Livemint: August 17, 2016
New Delhi: India is expected to have 730 million internet users by 2020, with 75% of new user growth expected to come from rural areas, according to a report released on Wednesday by Nasscom and Akamai Technologies.
The growth is expected to be led by e-commerce, travel and hospitality, finance technology and media sectors.
While India will remain the fastest growing internet market, 75% of new internet users will consume data in local languages, the report said.
The overall e-commerce market in India was valued at $17 billion in fiscal year 2016.
By 2020, India will have an estimated 702 million smartphones, which will account for 70% of total online shopping, according to the report.
India’s financial technology market is expected to grow 1.7 times between 2015 and 2020, with the use of mobile banking and e-wallets growing at a fast pace.
Half of total travel transactions will be online by 2020.
India’s user base is the second largest after China and the global internet base is expected to touch 4.2 billion by 2020.
“By 2020 the internet is expected to penetrate deeper in the hinterlands of the country, helping create more opportunities for everyone,” said R. Chandrashekhar, president, Nasscom.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.