“India is home to close to 780 Million internet users. By 2030, this count will reach a landmark figure of 1 billion, almost mirroring China’s number,” according to a report by Redseer Strategic consultants.
As per the report, an average Indian spends ~7.3 hours per day on their smartphone, which is one of the highest in the world. The time spent is across online messaging, social media, YouTube streaming, OTT content and short-form video. For the first time, the number of eyeballs reached by digital platforms will surpass traditional media by 2025.
Most internet users come from product commerce, OTT video platforms, short form, gaming, and OTT audio platforms. There is a new trend in content consumption where the time spent on user-generated content is 2X of platform-generated content. Leading global apps are more targeted to metro and tier-1, predominantly English-speaking users. However, the emerging new-age domestic players are solving the needs of smaller cities.
India currently has around 350 million digital payment users across e-commerce, shopping, travel and hospitality, OTT, and online transactors are likely to double by 2030.
Approximately 40-45 Mn users spend more than 50% of their wallets online. Further, with mature users being the faster-growing cohort, they would account for USD 400 billion in online spending by 2030.