India is one in all the largest and fastest-growing markets for digital consumers with 560 million internet subscribers in 2018, second only to China.
NEW DELHI: The Internet users in India rise by 40%, and the number of smartphones become double by 2023 as data cost fall by 95%, McKinsey said in a report.
Second, to China, India is one of the largest and fastest growing markets for digital consumers with an average of 560 million users in 2018.
On average, each month Internet users consumes 8.3GB(gigabyte) of data as compared with China the users consume 5.5 GB for mobile and 8-8.5 GB in the advanced digital economy of South Korea. Indians have 1.2 billion mobile subscriptions and downloaded more apps — 12.3 billion in 2018 — than residents of any other country except China.
The government also take actions to digitalised the economy, private companies such as Reliance Jio bring down data costs by more than 95 per cent since 2013, JIO said adding the cost of one gigabyte fell from 9.8 per cent of per capita monthly GDP in 2013 (roughly USD 12.45) to 0.37 per cent in 2017.
India is digitising faster than any other country in the study, save Indonesia — and there is plenty of room to grow: just over 40 per cent of the populace has an internet subscription,17 mature and emerging economies said.
The report mentioned that the strategy of Reliance Jio’s bundling regarding just about free smartphones with subscriptions to its mobile service has spurred innovation and competitive pricing across the sector.
As a result, monthly mobile data consumption per user is growing at 152 per cent annually — and it is more than the twice rates in the United States and China. The Average fixed-line transfer speed was quadrupled between 2014 and 2017.
“India will increase the number of internet users between 750 million and 800 million by about 40 per cent and double the Quantity of smartphones between 650 million and 700 million by 2023, and adding the potential for India’s internet subscriber base could reach 835 million by 2023, said in a report.
The growth of internet users in India will be increased in recent years, and it propelled by the decreasing cost and increasing availability of smartphones and high-speed connectivity and is one of the largest in the world.
As a minimum average, social media user spends more time than social media users in China and the United States,i.e, 17 hours on the platforms every week.”By several measures of the presidency and personal cooperations, India is on a fast track to becoming a digitally advanced nation, Just over 40 per cent of the populace has an internet subscription, but India is ready to become one of the world’s largest and most rapidly growing bases of digital consumers. It has to digitalise all of the activities at a faster pace than many other mature and emerging economies.” McKinsey said.
“India core digital sectors, comprising of IT-BPM, digital communication services and electronics manufacturing was accounted for about USD 170 billion of GDP in 2017–18. “We estimate that these sectors could grow faster than GDP, and their value-added contribution could range from
–From USD 205 billion–
- USD 250 billion for IT-BPM only,
- And USD 100 billion to USD 130 billion for electronics manufacturing,
- USD fifty billion to USD fifty-five billion for data communication services,
The total between USD 355 billion and USD 435 billion and accounting for 8 to 10 per cent of India’s GDP in 2025.
India is on the track to adopt digital attributes, and also the variety of smartphones and net subscriptions may still increase speedily within the next 5 years.