KLC Services Limited's Indian Tech Industry report identifies massive boom by 2027

WAN CHAI, Hong Kong - Nov. 11, 2024 - PRLog -- The report is the result of extensive secondary research and primary surveys conducted over the past 18 months. It explores various trends within the Technology and Consumer industries, offering detailed analyses of sectors such as gaming, e-commerce, fintech, entertainment, and healthcare.

The unlocking of India's consumer potential is significantly influenced by advancements in digital public infrastructure and large-scale solutions. Currently, over 500 million Indians engage with entertainment and gaming services daily, while more than 1.2 billion individuals require quality healthcare. Additionally, approximately 1.1 billion people possess bank accounts and are looking to invest in financial services.

Sunil Laxman, recently appointed as KLC Services Limited's Chief Country Head for India, commented on the report's findings, stating, "We project the Indian consumer industry will generate US$300 billion in revenue by 2027. To date, we have invested US$400 million in this sector. With a wealth of information, services, and options now accessible to consumers, there is a notable embrace of technology, along with a greater openness to new brands and products, and a willingness to spend. The swift advancement of artificial intelligence offers remarkable opportunities for businesses to connect with consumers in innovative and meaningful ways, ensuring effective purchasing outcomes while addressing privacy concerns."

According to the findings of the report, consumers allocate more than four hours each day to their smartphones on average. Fintech applications lead in usage, with 77% of participants utilizing them, largely attributed to their strong security measures and intuitive design. In close succession, entertainment applications account for a notable portion at 70%, with on-demand services regarded as necessary expenditures in the daily routines of approximately 70% of consumers.

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