A report released on Monday predicts that India’s internet industry could reach a valuation of $5 trillion by 2030.
India is home to the second largest internet user base in the world, with 780 million users. According to data from market intelligence firm Redseer Strategy Consultants, India’s internet gross merchandise value (GMV) is expected to grow to approximately $1 trillion by 2030, which would be equivalent to a public and private market cap of $5 trillion.
The report notes that an average Indian spends around 7.3 hours per day on their smartphone, one of the highest rates in the world, with a trend towards consuming more user-generated content than platform-generated content.
The report attributes the growth of India’s digital advertising ecosystem to the increase in digital consumption and digital penetration in tier 2 and beyond cities, with a likely surge in digital ad investments rather than sales.