The Indian mobile phone industry is booming and the smartphone market in India is one of the fastest growing in the world, and the mobile market has the potential to grow by more than $3 billion by 2019, according to the mobile industry consultancy CIO India.
The smartphone market, however, is far from being fully saturated, and according to CIOIndia, in the last four years, there have been over 4.6 million sales of mobile phones.
This is despite the fact that there is not much demand for such devices.
According to the latest estimates from industry players, in 2019, the global smartphone market will be worth $9.4 trillion and the market is expected to grow at a compound annual growth rate of 9.4 percent, according a CIO report published in November.
However, there is still a need to ramp up growth in the market, especially for consumers and companies looking to increase revenues.
According to COO, Anand Kulkarni, in terms of the growth rate for the smartphone sector in India, the growth will be driven by an increasing use of smartphones for personal purposes, for travel, and for the healthcare market.
For mobile operators, the need to scale up the growth of the market through more revenue and higher penetration of smartphones is a key driver for the growth.
“It is clear that the smartphone is a global market with a global penetration of about 80 percent and there is a huge opportunity to grow the mobile phone market, particularly in India.
This opportunity has been seen in recent years with the expansion of mobile network in the country.
In 2019, over 3.8 billion smartphones will be sold in India,” said Anand, CIO and Head of Mobile Networks and Devices, India’s largest mobile operator.”
The growth of this market will come with a major push by the government in 2019 and this is expected by the market to grow to an estimated $3.7 billion by 2022,” said Mr. Kulkavalli, who is also CIO of the India Mobile Association.
The rise in smartphone sales will not only help mobile operators and their users, but also will also help the Indian economy and the country’s manufacturing sector.
“We expect the mobile penetration to grow over the next 10 years as smartphones are increasingly used as primary means of communications in the society, particularly for mobile banking, email, and social networking.
In 2022, the total smartphone penetration will reach around 85 percent.
That is higher than the current high penetration of 70 percent in 2016, and is expected in 2021,” Mr. Anand said.
The CIO believes that in 2022, about 2.3 billion mobile subscribers will be connected to the internet, which will lead to a rapid growth in growth in consumer electronics.
“In 2021, India will also see the arrival of about 300 million new smartphone users, who will be the largest mobile user base in the nation,” Mr Kulkajalli said.
“This growth will bring about tremendous economic benefits to the country as well as in terms to the overall economy.
The smartphone penetration rate will be around 10 percent by 2022 and will be a key factor for the development of India’s manufacturing,” he added.