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Indian Tech and M&E industry to double by 2021, expected to reach over half trillion dollars: EY

India being the second largest mobile market in the world and consumers’ data appetite is growing. This growth will be fuelled by connectivity, collaboration and convergence

The Indian Technology, Media and Entertainment, and Telecommunication (TMT) industry is expected to grow twice – from the existing quarter of a trillion dollars to over half a trillion dollars – by 2021, as per an analysis by Ernst & Young (EY). This growth will be driven by digital offerings, the new wave of content play and convergence.

With over 1.2 billion connected Indians, the country is home to the second largest mobile market in the world. Smartphones are becoming mainstream with increasing affordability and availability, and consumers’ data appetite is growing. Connectivity, collaboration and convergence will fuel this growth.

We are on a digital journey, and the country has achieved significant milestones over the last 45 years across domains of digital payments, digital infrastructure, sharing economy and start-up ecosystems among others. All these are driving innovation and creating value and experience for everyone.

Prashant Singhal, Emerging Markets TMT Leader, EY, said, “Globally, connectivity has opened multiple avenues – we are living in a world where everything that can be connected will be connected. Boundaries between industries no longer exist. 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.”

Today, boundaries within the TMT industry no longer exist. Convergence has 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.

Among all this, the next phase of growth in the industry is hinged on pervasive high-speed connectivity and strategic collaborations. 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 programs, the country’s TMT arena has immense potential.

Ranjan Biswas, India TMT Leader, EY, said, “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.”

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