India has 350 million online transacting users, set to grow 2X by 2030
There are about 40-45 million mature users who spend a considerable share of their wallet online (more than 50 per cent).
India currently has around 350 million online transacting users across e-commerce, shopping, travel and hospitality, and OTT and the number is set to double by 2030, a new report showed on Wednesday.
There are about 40-45 million mature users who spend a considerable share of their wallet online (more than 50 per cent).
"We expect online transactors to become 2X by 2030, with mature users being the faster-growing cohort," said Mukesh Kumar, Engagement Manager, Redseer Strategy Consultants.
"We also estimate that these mature users would account for $400 billion online spending by 2030," he mentioned.
At 780 million, India is home to the second-largest Internet user base in the world, which is more than 2 times of the US population.
With the accelerated growth of Internet and smartphone adoption, India is expected to surpass 1 billion Internet users by 2030.
An average Indian spends 7.3 hours per day on their smartphone, one of the highest in the world.
"Cheaper data costs and affordable smartphones (starting at $60) have been the fundamental drivers of increasing online time. This sets the stage for high digital opportunities for consumer Internet players," the findings showed.
Most Internet users come from product commerce, OTT video platforms, short form, gaming, and OTT audio platforms. Most of the users across e-tailing and gaming come from tier 2+ cities.
"There is a new trend in content consumption where the time spent on user-generated content is 2X of platform-generated content," said the report.
Growth in UPI payments and the comfort of paying online have led to 110 million paid online gamers in India, second only to e-commerce.
Gaming is adding two million paid users per month. Every second Internet user is a gamer in India, and every third transacting user in India is a paid gamer.
Gaming has almost 450 million users in 2022, and the market will see a 33 per cent rise in paid gamers by 2026, said the report.
ALSO READ | Wholesale price inflation declines to 21-month low of 5.85% in November
Click Here For Latest Updates On Stock Market | Zee Business Live
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Fundamental picks by brokerage: These 3 largecap, 2 midcap stocks can give up to 28% return - Check targets
SBI Senior Citizen Latest FD Rates: What senior citizens can get on Rs 7 lakh, Rs 14 lakh, and Rs 21 lakh investments in Amrit Vrishti, 1-, 3-, and 5-year fixed deposits
Tamil Nadu Weather Alert: Chennai may receive heavy rains; IMD issues yellow & orange alerts in these districts
SIP+SWP: Rs 10,000 monthly SIP for 20 years, Rs 25 lakh lump sum investment, then Rs 2.15 lakh monthly income for 25 years; see expert calculations
Top 7 Mutual Funds With Highest Returns in 10 Years: Rs 10 lakh investment in No 1 scheme has turned into Rs 79,46,160 in 10 years
SIP vs PPF: How much corpus you can build in 15 years by investing Rs 1.5 lakh per year? Understand through calculations
01:04 PM IST