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Internet services sector can be a $124 billion market by 2022, says IAMAI

October 24, 2018
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According to a report titled “Economic Impact of Internet Services in India”, published by the Internet and Mobile Association of India (IAMAI), the internet services sector in India is currently valued at $ 33.8 billion and is expected to reach $ 76.4 billion by 2022. However, the sector has the potential to reach a value of $ 124 billion by 2022 if certain recommendation made in the study fructify.

By the year 2022, India is expected to become a country of 1.4 billion people. With the proliferation of affordable internet connectivity, the number of internet users in the country is projected to increase by 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 by 1.75 times to reach 526 million in 2022. On the technology and business side of 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 future.

The report suggests that the sector can reach its potential $124 billion if certain critical factors are realised. This includes -forward looking and supportive government policies, better infrastructure for widespread internet connectivity, developed distribution network enabling better reach and connectivity to customers in Tier II/III cities for e-commerce, adoption of digital and advanced technologies across the ecosystem and offline sectors etc.

IAMAI stated that the numbers projected in the report are conservative estimates as several sectors like agritech 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. Similarly, new technologies like internet of things (IoT), artificial intelligence (AI), machine to machine (M2M) that are expected to shape the future of internet services too have been kept outside the ambit of this study because the real impact of these sectors are difficult to determine at present.

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