It is no hidden fact, that mobile services have been growing at blazing fast scale in India. Further cementing that fact is a new report from GlobalData, which states that the mobile service business revenues in India could be as much as $40Bn by 2024. These revenues were at $19.6Bn in 2018.

The Indian mobile telecommunication market stands second worldwide after China with over 1.2 billion mobile subscribers in 2018.

An analysis of GlobalData’s Mobile Broadband Forecast Pack reveals that India will account for 1.4 billion mobile subscribers by 2024, growing at a compound annual growth rate (CAGR) of 2.0% between 2019 and 2024.

And as expected it is Reliance Jio — which is en route to become the largest telecom service provider globally — which has led this massive surge. As a result, the average mobile monthly data usage witnessed jump from 733MB per month in 2017 to 4.1GB per month in 2018, which is one of the highest recorded year-on-year growth of 461% in the mobile telecommunication industry worldwide.

Antariksh Raut, Senior Analyst of Telecoms Market Data and Intelligence at GlobalData, says: “Increasing smartphone penetration, low voice and data tariffs, high data consumption and wide 4G connectivity are the key factors driving the mobile subscriber growth in India.”

GlobalData estimates the mobile data revenues in India to grow at a CAGR of 13% from US$7bn in 2019 to US$13bn by 2024.

Raut adds: “Indian mobile telecom industry has transformed considerably in the last three years. Due to initial free offerings and disruptive pricing strategy by Reliance Jio, other operators had faced steep decline in revenues. Now the future looks quite positive.”