The global growth story of the country continues to make its mark on the world map with tech sector growing at a rapid pace. According to a recent report released by the Global Research Agency GfK, the growing markets will dominate the tech sector as compared to the mature markets.
The report forecasts changes in the multi-billion dollars consumer electronics market worldwide at country level. The report covers digital devices ranging from smartphones, tablets, PCs, Cameras, Camcorders, printing devices, Audio and video entertainment equipment etc. Overall more than seventy products are covered in the report.
The report suggests that while the overall market will be steady at $1 trillion, emerging markets will grow faster than the developed markets like US and Europe. The top 10 emerging countries with a growth of over $10 billion will contribute and dominate this year.
From the Asian subcontinent, India tops the growth charts with a contribution of over $4.8 billion in tech sector. The consumer base and accessibility aide India in dominating the growth charts. China and Nigeria followed by Pakistan are other significant players in the top contributing market with a growth of $0.6 billion.
What remains to be seen is if the impact Governments move to double sales tax on smartphone import will have on the overall consumption. The increased sales tax will cause price rise which may shrink the overall market or at least limit the growth opportunities.
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