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Tag: Prashant Singhal

  • An Ernst- & Young (EY) report says digital economy will generate up to 10 million employment opportunities by 2022

    Digital to unlock US$1tn digital economy by 2022

     

    By A Correspondent

     

    The proliferation of mobile connectivity has a significant impact on the socio-economic fabric of the county and mobile broadband has empowered millions of Indians. Today, India consumes 2,360 petabytes every month, making it the largest mobile data market globally. On an average, consumers spend four hours daily on their smartphones. By 2022, smartphone users are expected to increase 2.2X to 650 million, elevating average data usage by 5.1X to 18 GB per month. During 2017-22, broadband connections are expected to grow by 25% to reach approximately 90% of Indians[1].

     

    Digitalisation has uplifted the life of a common man in India by enabling on-the-go access to host of e-services, increasing affordability and accessibility (e.g. ride sharing), and move to a cashless economy (e.g. mobile payments). It is empowering a farmer with right information at the right time, enabling ways to increase crop yields and get wider access to market produce. People are able to pay bills, book tickets, order pizza or call a cab within seconds.

     

    Internet of Things (IoT) has the potential to address some of the basic challenges in India. IoT is expected to fundamental impact the way we live and work, reducing waste, improving health and delivering major social and environmental benefits in sectors such as agriculture (e.g. sensors for measuring soil humidity), automotive and transportation (e.g. fleet management), healthcare (e.g. remote patient monitoring), power and utilities (e.g. smart meters). In an accelerated growth scenario, IoT has the potential to reach 2 billion connections and revenues of US$11.1 billion by 2022[2].

     

    The advent of 5G is expected to support newer applications/use cases, imbibe innovative business models and usher in cross-industry collaboration. By 2022, India is likely to transition to a Gigabit society where citizens and businesses will equally benefit from widespread fast-broadband, reliable performance delivered by robust future-proof fixed and mobile technologies. By 2022, India’s digital economy is expected to grow to US$1 trillion and lead to creation of 10 million jobs[3].

     

    Prashant Singhal, Emerging Markets TMT Leader, EY, said, “India can lead the Fourth Industrial revolution. The real opportunity is to look beyond technology, and find ways to give the greatest number of people the ability to positively impact their families, organisations and communities. At the back of this, India has the potential to unlock a trillion dollar digital economy by 2022 and add up to 10 million jobs.”

     

     

  • Digital transformation strategy will be based on three pillars – disruptive business models, improved customer experience and increased internal efficiencies

    Indian TMT industry set for heightened growth by 2021, notes EY study

     

    The Indian TMT industry is expected to grow from the existing quarter of a trillion dollars to over half a trillion dollars by 2021, as per EY analysis. This growth will be driven by digital offerings, the new wave of content play and convergence..

     

    With over 1.2 billion connected Indians, the country is home to the second largest mobile market in the world. Smartphones are becoming mainstream with increasing affordability and availability, and consumers’ data appetite is growing. What will fuel this growth is connectivity, collaboration and convergence.

     

    Said Prashant Singhal, Emerging Markets TMT Leader, EY: “Globally, connectivity has opened multiple avenues – we are living in a world where everything that can be connected will be connected. Boundaries between industries no longer exist. While convergence creates opportunities outside your market, it also creates new competitors to come and eat your pie. You need to be nimble, agile, ready to break the traditional walls and adapt to this dynamic digital revolution.”

     

    Today, boundaries within the TMT industry no longer exist. Convergence has led to new ways of working. For businesses, this digital transformation is hinged on three broad strategic pillars – disruptive business models, improved customer experience and increased internal efficiencies.

     

    Among all this, the next phase of growth in the industry is hinged on pervasive high-speed connectivity and strategic collaborations. With over 300 million broadband user base, and significant Government focus on driving digital infrastructure and connectivity through the Digital India, BharatNet and Smart Cities programs, the country’s TMT arena has immense potential.

     

    Commenting on this, Ranjan Biswas, India TMT Leader, EY, said: “Relentless digital disruption and convergence are ushering a business upheaval of unprecedented proportion. Market boundaries are dissolving and reforming the business ecosystem — changing operating models, shifting competitive landscape and altering growth strategies.”