Indian TMT industry to grow more than two times to over half a trillion dollars by 2021
The Indian TMT industry is expected to grow from the existing quarter of a trillion dollars to over half a trillion dollars by 2021, as per EY analysis. This growth will be driven by digital offerings, the new wave of content play and convergence.
With over 1.2 billion connected Indians, the country is home to the second largest mobile market in the world. Smartphones are becoming mainstream with increasing affordability and availability, and consumers’ data appetite is growing. What will fuel this growth is connectivity, collaboration and convergence.
We are on a digital journey, and the country has achieved significant milestones over the last four-five years across domains of digital payments, digital infrastructure, sharing economy and start-up ecosystems among others. All these are driving innovation and creating value and experience for everyone.
Prashant Singhal, Emerging Markets TMT Leader, EY, said, “Globally, connectivity has opened multiple avenues – we are living in a world where everything that can be connected will be connected. Boundaries between industries no longer exist. While convergence creates opportunities outside your market, it also creates new competitors to come and eat your pie. You need to be nimble, agile, ready to break the traditional walls and adapt to this dynamic digital revolution.”
Today, boundaries within the TMT industry no longer exist. Convergence has led to new ways of working. For businesses, this digital transformation is hinged on three broad strategic pillars – disruptive business models, improved customer experience and increased internal efficiencies.
Among all this, the next phase of growth in the industry is hinged on pervasive high-speed connectivity and strategic collaborations. With over 300 million broadband user base, and significant Government focus on driving digital infrastructure and connectivity through the Digital India, BharatNet and Smart Cities programs, the country’s TMT arena has immense potential.
Commenting on this, Ranjan Biswas, India TMT Leader, EY, said, “Relentless digital disruption and convergence are ushering a business upheaval of unprecedented proportion. Market boundaries are dissolving and reforming the business ecosystem — changing operating models, shifting competitive landscape and altering growth strategies.”