Notwithstanding with a few hiccups in 2023, the Indian internet industry is projected to grow and reach a valuation of $5 trillion by 2030 according to a report shown on Monday.
"As digital will continue to play a significant role, India's internet GMV (not valuation) will grow to about $1 trillion by 2030, equivalent to $5 trillion in public and private market according to data by market intelligence firm Redseer Strategy Consultants.
Home to 780 million internet users, India is home to the second largest internet user base in the world.
The drastic increase in digital consumption and increased digital penetration in Tier 2 and beyond cities are the primary growth drivers responsible for the spike in India's digital advertising ecosystem.
With an increasingly high flow of consumers from tier 2 and beyond cities adopting short video commerce, India is likely to witness a massive surge in digital ad investments instead of driving sales, the report said.