With Internet penetration getting deeper into the rural areas, India is expected to have more than double to 730 million web users by 2020 said a NASSCOM report.
IT apex body Nasscom and content delivery network service Akamai Technologies released a report on Wednesday “The Future of the Internet in India.”
“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.
The reports said that India would continue to remain fastest growing internet market with 75% of new users will consume data in local languages.
India is next only to China regarding internet user base. India’s Internet consumption has already exceeded the US to become number two globally.
This growth in Internet user base will be led by e-commerce, travel hospitality, financial technology and media sector.
“By 2020, India will have an estimated 702 million smartphones in use and mobile phones will emerge as the preferred device for shopping, accounting for 70 per cent of total online shopping,” the report said.
The overall e-commerce market in India valued at $17 billion in 2015-16, and this is expected to reach $ 34 billion with 175 million individuals transacting online. Said the report.
More than 50% of the travel-related transactions will be made online by 2020. The reports also said that the financial technology market of the country would be increasing by 17% by 2020.
“The go-to-market strategy for gaining new users will have to be different as these customers will consume more audio and video content than text,” said Achyuta Ghosh, Nasscom Head Research.