December 13, 2023
2 mins read

Indian Consumertech Industry Set to Reach $300 Billion by 2027

About 880 million people aspire to spend on fashion and apparel, and 220 million seek to spend on on-demand services…reports Asian Lite News

Driven by an urge for personalised experiences among people, the Indian consumertech industry is likely to reach $300 billion by 2027, growing at a CAGR of 25 per cent, a report showed on Tuesday.

The current total addressable market (TAM) of the consumertech industry is valued at $100 billion, with the dominant sectors being mobility (30 per cent share of the market) which includes ride-hailing apps, automobile marketplace and online car rental market followed by entertainment (25 per cent) which includes print, digital, and television media.By 2027, fashion is expected to overtake entertainment as the second leading sector with apparel and accessories, beauty and personal care, footwear, jewellery and watches, according to the report by Chiratae Ventures, in collaboration with consulting firm 1Lattice and powered by Google.“We have, till date, invested $450 million into the sector. Key winners backed by Chiratae include Flipkart, Myntra, Cult.fit, Firstcry, Lenskart, GlobalBees, Policybazaar, PlaySimple, Curefoods, Fibe and Rentomojo, to name a few,” said Sudhir Sethi, Founder and Chairman of Chiratae Ventures.“We continue to invest in companies such as Agrostar, Healthifyme, Miko, Artium, and a new breed of consumer deeptech companies such as KBCols and Aether as well,” he informed.

Over 500 million Indians now seek entertainment and gaming services on a daily basis, Over 1.2 billion people in India need good healthcare, and 1.1 billion people have a bank account and seek to invest in financial services.About 880 million people aspire to spend on fashion and apparel, and 220 million seek to spend on on-demand services.

This has resulted in an increased focus on personalisation, a rise in experiential retail and a growing influence of social media, the report mentioned.“The Indian Consumertech sector is experiencing swift rise of over-the-top (OTT) services on the subscription side, an increasing involvement of women in gaming, commerce and social media, and a notable rise in green mobility solutions such as EV sales, said the report.“The rapid evolution of AI presents an incredible opportunity for businesses to engage with their consumers in newer, more meaningful ways that deliver effective purchase outcomes whilst also responding to their need for privacy,” said Roma Datta Chobey, Managing Director – Digital First Businesses, Google India.Consumers, on average, dedicate over four hours daily to their smartphones.

The fintech apps dominates usage, with 77 per cent of respondents leveraging it, primarily due to robust security features and a user-friendly interface.Following closely, entertainment apps capture a significant share at 70 per cent, with on-demand services being perceived as essential expenses in the daily lives of about 70 per cent of consumers, the findings showed.Gaming, e-commerce, and healthtech are also gaining traction among Indian digital consumers.“This growth potential is underscored by the ambitions of Indian homegrown startups, driven by robust revenue growth and eyeing global expansion, fuelled by an ever-growing digital native user base,” said Roma Dixit, Director, Financial Services, 1Lattice.

ALSO READ-BSNL Awards Globesecure Rs 80 Cr FTTH Contract

Previous Story

Ahmedabad’s Winter Wonderland Returns for 2nd Edition

Next Story

Books to Expand Your Mind Before the Year Ends

Latest from Business

PM Modi: India poised to lead next tech wave

PM Modi underscored that the country is poised to lead the next wave of digital transformation in 5G…reports Asian Lite News Prime Minister Narendra Modi on Wednesday hailed India’s progress in expanding

India Hits 100GW Solar

The expansion is not only in scale but also in quality, with significant capacity dedicated to high-efficiency modules. Many manufacturers have adopted vertically integrated operations, enhancing quality, reducing costs, and improving resilience

Jewellery Exports Shine Bright

The GJEPC noted that product diversification has played a major role in sustaining momentum. Lightweight and contemporary designs are gaining traction among younger global consumers, helping Indian jewellers appeal to a wider

China Curbs Hit India’s Electronics Boom

The ICEA noted this results in delays, inefficiencies, and higher costs — alternatives from Japan or Korea cost up to four times more than Chinese machinery. India’s transformation into a global electronics
Go toTop

Don't Miss

K T. Rama Rao calls for strengthening handloom industry

On December 19, KTR had written a letter to Union

Industry seeks tax reforms during meet with revenue secy

The Confederation of Indian Industry (CII) emphasized the need for