While the pandemic continues to slow down businesses worldwide, some organizations have found a way to accelerate their growth during these times. It seems paradoxical at first, but the one approach they all had in common was that they were digital-ready. The pandemic has advanced the need for digital adoption by, at least, a decade.
Driven by the increasing adoption of broadband – particularly mobile broadband — organizations are fat realizing that digital adoption is not just an agenda anymore but serves as a baseline for all future engagements. The rise of Generation Z along with the advancement in technologies and global connectivity has caused organizations to adapt and invest in these technologies to enhance their reach, revenue, resilience, and gain a competitive advantage.
According to 2018-2019 Digital India Report, India is among the top three global economies in terms of the number of digital consumers. With 560 million internet subscriptions in 2018, India is the second-largest market for internet subscribers in the world.
With such a rise in internet usage, and hence the digital adoption, India can create up to USD 1 trillion of economic value from the digital economy in 2025, with half of the opportunity originating in new digital ecosystems that can spring up in diverse sectors of the economy. By 2025, India could create a digital economy of USD 800 billion to USD 1 trillion (or value equivalent to 18-23% of the country’s nominal GDP).
The use of internet has been turbocharged by competitive offerings by telecommunications firms that have helped bridge the gap between digital-enabled and digital-aspirant. Small enterprises have leapfrogged their multinational brethren in terms of digital adoption in areas such as acceptance of digital payments, use of social media, and other consumer-engagement platforms. Digital technology has penetrated deep into other sectors such as agriculture, healthcare, retail, and logistics, reshaping their ecosystems and consumer interactions with access to digital solutions such as data-driven lending, use of drones for crop irrigation, or use of digital devices to track cargo movements, and so on.
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