In the latter half of the last decade, India has witnessed an exponential growth in the smartphone market making it the second-largest country with smartphone users, only behind China. With data being provided at one of the cheapest rates in the world, the penetration of smartphones in the country will only get deeper. Today a smartphone has become as good as a computer or a laptop. One can execute similar functions on the smartphone as they once did on a laptop or a personal computer. It has also eased the process of execution. Individuals today can work from anywhere without the burden of extra luggage. The luxury of being travel friendly is yet another enormous advantage that has propelled the growth of smartphones. The intense competition in this space has also been a major factor in its growth. With new entrants entering the market, companies have been compelled to provide the latest and enhanced features to attract customers while maintaining a competitive price. This has worked out extremely well for the price-sensitive Indian consumer. With this rising wave of competitiveness, one has the liberty to choose from a plethora of options.
The factors in choosing a phone generally vary with the age group of the person buying it. A consumer falling between the age group of 26 to 44 years will look for creative and innovative features that a smartphone can help them with their work and be used as a device at leisure. Individuals falling under the age group of 17 to 25 are generally on the lookout for phones with the best specifications. The growth in the smartphone market has moved in tandem with the rampant growth in social media platforms such as Instagram, WhatsApp, Twitter, Facebook, Snapchat, etc. Further, the rise in secured digital transactions online shopping and payments, and the push towards digital India by the government have only acted as a catalyst for this growth. Due to the liberty to execute such activities, today smartphone has become a device that has a source of income for many households.
The total number of smartphones in India is expected to touch 820 million by the end of 2022 which according to a study can unlock an 80% improvement in time and work efficiency and also an 800% reduction in the processing time for governance services. The penetration of smartphones was estimated to reach 96% by 2040. With the growth rate of smartphone penetration witnessed in this country, this number may be achieved much earlier. The smartphone and the penetration that it has in the Indian market have been a major boon to all sections of society. The smartphone is all that one needs to utilize the services that we provide at FatakPay. Right from using our services for online shopping, to paying your monthly bills, to making or receiving payments. Individuals can also use our credit facilities as a service on their smartphones to gain access to funds wherever and whenever needed. With the smartphone market scaling new highs, all of us need to realize the potential of strength in these devices and use them to create a more efficient, vibrant, and digital India.
