Market Trends of India ICT Industry
Micro, Small, and Medium Enterprises to Register Significant Growth
- MSMEs are a significant contributor to the country's economic growth. The value of this segment is projected to increase by USD 171.90 billion over the next five years. It significantly affects the Indian economy, owing to its contribution to GDP and exports. In particular, the sector has played an essential role in India's countryside and semiurban areas by helping to grow entrepreneurship.
- Lately, the Indian economy has been experiencing several shocks. This includes an increasing rate of FDIs, which have shown a rapid influx of investments in the country. Yet, in the course of that period, there were also several Micro, Small, and Medium Enterprises or MSMEs that emerged as part of this scenario. Several successful responses have been recorded, including the emergence of more extensive and unicorn organization clubs. This inspired even more start-ups and MSMEs to focus on leveraging IT and technological implementations in India's highly competitive market space.
- In addition to connectivity, smartphones offer the necessary computational power to take advantage of these advantages. Innovative platforms, which can be accessed on a mobile device, have provided access to IT solutions. As a result, the Micro, Small, and Medium Enterprises were strengthened by other partnerships, which limited their access to benefits provided by IT and Digital solutions.
- The government encouraged the MSMEs to market their products on the e-commerce site and through the Government e-Marketplace (GeM), which is run and owned by the government. Several Ministries and Public Service Units procure GeM, most of which are PSUs. In India, some micro, small, and medium-sized enterprises and businesses cooperate with foreign companies to expand their services for future growth by using new technologies and services brought about by these rigorously supportive initiatives.
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East to Hold Major Share
- Digitalization of IT and telecommunications services in the region will help end users manage complicated products, which have undergone a wide range of changes due to dynamic conditions. Telecom operators have chosen to focus on developing low-priced Next Generation products in the shortest possible time due to access to advanced technology, new markets, and convergence. With the increasing access of children to digital education and in part thanks to work-from-home situations, the adoption of mobile phones has increased significantly in these regions since the start of the COVID-19 pandemic.
- Cloud e-commerce is the technique of outsourcing a remote network of servers housed on the Internet to access application services and store and process data. Cloud eCommerce systems offer several benefits compared with traditional on-premise storage, which has become popular over the past ten years because of their reduced complexity and lower maintenance costs. The market in this area is expected to be driven by such technological progress.
- In September 2022, Bharti Airtel, one of the largest telecommunications companies in India, launched a trial project with TP Northern Odisha Distribution to provide its more than two million registered customers with alternative payments for their electricity bills. To facilitate payment of bills, an effort will be made to mobilize 4,000 Airtel Payment Bank locations in north Odisha. The customers of the joint ventures between Tata Power and the State of Odisha should go to the shop and provide their contact information and customer details at a bank branch.
- In this region, agriculture is a major source of business activity. Nevertheless, the Government has undertaken several development projects in this region, which have given rise to some developing opportunities for industry. With its low labor costs, the region can also be considered a good place for manufacturing. One of the most desirable factors for business in Northeast India is its low labor costs. One factor contributing to the creation of new enterprises in this region is the minimum wages set by national governments. Throughout this period, these factors are expected to stimulate the market.
