurs and investors are flocking to these sectors, and extraordinary technological and economic advances have been made.
Innovations have been witnessed, and we have adapted to them. Industry 4.0, for example, is revolutionising the way companies make, improve and distribute their products. Manufacturers have integrated new technologies such as the Internet of Things (IoT), artificial intelligence and machine learning, cloud computing, and analytics into their production facilities and operations. And we have adapted to it, too.
Statista source:1 (https://leonard.vinci.com/en/a-brief-history-of-cleantech/)
Statista source:2 (https://www.inventiva.co.in/trends/top-10-best-cleantech-in-india-2022/)
