The Indian internet industry is likely to grow and reach a valuation of US$ 5 trillion by 2030, as per a report. India has the second largest internet user base in the world, with around 780 million internet users. An average Indian spends approximately 7.3 hours per day on their smartphones, according to data by market intelligence firm Redseer Strategy Consultants. Most online users come from tier 2 cities, and they spend their time mostly on online messaging, social media, YouTube streaming, Over-the-top (OTT) content, and short-form video.
The report said that India is likely to witness a massive surge in digital advertisement investments instead of driving sales, as most consumers from tier 2 and beyond cities are adopting short video commerce.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.