India’s Rapid Growing Internet Services Industry Will Create 1.2 Crore Jobs
The Internet services sector in India has potential to grow over three-folds in the next four years aided by favourable government policies and infrastructure improvement, a report by industry body IMAI said Tuesday.
“The Internet services sector in India is currently valued at $33.8 billion and by the year 2022, it is expected to reach $76.4 billion in conservative estimates,” the Internet and Mobile Association of India said. “However, the sector has the potential to reach a value of USD 124 billion by 2022 if certain recommendations made in the study fructify.”
The report estimates that the internet sector is also estimated to create 1.2 crore net jobs by 2022.
For India’s internet industry to realise its full potential it needs forward looking and supportive government policies, better infrastructure for widespread internet connectivity, adoption of digital and advanced technologies across the ecosystem, the report said.
It expects India to become a country of 1.4 billion people by 2022 and the number of internet users in the country is projected to increase 1.6 times from 481 million to reach 762 million in 2022.
Along with increased availability of Internet connectivity, the number of smartphone users in India too is estimated to grow at 1.75 times to 526 million in 2022, the report estimates.
On the technology and business side of the Internet services, Internet will fundamentally change the way the needs, aspirations and demands of the consumers will be addressed. Pivoting on that, the Internet services sector is expected to witness plethora of changes in the futureIMAI Report
It mapped digital payments as a sector but not included in the total estimate given the challenge of double counting.
The report excluded several sectors like agritech, artificial intelligence, internet of things, machine-to-machine communications etc have not been included in the study because these sectors are yet to gain any critical mass that could be used as benchmark for future projections.