The Indian telecom industry is expected to grow by USD 12.5 billion every three years with the advent of 5G which has the potential to boost innovation across the globe, Deloitte India and CII said in a report on Thursday.
According to the report, with ultra-low latency and high data rates, 5G is expected to create avenues of collaboration and alliances as well as drive India to reimagine a whole new way of engaging in the new, faster, agile digital world. “By the end of 2023, it is anticipated that the Indian telecom industry will reach USD 125 billion, with 5G expected to increase revenue by USD 12.5 billion every three years,” the report said.
Since the rollout of 5G in October 2022, one of India’s leading operators has reached the magnanimous 1 million 5G subscriber mark in a month, it added. According to the report, 5G will accelerate economic growth, increasing job opportunities and connecting the urban and rural population. It will drive efficiency in critical sectors such as energy, healthcare, and agriculture, a step in the direction of not only commercial consideration but also social outcomes.
“With the right mindset and technological prowess, the Indian Telecommunication Industry can use 5G to accelerate economic growth and resilience in the country. 5G is also expected to empower organizations to act on rich datasets in real-time, offering unprecedented visibility, insights, and control over assets, products, and services. “We also expect a surge in the requirement for private networks in Indian industries once they comprehend the benefits of shifting to 5G network,” Deloitte India Partner and telecom sector leader, Peeyush Vaish said.
He further said while the current outlook for the telecom sector looks stable, there is a need for companies to revisit their strategies and keep pace with new technologies and evolving marketplace. The report said 90 per cent consumers will be looking for a digitally enhanced shopping journey, whether at home, via mobile, or at a physical location.
