Digital payments will register exponential growth in India by 2020, says a latest report by Deloitte.
Internet of Things (IoT) units in India is expected to register a rapid 31-fold growth to reach 1.9 billion by 2020.According to a latest report by Deloitte; the market value of IoT is expected to reach $9 billion by 2020.
IoT is going to be the next big thing for operators as India will rapidly grow into a hub for IoT solutions.
Explaining about the predicted rise in digitisation in India, an official statement by Deloitte said, “With advances in reliability, accuracy and technology of advance tech measures such as biometric authentication, digitisation will gain popularity in various business applications.”
The report further suggested that, “The emergence of new tech trends will help transform digital economy in 2017 and will help operators in identifying new revenue generating opportunities, enhance customer experience, and improve operational efficiencies.”.
Furthermore, innovative payment channels adopted by traditional and new age companies coupled with government backed systems such as Aadhaar Enabled Payments Systems (AEPS) and Unified Payments Interface (UPI) will have a positive impact on mobile and digital payments.
The company also predicted that technology industry in India may witness an earlier arrival of 5G in India.
Television advertising is likely to have double digit growth in 2017.
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