Internet industry to reach $5 trn by 2030

New Delhi: Despite a few hiccups this year, the Indian internet industry is expected to grow and could reach a valuation of $5 trillion by 2030, a report showed on Monday.

Home to 780 million internet users, India is home to the second largest internet user base in the world. "As digital will continue to play a significant role, India's internet GMV (not valuation) will grow to about $1 trillion by 2030, equivalent to $5 trillion in public and private market cap," according to data by market intelligence firm Redseer Strategy Consultants.

An average Indian spends around 7.3 hours per day on their smartphone, one of the highest in the world.