Apple, Google, and Meta See Faster Growth in India than Globally

November 27, 2024

Big tech companies are experiencing rapid growth in India, faster than in other parts of the world. This trend has been evident over the past four fiscal years and companies like Apple, Google, and Meta are leading this charge.

Apple’s Growth in India

Apple India has shown remarkable net income growth. In FY21, it grew by 32%. This was followed by 3% in FY22, 76% in FY23, and 23% in FY24. This consistent double-digit growth contrasts sharply with Apple’s global performance. The global net income growth dropped from 64% in FY21 to just 3.3% in FY24. Apple plans to open four new retail stores across major cities in India. This move indicates strong confidence in the Indian market.

Google’s Performance and Investments

Google India’s net income also grew, which increased from 14% in FY21 to 25% in FY24. Global net income growth for Google slowed from 89% in FY22 to 23% in FY24. Google has invested heavily in India, including a $10 billion funding plan. The company focuses on supporting Indian developers and start-ups. Collaborations with the government on AI and digital commerce are also in the pipeline.

Meta’s Income Trends in India

Meta’s global net income growth rose from 58% in FY21 to 68.5% in FY24. However, Facebook India’s income growth decreased from 16% in FY21 to 8.8% in FY24. Despite regulatory challenges, Meta saw a 131% increase in FY22 and 43% in FY24. The company remains optimistic about India’s AI leadership potential.

Future Outlook for Tech in India

Experts predict continued growth in India’s tech market. Government policies and strong consumer demand are key drivers. Geopolitical tensions between the US and China are prompting more investments in India. Compliance with local regulations is essential for success. Companies that align with consumer sentiment are likely to thrive.

Important Facts for Exams:
Greyhound Research: This firm focuses on technology and market insights. It provides analysis on trends affecting businesses. The company is known for its expertise in the Indian tech landscape.
AI and Digital Commerce: These are key areas of collaboration between Google and the Government of India. They aim to enhance technological advancements. This partnership reflects India’s growing importance in the global tech ecosystem.

« Previous Post Next Post »