Bloomberg India is a tech market that is unbeatable, says a market analyst.
And India is among the world’s top five fastest-growing markets for startups, according to data compiled by Bloomberg.
For starters, India is one of the fastest-growth markets for tech companies, according a survey by the San Francisco-based investment bank, The Street, which was based on data from Jan. 1 through Jan. 19, 2017.
The survey of 1,200 investors, including tech titans such as Microsoft Corp. MSFT, -0.16% and Cisco Systems Corp. CSCO, +0.34% shows India’s annual tech growth of 3.6%, or 6% per year.
That’s up from 2.9% in the first half of 2017 and from 2% in 2017.
It’s also the fastest growth rate among global countries in the global tech sector, according the data.
According to the survey, India’s largest market by total sales was Mumbai with $4.8 trillion in gross domestic product in 2020, followed by Bangalore with $3.4 trillion in GDP and Hyderabad with $2.6 trillion in the third quarter of 2020.
India also is the fastest growing technology market in terms of value added, or exports of tech services, according The Street.
It was at No. 7 in 2020 with $1.6 billion in revenue, up from No. 4 in 2020.
And it’s the fastest rising market in the world for startups in the second quarter of 2019, up 12% from the first quarter of 2018.
It’s the third-fastest growing tech market, ahead of the United States and China.
But it has struggled with slower growth in recent years, with only about half the companies in the Indian market reporting sales growth.
For example, tech companies that grew by 10% or more in the last five years reported sales growth of just 0.5% in 2020 and fell to 0.2% in 2021.
But India’s startup ecosystem is also the most robust, says Rakesh Srivastava, an analyst at brokerage firm Morningstar.
“India is the world leader in its ecosystem of entrepreneurs,” he says.
“It has an extremely vibrant startup ecosystem.
There is an abundance of talent.
And with an abundance in funding, it is extremely competitive.”
In 2020, India had 7.6 million entrepreneurs, up 11% from 2020, the Bloomberg report shows.
About 6% of India’s entrepreneurs were women.
And more than half of India is still in the nascent stage of its entrepreneurial ecosystem.
The Street survey found that India has more than twice as many startups as the U.S. as of 2019.
But the U, with a $3 trillion market capitalization, has been slow to take off.
India has nearly twice as much companies listed on the Nasdaq and S&P 500 as the United Kingdom, a market the country had about 2.5 times more than the U in 2019.
And India’s technology sector has grown in leaps and bounds, with India’s gross domestic products (GDP) rising from $17.2 trillion in 2020 to $28.2 billion in 2021, according data compiled for Bloomberg by CB Insights India.
It has a fast-growing tech sector that generates a high level of job creation and creates new job opportunities.
India is the largest startup ecosystem in the Asia-Pacific region, with more than 500,000 startups, up 35% from 2019.
India’s startups have raised $12.7 billion in venture capital.
India’s tech industry is growing at 6.6% annual growth in 2020 compared to 5.3% in 2019, according Bloomberg.
In 2020, Indian tech startups accounted for 8% of global tech companies.
And India is home to some of the world’ top startups, with $9.6 Bn in funding by Indian entrepreneurs in the past three years.
India ranked No. 2 on TheStreet’s list of the 10 fastest-improving tech markets.
It also ranks No. 3 in the United Arab Emirates, according Toiksha Group Inc. TTI, +1.22%