Driven by digital offerings and the new wave of content play and convergence, the Indian technology, media and entertainment and telecommunications (TMT) industry is expected to grow to over half a trillion dollars by 2021 from the existing quarter of a trillion dollars, an EY report said. Also Read - Ola to offer free oxygen concentrators to the needyAlso Read - Samsung Galaxy S20 FE Long-term Review
According to the Ernst & Young (EY) report, with over 1.2 billion connected Indians, the country is home to the second largest mobile market in the world, with smartphones becoming mainstream with increasing affordability and availability, and consumers’ growing data appetite.
“What will fuel this growth is connectivity, collaboration and convergence,” the report said. “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,” said Prashant Singhal, Emerging Markets TMT Leader, EY.
The report noted that boundaries within the TMT industry no longer existed as convergence had 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,” said the report.
“Among all this, the next phase of growth in the industry is hinged on pervasive high-speed connectivity and strategic collaborations,” it added. ALSO READ: DishTV becomes the first DTH player in India to offer all users HD channels
The report pointed out that 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 programmes, the country’s TMT arena had immense potential. ALSO READ: Indians sell approximately 4 million pre-owned mobile phones every year: Survey
“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,” said Ranjan Biswas, India TMT Leader, EY.