What’s Driving India’s Mobile-Led Economy?

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Over the past few decades, India has been at the centre of consumer demand fuelled by technological advances. Now with PM Narendra Modi’s ‘Digital India’ and ‘Make in India’ Campaign, the paradigm of business is undergoing a massive transformation wherein the IT Market has undoubtedly seen a positive upward growth.

To start with, Digital India ensures that technology is made available to citizens, enabling India to be digitally empowered in the field of technology. With Demonetization, adoption of Digital currency brought a new facet among the smartphones. As the market became more competitive amid aggressive 4G rollout along with the rise of digital currency it triggered higher demands for smartphones.

Along with this the year also saw the Ecommerce boom which kept the users further hooked to Internet connectivity and their smartphones. With popular brands like Flipkart, Amazon in the market, people are using their smartphone to search for products and services, give orders, make transactions etc. Even the Regular bank related transactions have now done digital. Almost  60% of the customers uses mobile devices in 2017 to check their account balances, view recent transactions, pay bills or transfer funds. Next the apps are playing an important role in business and communication tool and the trend will further strengthen with the coming time period.

Another trending conversation, centers around IoT, the major game changer in the transformation of India into a digital economy. Mobile development has gained momentum in past few years and the trend has progressed from smartphones to Internet of Things. IoT-based solutions are not just for urban India; they offer rural citizens access to services that were earlier out of reach. The government has taken up the initiative of building smart cities across the country. This means IT companies will play a vital role in creating infrastructure and providing services to both government institutions as well the citizens. It is expected that the technology of IoT( Internet of Things) will play a vital role in this Endeavour.

 Along with the growing developments, information security, is of utmost importance in the digital world. From confidential government data to your personal username and password, everything is important and should be protected from hackers and online frauds. It seems that everyone is talking about mobility, the cloud, and digitization.Bio-metric systems and other unique technologies are being developed for tighter digital security.

While it’s exciting to think about the new business models these technologies make possible and the trillions of dollars in opportunities to be gained, there are also very real risks.Besides increasing smartphone usage and adoption of 4G technology, wide distribution, booming consumption & continuous innovation along with low entry barriers continue to fuel the growth of mobile video.Mobile video, set to comprise two-thirds of all mobile traffic and more than half of online ad spend, is a highly valuable investment for advertisers.

India though a very dynamic market, represents the largest opportunity being the second largest mobile phone market, after China. With developed countries seeing maturity in smartphone penetration, the focus is now on developing countries which shall continue to grow.