According to the latest market report from data analytics firm GlobalData - ‘India Telecom Operators Country Intelligence Report’ - mobile voice will be the largest revenue contributor to the overall market during the period.
However, revenues from mobile data segment are forecast to grow at the fastest Compound Annual Growth Rate (CAGR) of 13.2%, driven by rising mobile Internet subscriptions due to improving mobile network coverage in rural areas and increasing mobile data average revenue per user (ARPU) - with growing adoption of higher-priced 4G services.
According to the report, smartphones’ share in total handset subscriptions will increase from 45.6% in 2019 to an estimated 76.6% by 2024, on account of the proliferation of low-cost smartphones in the market along with discount offers by mobile network operators (MNOs).
GlobalData also reports that fixed broadband revenue is set to grow at a CAGR of 3.6% to reach US$4.3bn by 2024-end, primarily driven by a steady rise in fibre-to-the-home (FTTH) connections, supported by the Government's initiative to provide 50Mbps broadband connectivity to the entire population by 2022, along with ongoing fiber deployments by telcos such as Jio.
And Pay-TV revenues in India are forecast to grow at a marginal CAGR of 0.1% from US$3.05bn in 2019 to US$3.06bn in 2024.
GlobalData says that though the country will witness steady growth in cable and direct-to-Home (DTH) subscriptions and robust growth in the adoption of Internet Protocol television (IPTV) subscriptions, declining ARPU will decelerate the growth of overall pay-TV revenues.
“Reliance Jio’s foray into the fixed broadband and pay-TV markets in September 2019 will disrupt the market as the telco aims to compete with established players with the low-cost packages and promotional offers,” Dhingra concluded.