The Indian telecoms services market is on track to pass the $100 billion mark by 2020, maintaining its status as one of the fastest growing markets in the world, a new report predicts.
Market Research Store forecasts that the market will grow at a CAGR of 10.3% for the period between 2015 and 2020 to reach $103.9 billion.
Wireless services will grow at a 9.3% CAGR over the same period to reach $39.02 billion, with 4G services achieving a CAGR of a strong 26.6%.
According to the report, increasing network coverage and shrinking tariff rates due to heavy competition have served as the main drivers of the market in recent years. Due to these factors the market has grown exponentially to emerge as the second largest market in the world.
Bharti Airtel leads the Indian wireless market, followed by Vodafone, Idea Cellular and Reliance Communications. Reliance Jio Infocomm is meanwhile expected to have a disruptive impact on the market when it fully launches pan-India 4G services.
The banking, financial services and IT enabled service industries are helping to drive demand for telecoms services as they seek to engage more with customers through mobile applications, the report states. Oil and gas is meanwhile emerging as another key industry segment.