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India: A well connected market

India: A well connected market

Aparna Dutt Sharma, Chief Executive Officer, IBEF

Oct 27, 2014 3:12 PM

The increasing role of internet in the daily lives of Indian population is an indicator that the economy is getting ready for the technological changes in the global market. For instance, the rising internet penetration in India is expected to fuel growth of many industries, including ecommerce and telecom. Presently the internet penetration in India stands at 245 million people and is expected to reach 500 million internet users by 2017. According to a recent report by Gartner, the ecommerce market is expected to grow 70 per cent and touch US$ 6 billion in 2015. Backed by the smartphone revolution, most leading ecommerce players in India expect 90 per cent of their sales to come from smartphones and tablets over the next few years. India is already the second largest mobile phone market with more than 930 million customers.

The Government of India is also working on an ambitious plan to create US$ 15 billion 'Internet of Things' (IoT) industry in the next six years. The efforts from the government are expected to lead to an increase in the connected devices to over 2.7 billion by 2020 from the current 200 million. "Among other things, IoT can help automate solutions to problems faced by various industries like agriculture, health services, energy, security, disaster management etc. through remotely connected devices," according to the draft IoT policy document. The draft policy document also mentions that the number of internet connected devices (12.5 billion) surpassed the number of human beings (7 billion) on the planet in 2011, and by 2020, internet connected devices are expected to reach between 26 billion and 50 billion globally.

Considering the huge consumer market and the growth opportunity available in various segments related to the internet industry, the Indian market is expected to be a well connected destination in coming years.

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