An explosive growth in online data consumption and a strong addition in internet users will result in the Indian internet economy reaching $250 billion by 2020, says a report. The online economy is likely to grow from $100-$130 billion (5 per cent of GDP) to $215-$265 billion (7.5 per cent of GDP) by 2020 owing to growing e-commerce and financial services.
A BCG-TiE report titled 'The $250 Billion Digital Volcano: Dormant No More' says that financial and e-commerce services are likely to comprise $40-$50 billion, while the share of e-commerce products will be $45-$50 billion. Digital media and advertising are expected to be at $5-$8 billion.
India's mobile internet user base will grow from 391 million users to 650 million users by 2020. Data consumption will also witness a rise of 10-14 times, with every user projected to use 7-10 GB data per month by 2020, adds the report.
The average time spent on the internet will also increase by 3-4 times due to high-speed internet adoption by 2020, said media reports quoting the BCG-Tie analysis. (KD)
Source: fibre2fashion.com