India Digital Transformation Market has reached USD 42.56 Billion in 2019 and projected to reach USD 1764 Billion by 2026 with a significant CAGR of 72.3% during the forecast period 2020-2026. India has elevated its profile among technologically advanced countries, not just in the sheer size of its market and its potential, as stressed by the number of subscribers to digital services, but also the pace of its digitization over the last few years.
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By various measures of digital adoption, India is already among the global leaders. Its Aadhaar programme, which can digitally verify the identities of 1.2 billion people, is the world’s largest biometric identification system. India also has the second-largest mobile subscription base, with nearly 1.2 billion subscribers, and the second-largest internet subscription base, with 560 million subscribers.
Millions of Indians, particularly in big cities, now routinely interact with the world digitally as part of their regular routines. They can, for instance, read the news online, request a rideshare on their smartphone, order lunch delivery via phone app, video chat with a friend (Indians log 50 million video-calling minutes a day on WhatsApp), shop at a virtual retailer, pay a bill from their digital wallet, take a course over the internet, or watch a movie streamed to a tablet before nodding off for the night. Consumers can avail of financial accounts and borrow money easily by using online interfaces rather than having to visit a distant bank branch. Online shoppers enjoy not only much more convenience but also a more excellent choice.
Digital penetration and GDP per capita are intensely correlated. States in the top third of GDP per capita levels, such as Maharashtra, Haryana, and Tamil Nadu, together with the small, highly urbanized states and union territories of Delhi, Chandigarh, and Goa, have the highest internet penetration, reaching between 28% in Uttarakhand to more than 170% in Delhi. Given widespread adoption, Indian states are linking the digital gap. In several areas, including the installation of infrastructures like base transceiver stations and penetration of internet services, the comparatively lower-income states are growing the fastest. Furthermore, various initiatives have been taken by the Indian government to promote digitalization such as E-governance, E-Kranti—electronic delivery of services, Electronics manufacturing, Broadband highway, Universal mobile connectivity, Public internet access, Information for all, IT for jobs, and Early harvest. These initiatives facilitate digitalization in the Indian market.
BFSI sector is investing heavily in digital technologies to catch up with leading global competitors providing wide-ranging and sophisticated services. At the same time, current innovations are creating a rapidly growing digital citizenry. By adopting new strategies that integrate the principles of Digital Reinvention, as well as embracing rapid advancing technologies such as cognitive computing and artificial intelligence (AI) India’s banks can challenge global leaders to be among the strongest and most dynamic in the world.
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India Digital Transformation market is fragmented owing to the presence of several large-sized companies, mid-sized & small-sized companies, and many start-ups that provide the Digital Transformation industry. However, the companies that hold the major share of Digital Transformation market are Wipro Limited, Sasken Technologies Ltd., Kellton Tech Solutions Ltd., Cognizant Technology Solutions Corporation, Inc., Datamatics Global Services Limited, Mindtree Limited, Tech Mahindra Limited, Clarion Technologies, Accenture PLC, Dell Technologies Inc., IBM Corporation, Microsoft Corporation, Infosys Limited, Cisco Systems, Inc., and other prominent players.
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