Telecom industry expected to cross Rs 10 lakh crore by 2023
According to a report by Techarc, the telecom industry is set to cross the Rs 10 lakh crores landmark in 2023 and by 2025 is expected to cross Rs 13 lakh crores with 5G services expected to go live by the end of 2022 and scaling to several cities and towns of the country in 2023 and beyond.
The report anticipates that the telecom industry is expected to add Rs 1 lakh crore in every three years. Further, the sector is expected to grow at a CAGR of 9.4% between 2020-2025, while the smartphone industry will lead the growth at a CAGR of 15.9% during the period.
Faisal Kawoosa, Chief Analyst Techarc said, “Smartphones will continue to be the jewel of the telecom industry in India even as 5G goes commercially live in India anytime now. While 5G is poised to improve the overall health of the telecommunications sector, the significance of the smartphones industry is only going to embolden in the 5G era.”
The report titled, “India Smartphone – Big Picture 2025” outlines the outlook, key trends and challenges that are expected to be faced by the smartphone industry in India and is based on the analyses done by Techarc.
Techarc estimates that in 2024, the new smartphone sales will cross the 200 million milestone for annual sales. This means it will double in around 8 years. India started selling more than 100 million smartphones annually in early 2016. It took a little over 11 years to reach the landmark of selling 100 million smartphones annually in India. By 2025, Techarc estimates that the smartphone sales will exceed Rs 5 Lakh crores.
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