One of India’s leading telecommunication network companies, Bharti Airtel Limited reported a revenue of over 1.5 trillion Indian rupees in fiscal year 2024. This was an increase of about eight percent in revenue compared to the previous fiscal year. The rise of Airtel in India Lead by Sunil Mittal and set up in 1995 as Bharti Cellular Limited, the company offered services under the Airtel brand. It became the first telecom company in India to reach two million subscribers, bringing down STD and ISD rates under the IndiaOne brand. After many joint ventures and acquisitions through the decades, the company was a leading telecom network with services in 18 countries with more than 335 million subscribers as of 2023. In India, the company has diversified to offer mobile data services, digital television, software and cloud products, and Android-based tablets to the fastest growing mobile phone market. Airtel - the household brand Collaborating with Grammy Award winner A.R. Rahman, arguably India’s most well-known musician, nicknamed Isai Puyal (music storm in Tamil), Airtel’s signature tune, its first jingle was a common earworm among Indians. With over 150 million downloads, it became one of the world’s most popular downloaded music tracks. As part of rebranding in 2010, the tune was revamped. In addition to successful collaborations with powerful celebrities including Shah Rukh Khan, Sachin Tendulkar and power couple Saif Ali Khan and Kareena Kapoor Khan, Airtel’s marketing strategies has resulted in effective advertising over the years making it one of the most trusted brands in the country.

Reliance Jio reported a revenue close to 1.3 trillion rupees in fiscal year 2024. Values showed an exponential growth in revenue since 2019. It is owned by India's richest person, Mukesh Ambani, and a wholly owned subsidiary of Reliance Industries Limited, the telecommunications company. Insights into Reliance Industries Limited in India Reliance Industries limited is a multinational company, headquartered in Mumbai. It operates in varied sectors such as health, chemicals, retail, oil and gas, and financial services. Over the past few years, the company experienced a significant growth in its net worth despite the pandemic in 2020. The net worth of Reliance Industries Limited stood at 7.4 trillion Indian rupees, increasing about 50 percent compared to the net worth in 2020. Despite massive layoffs worldwide during and after the COVID-19 pandemic, the number of employees at Reliance Industries Limited has been increasing constantly for the last decade. Wireless network in India India has many wireless service providers, such as Bharti Airtel, Reliance Jio, Vodafone Idea, and BSNL. In financial year 2024, Reliance Jio had the highest share in the wireless subscriber market, valuing over 39 percent. It also saw more than 400 million wireless subscribers across India.

According to Cognitive Market Research, the global ICT market will be USD 5521.8 million in 2024 and expand at a compound annual growth rate (CAGR) of 5.20% from 2024 to 2031.

North America held the major market share of more than 40% of the global revenue with a market size of USD 2208.72 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.4% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 1656.54 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 1270.01 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031.
Latin America's market will have more than 5% of the global revenue with a market size of USD 276.09 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.6% from 2024 to 2031.
Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 110.44 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.9% from 2024 to 2031.
The hardware segment is set to rise due to its growing need for robust infrastructure. Key players compete to innovate, ensuring efficient and scalable solutions to meet evolving digital requirements across industries.
Increased construction activities, innovations in material technology, and increasing demand for lightweight materials.

Innovation Made by Key Players to Provide Viable Market Output

The ICT market is experiencing significant growth due to the innovations made by key players. Constant advancements in cloud computing, artificial intelligence, 5G connectivity, and the Internet of Things (IoT) contribute to transformative changes. Companies invest in research and development, fostering a dynamic ecosystem of cutting-edge products and services. These innovations enhance efficiency, security, and connectivity, meeting the evolving needs of businesses and consumers. As a result, the ICT market is characterized by rapid evolution, with key players leading the way in shaping the digital landscape.

For instance, Facebook bought a 10% stake in Reliance-backed Jio in April following an investment of USD 5.7 billion.

(Source: https://www.reuters.com/article/idUSKCN22404E/#:~:text=NEW%20DELHI%2FBENGALURU%20(Reuters),extensive%20reach%20in%20the%20country)

Increase in Digitalization to Propel Market Growth

The ICT market is experiencing growth due to increasing digitalization. This trend is characterized by the widespread adoption of digital technologies across various sectors, leading to enhanced efficiency, connectivity, and innovation. Businesses and organizations leverage digital tools like cloud computing, artificial intelligence, and the Internet of Things (IoT) to streamline operations, improve decision-making processes, and create new opportunities. Pursuing cost-effectiveness, improved customer experiences, and the need for agile, data-driven solutions fuel the surge in digitalization. As a result, the ICT market is witnessing robust growth driven by the transformative impact of digital technologies on the global economy.

For instance, In September 2022, Bharti Airtel, one of the largest telecommunications companies in India, launched a trial project with TP Northern Odisha Distribution to provide its more than two million registered customers with alternative payments for their electricity bills. To facilitate payment of bills, an effort will be made to mobilize 4,000 Airtel Payment Bank locations in north Odisha. The customers of the joint ventures between Tata Power and the State of Odisha should go to the shop and provide their contact information and customer details at a bank branch.

(Source: https://economictimes.indiatimes.com/industry/telecom/airtel-partners-odisha-utility-to-offer-bill-payment-solution/articleshow/93989909.cms?from=mdr)

High Initial Cost to Restrict Market Growth

The ICT market faces a challenge due to high initial costs. Organizations often face substantial upfront expenses when implementing advanced technologies such as cloud computing, cybersecurity solutions, or infrastructure upgrades. This financial barrier can be a deterrent, particularly for smaller businesses with limited budgets. The substantial investment required for technology deployment may hinder the pace of digital transformation and innovation, limiting accessibility f...