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INDIAN INSTITUTE OF MANAGEMENT

LUCKNOW
INTERNATIONAL BUSINESS ENVIRONMENT
ASSIGNMENT # 2
February, 2016
Presented to:
Prof. K. G. Sahadevan

Submitted by:
Rachit Gaurav, PGP 31401
Rohit Kumar, PGP31406
Section- G

Analysis of Internet Service Provider Industry

Declaration:

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We, Rachit Gaurav & Rohit Kumar, do hereby declare that the report is our joint effort and
that no part of the report is copied from published/unpublished sources without proper
citation

Table of Contents
Executive Summary...............................................................................................................................................3
Introduction............................................................................................................................................................3
Structure & Specialisation of ISP industry.....................................................................................................4
Wireless Internet................................................................................................................................................4
Rising Smartphone/ Tablet sales.......................................................................................................................5
Objective of the study............................................................................................................................................5
PESTEL Analysis...................................................................................................................................................6
Political...............................................................................................................................................................6
Economic.............................................................................................................................................................6
Social...................................................................................................................................................................7
Technology..........................................................................................................................................................8
Environment.......................................................................................................................................................8
Legal....................................................................................................................................................................9
Porters 5 Forces Analysis...................................................................................................................................10
Rivalry among the competitors......................................................................................................................10
Threat of Substitute.........................................................................................................................................11
Bargaining power of supplier..........................................................................................................................11
Bargaining Power of Buyer.............................................................................................................................11
Threat of New entrants....................................................................................................................................12
Final Verdict.....................................................................................................................................................12
Potential Opportunity Areas...............................................................................................................................12
Threats to ISPs.....................................................................................................................................................13
Growth Drivers.....................................................................................................................................................13
Conclusions...........................................................................................................................................................14
References.............................................................................................................................................................14

List of Figures
Figure- 1
Figure- 2
Figure- 3
Figure- 4
Figure- 5
Figure- 6

Specialization of ISP
Structure of ISP
Internet penetration in India
Mobile data usage per user
Projected data subscribers in India (in Millions)
Internet telephony minutes

4
4
4
5
5
8
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Figure- 7
Figure- 8
Figure- 9
Figure- 10

PESTEL Analysis
Market share of major ISPs
Porters Five Forces Analysis
Key Players Structure

9
10
12
14

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Executive Summary
Internet touches every aspect of human existence today, be it the need for information,
communication, trade, government organizations and more. The Internet Service Providers
(ISPs) play a key role in making this available to the various sectors of the nation, which in
turn has helped in propelling economic growth and productivity improvement. This report
aims to understand the existing structure of Internet Service Provider (ISP) industry and
analyse the industry attractiveness and competitiveness, creating an overall industry portfolio.
Being born in the post-liberalisation era, the industry has not witnessed similar experiences as
other industries which came into existence pre-liberalisation and were hugely impacted by
the major reforms undertaken during 1991. The report studies the impact of external
environment factors on the industry over the past two decades and how various reforms have
shaped up the industry. Further, study of the competitive forces operating in the industry
helps us in gaining better insights regarding the industry attractiveness.
The various driving forces such as the growth of broadband and the wireless services, the
increased sales of smartphones and tablets over the last 5 years, liberal regulatory policies of
the regulator allowing more competition etc. and the restraining forces like the dot-com
bubble burst in 2001, restricted internet telephony without any additional charges for the
users, regulator blocking the move of ISPs to provide content at differential prices, making
the ISPs responsible for any illegal content being posted such copyright infringement under
the Copyright Act etc. that have affected the industry during the past two decades have also
been studied and an analysis of the strengths and weaknesses of the internal environment of
the industry as well as the opportunities and threats the industry is exposed to due to its
external environment has also been presented in this report.

Introduction
The Internet was born in India in August 1995, launched by Videsh Sanchar Nigam Limited
(VSNL), then a public sector enterprise and being the sole internet service provider.
However, the industry of Internet Service Providers (ISPs) was actually incepted in 1998,
when government opened the market for private players. In the pre-liberalisation era, the
telecom sector allowed private players only for the equipment manufacturing, but postliberalisation reforms saw open participation of private players in the telecom industry. This
led to forming of National Telecom Policy (NTP) 1994 and establishment of a regulatory
authority Telecom Regulatory Authority of India (TRAI) in 1997 and Internet Service
Providers (ISPs) were categorised as internet subsidiaries under the Information Technology
Act, 2000.
Since, the industry was conceived in the post-liberalisation era, there has been a continuous
process of reforms and amendments in the policies, with the advent of newer and faster
technologies and the primary motive of providing cheap and easy internet access to the entire
nation. The ISP industry despite rising in the late 90s and early 2000s, was severely affected
by the dot-com bubble burst in 2002 and suffered from stunted growth for over a period of 3
years. However, the growth picked up again post 2005 and has been ever since growing with
a CAGR (Cumulative Annual Growth Rate) of around 27 percent. The two major drivers
behind the growth of ISP industry are the increased penetration of wireless internet services
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and the rise in smartphones/ tablets/ laptops sales which in turn boosted the growth of
internet.

Structure & Specialisation of ISP industry

Figure- 1: Specialisation of ISP

Figure- 2: Structure of ISP

The ISP industry through its various offerings such as Analog/ Digital Dial-ups, WebTV,
Fibre to the curb, satellite, Radio local loop establishes a strong connections with its
customers in both B2B as well as B2C scenarios. Figure- 1 above demonstrates the
specialisation of ISPs and Figure- 2 provides us with insights related to the actual working of
an ISP. The primary revenue model is fairly simple as it charges the user on the basis of the
content (measured in bytes) browsed through and/or downloaded by the customer over a
period of time.

Wireless Internet
The wireless effect can be attributed to the growth of both wireless broadband services as
well as the wireless data services. Its effect on internet penetration can be seen from the fact
that share of internet subscribers rose to over 93 percent in 2014-15 from 83 percent on 200910, while on the other hand the wireline internet penetration decreased. The internet
penetration of both wireless and wireline services can be seen in Figure- 3.

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Source: CRISIL

Research

Figure- 3: Internet penetration in India

Rising Smartphone/ Tablet sales


With the rise of smartphones and tablets, the user markets for internet services have changed
over the past five years. Even though desktops and laptops have dominated the internet usage
patterns, they have consistently lost share to smartphones and tablets over the past 5 years.
Smartphones and tablets sales has risen from almost no market share in 2008-09 to over 65
percent market share in 2014-15, rising with a better CAGR of 40 percent in comparison to
PCs ( CAGR 6 percent) and Laptops (30 percent). It is further propelled by the steady rise in
data usage on mobiles as seen in Figure- 4.

Source: CRISIL Research

Figure- 4: Mobile data usage per user


Figure- 5: Projected data subscribers in India (in Millions)

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Objective of the study


The objective of the study is to analyse the market attractiveness of Internet Service Provider
(ISP) industry. This report will help in understanding the external environment dynamics
produced favourable as well as unfavourable scenarios with the help of PESTEL (Political,
Economic, Social, Technological, Environmental and Legal environment) analysis. The
report tries to address the industrys reaction or preventive measures undertaken against the
reforms and policy changes during past few years. The report further analyses industrys
competitive position by using Porters Five Forces model. With a better understanding of
external environment and competitive position of the industry, the project is concluded with a
SWOT analysis of the ISP industry in terms of its market attractiveness for the current
scenario.

PESTEL Analysis
Political
Ever since the launch of Internet in India since 1995, the industry has flourished without
being stunted by any strict regulations imposed by the government. With the restrictive policy
of retaining the monopoly of public sector enterprises being withdrawn in 1998, the liberal
ISP policy has always sought to promote fast proliferation of the Internet within the country,
giving boost to other related industries like E-commerce, Web Hosting, etc. There are no
restrictions on the no. of service providers and hence over 100 licenses have already been
issued to the ISPs based on their operation being national, regional or district basis.
These low regulations have led to low barriers to entry in the market leading to intense
competition. Further, ISPs are presently not responsible for the content being hosted on their
networks and hence there is no censorship of the Internet. The ISPs take off content only
once a complaint is registered by other user, owing up the responsibility of being the
publisher of the content. The ISP policy runs around the idea of universal service and hence
the regulator in concordance with the government aims and works in the direction of
providing cheap and easy access of Internet to every citizen of the country.
With National Telecom Policy 1999, Internet Telephony was envisaged and the government
allowed ISPs to provide the same in 2012 using VoIP (Voice over Internet Protocol).
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However, no additional licensing fees was imposed nor was any additional tariff levied by the
ISPs from the customers for telephony services. To this day, ISPs pay a meagre licensing fees
of 8 percent of the adjusted gross revenue for restricted telephony and Re. 1 per annum as
licensing fee for other services. The Union Cabinet approved National Telecom Policy 2012
envisages to boost broadband services, with targets of achieving 600 million user base by
2020 from just around 26 million in 2012, further focussing on revising the minimum
download speed for broadband from 256 kbps to 100 mbps eventually.
In the recent years, several campaigns launched in the country require the basic strengthening
of the ISP industry. For instance, the Digital India campaign launched by the current
government is also based on similar premises to provide internet facilities across the nation.
The small players play a key role as currently the rural markets are majorly being explored by
them and liberal policies always act as a facilitator. The recent decision of TRAI, banning
differential data pricing by the telecom companies however provides a good example of the
fact that the regulator, though liberal, still is capable enough to restrict any anti-competitive
strategies of the ISPs and other telecommunications companies.

Economic
The contribution of Internet to the Indian economy can be majorly subdivided into four
categories: direct GDP contribution i.e. through devices, infrastructure, connectivity, ads, ecommerce etc., online transactions, socio-economic impacts and productivity benefits. The
overall contribution of the Internet to Indias GDP is around 2.7 percent which is larger than
the contribution of military (2.5 percent) or even healthcare (2.5 percent). It is further
estimated to contribute over 4 percent of Indias GDP by 2020. The number of internet
subscribers in India is expected to grow multi-fold to around 750 million by 2020 from a
current user base of around 300 million.
Whereas there are direct benefits brought to the economy by the ISP industry in terms of
increased GDP, Government revenues and employment in the country; the indirect benefits
viz. better access to information, lower transaction costs and improved productivity of
businesses through data services play a more crucial role in propelling the economy. The ISP
industry remains immune to the upswings and downswings in the level of economic activity
and with the decreasing taxes and duties on chips & semiconductors, eventually making the
cheaper computers and laptops is an indicator for the easy way ahead for the ISP industry, as
these cheaper computers would require internet connectivity.

Social
The user base of Internet users, in the course of last decade has diversified aggressively from
just being used by academicians and scientists to a current diverse mixture of users with
different cultures, ages and occupations. A major propeller for this factor is the availability
factor, with the data services being much more readily available as compared to a decade ago
and with the unprecedented growth of mobile phones and laptops, it has become relatively
cheaper and easy to connect to the Internet. As opposed to earlier belief, the demography and
geography no longer play a role in determining target customers for ISPs, as the growth of
the telecom industry has been far and wide and is expected to even penetrate the rural
markets in the upcoming decade, as still there is a lot of potential for growth with the current
Internet penetration in the country being around 19 percent only. Furthermore, the growth of
the ISP industry has also proved as a boon for the society in terms of the employment
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opportunities created, offering a variety of career options to diploma holders and degree
holders in the IT sector.
Whereas there are countries like Japan & France, which has a very strong
Telecommunications infrastructure, which have shown surprisingly lower penetration of
internet due to lower acceptance of foreign technologies, India has been pretty open to the
change as a society and has welcomed the use of this foreign technology from their
professional lives to their personal space. The language barrier has been a problem over the
years, with Internet majorly available in English tracing its origins to the US. However, as
other languages have soon found their way to the Internet commonplace, a country like India
with such diverse language and culture barriers is expected as a favourable destination for the
ISP market.
The growth of ISP industry, in turn boosting the growth of Internet in the country, is also
being utilised to solve other major social issues within the country such as safety for women.
There are several technology driven solutions which have emerged over the last 3-4 years in
form of mobile apps like VithU, which sends alerts from the users mobile in case of any
perceived dangers, as a form of improved individual security. Similar platforms are also
being utilised by the police in order to strengthen the safety of women in the country.
Avaaz.org and Change.org are few of the online campaigns that propagate such agendas. All
these efforts are expected to help in increasing womens participation in the Indian economy
as currently only 29 percent of the Indian workforce is constituted by females.

Technology
The phenomena of increased Internet speeds has led to a strong evolution in the technologies
being offered by ISPs. Whereas the wireless sector has seen its evolution from GPRS
(General Packet Radio Service), EDGE (Enhanced Data rates for GSM Evolution popularly
known as 2G), HSPA (High Speed Packet Access popularly known as 3G) to LTE (LongTerm Evolution also known as 4G) and high speed Wi-fi providing extraordinarily increased
speeds of Internet surfing to its users at proportionate prices; a similar evolution is also
evident in the wired sector with much improved DSL (Digital Subscriber Line), Cable
modem, ISDN (Integrated Services Digital Network) and Fibre Optics technologies
propelling the broadband bandwidths for the users.
These Internet technologies are currently evolving at an enormous rate and much of it can be
attributed to the feedback loop generated with new technologies boosting new services,
which in turn fuels development of new technologies. Each and every part of the Internet is
becoming faster and more efficient, however not all technologies have shown the same
results as was their expected potential by the ISPs. For example, VoIP (Voice over Internet
Telephony) or Internet Telephony was expected to be a major game changer, however despite
all the predictions and expectations by the ISPs they never turned out to be so as can be seen
from Figure- 6. However, with strong competition within the industry, a lot of evolution is
centred on the theme of disruptive technologies, offering value propositions targeted towards
a non- existing customer base, who are expected to be in paying lower prices for a lower
quality. This is turn has hindered the growth of industry to a certain extent.

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Internet Telephony minutes

236.4

249.75

251

245.08

M ar '13

M ar '14

M ar '15

153.92
122.96

M ar '10

M ar '11

M ar '12

Figure- 6: Internet telephony minutes

The focus of ISPs has been on constant research & development, though it may not be as
extensive and decisive as other industries like Pharma, as the new technologies are easily
replicable, it is these new technologies which are expected to provide a first mover advantage
to the companies. The development of better internet services also helps in the improvement
of productivity of other industries and hence a lot of technology centric work is carried out in
other sectors to employ these improved internet technologies in improving their businesses.
Even the unprecedented growth of IT sector in India can also to a certain extent be attributed
to the growth of ISP industry.

Environment
The advent of technologies in not just the Internet Service Provider industry but the entire
Telecom industry has led to a major environmental concern. This is due to the fact that with
fast evolving technologies a large portion of equipment are going obsolete in a very small
period of time, much before their expected life cycle. This is turn has led to an unprecedented
increase in the electronic wastes.
Currently, environmental issues have become a one of the major factors in the ISP industry
and the companies are paying increasing attention to improving their environmental
performance. Undertaking Green Initiatives and attempts to reduce emissions and saving
energy with the use of complimentary equipment. However, in absence of stringent
regulatory frameworks related to the environmental performance of the industry the onus still
lies with the companies to take initiatives involuntarily. However, all international regulations
on environmental protections are currently being complied with by majority of the players.
This process includes carefully choosing products and networking solutions to reduce the
negative impact on the environment.

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Legal
With the ISP industry majorly run by private entities and hence in order to be able to cater the
needs and interests of the consumers it is important to build a strong legal and regulatory
framework to monitor these companies. The ISPs have been categorised specifically as
internet subsidiaries under the Information Technology Act, 2000 which was later amended in
2008. Whereas there are sections under the act like Information Technology (Intermediaries
guidelines) Rules, 2011 provide immunity to ISPs in cases where illegal action being
committed through the networks provided by them, however it does not apply in case of
unlawful acts under patent or copyright infringement. Internet being a prime medium for
accessing and infringing copyrights, liability of ISPs has been fixed under the Copyright Act,
1957. The ISPs having been provided the power to block any website, it is their onus to
ensure that no illegal or immoral content is being hosted. The Telecom Regulatory Authority
of India (TRAI) established in 1997 plays a major role in the policies making and establishes
various legal frameworks for not just ISPs but the entire telecom industry.
Political
No stringent
Regulations
Liberal
Licensing
Policy

Legal
IT Act, NTP,
TRAI
Copyright
Actinfrignment
policies
Environment
al
Increase in ewastes
Self regulated
enviromental
initiatives

ISP
Technological
Consistent
evolution
enabling
higher speeds
at cheaper
rates

Economic
Expected 4%
contribution to
GDP by 2020
Strategic
advantage to
otherSocial
industries
Low newtechnology
acceptance
barries
Synchronised
rural
development

Figure- 7: PESTEL Analysis

Even though Copyright infringement burden has been imposed on the ISPs by the
government, still there are no clear and detailed guidelines regarding the actions that can and
should be undertaken by the ISPs. With recent decision of TRAI, for the first time the
regulator has openly expressed its stand regarding net neutrality in the country and hindering
the ISPs from differential pricing for the content being hosted.

Porters 5 Forces Analysis

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Rivalry among the competitors


The central area of the Porters 5 force s analysis represent the intensity of the rivalry among
the competitors or firms in any industry. Firms use tactics like price competition, product
introductions, advertising battles and increased customer services among others. The form of
rivalry depends on the type of industries. The internet service provider industry in India is
highly concentrated with over 125 large and small players in March 2015 as per the data of
Telecom regulatory Authority of India (TRAI). The major player in the ISP industry are
BSNL, Bharti Airtel Ltd., Vodafone, Reliance Communication, and Idea. The market share of
each of the player as on June 2015 were as follows:

Market Share
Other; 21%
Bharti Airtel Ltd. ; 25%
BS NL; 11%
Vodafone; 21%

Idea; 11%

Reliance Communication; 11%

Bharti Airtel Ltd.


Idea

Vodafone
BSNL

Reliance Communication
Other

Figure- 8: Market share of major ISPs

A) Price Competition: As in any industry with large number of players, there is a huge
price war in this industry too. These players offer a large number of options based on
the price to attract customers. The range of price vary from as low as Rs. 5 for a day
to as high as around Rs. 250 for a GB data pack for a month. The price attractiveness
and the facility of mobile number portability has increased the competition in the
segment.
B) Network Availability: As the number of mobile subscribers are increasing at a
tremendous rate, the network availability play a major role in the ISP industry. Airtel
and BSNL leads in the segment with better network coverage in most parts of the
country. Other carriers such as Vodafone, reliance and Idea are spending a huge
amount of sum in erecting towers in distant locations to attract customers.
C) Quality of service: this also play a major role in the growth of a firm in the industry.
Internet is a commodity which is required 24x7 and so people face the need of
customer support whenever needed. The quality of service offerd by the some of the
major player helped them in establishing their foothold in the market.
D) Security: Web security is a major concern these days and company need to be well
prepared in offering proper security as no one wants to compromise their financial
and personal security over the web.

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Threat of Substitute
The industry offer a moderate attraction for other players to offer substitute product at a
lower rate. Some of the substitute for ISP can be telcos, cable operator, and free basic
services. Recently the free basic services launched by Facebook and Airtel was a major step
in the same direction but the decision by TRAI to restrict any such services in India reduce
the threat of the substitute.

Bargaining power of supplier


The bargaining power of the supplier has increased influence on the profitability of a
company, as increase in their bargaining power will lead to reduction in the profitability of
the service provider and the amount charged to the buyer will also be more. In case of ISP
industry, the major supplier include mobile tower companies, sim card manufacturer, and
mobile manufacturer
A) Mobile tower companies: There are two types of tower companies in India telecom
owned tower companies and independently telecom tower companies. Around 75% of
the tower companies are owned by telecom operator and the rest are independently
owned. Since most of the tower companies are owned by the operator themselves, the
bargaining power of the supplier is less in this industry. Further, the presence of large
number of tower companies and little or no possibility of forward integration reduces
the supplier bargaining power further.
B) Sim card manufacturer: Most of the sim are either imported or are produced by
some other company in India. But the availability of large number of small player
reduces their bargaining power significantly. The mobile operator usually procure
from different suppliers every time so as to reduce the delays. Further, the chances of
forward integration is also very less.
C) Mobile manufacturing company: In India, generally two types of mobile phones are
used GSM and CDMA. Most of the buyer dont have any bargaining power over the
service provider.

Bargaining Power of Buyer


Generally there are two types of buyer in ISP industry- individual and enterprise customers.
The presence of large number of service providers in the industry gives the byer an ample
opportunity to select their provider, leading to price war in the industry. Earlier switching
costs used to be high but after the introduction of mobile number portability service, the
switching costs have reduced considerably and hence increases the bargaining power of
buyer further. Increased social networking, excessive advertisements through hoardings,
banners, TV and word of mouth has made the buyer better informed about the availability of
substitute products. Buyers information about the availability of other products has become
high.

Threat of New entrants


As already said that there are around 125 large and small ISP players in India. This suggest
that the threat of new entrant is not that strong in the industry and this can be explained
through the nature of the industry. An ISP firm doesnt require a huge upfront capital
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investment as majority of the services of the firm ca be outsourced. A small technical know
how about the industry is good enough to establish itself in the market. The regulations
imposed by the government in this segment is also not much and can be fulfilled easily. This
has led to international carrier such as Vodafone to establish their foothold in the market.
Companies can use the network service of other carrier at a price. The industry has seen a
large number of mergers and acquisitions in the recent times.

Final Verdict

Low

High

Rivalry among the competitors


10
5

Threat of New entrants

Threat of Substitute

Bargaining Power of Buyer

Bargaining power of supplier

Figure- 9: Porters Five Forces Analysis

Potential Opportunity Areas


1. Non metropolitan cities and rural areas where the market concentration is less provide
a strong potential area for the growth of the industry. Marketing expenses would be
lower in the area and market awareness can be created by proper workshop and
advertising.

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2. Tourist and resort areas: Indian tourism attracts a number of people from all over the
world and most of the tourist place lack proper network connectivity. Cyber clubs
with email and surfing facilities would be required in many premium hotels and
resorts. Moreover to leverage risk, pricing can be at a premium for such customers.
3. Most of the industries in India are located in far off places and laying off cable or
providing suitable connectivity will led to increase in the growth of the industry

Threats to ISPs
ISP industry face challenges in four major areas: customer relations, regulatory framework,
technology, and resources.
1. Customer relations:
ISP, being a service industry it is necessary for such industry to develop good
customer relations. Retention of customer in such industry is a major challenge as the
switching costs is very less. There is always a need for improved and new services in
order to satisfy the customers.
2. Regulatory Framework:
TRAI and DOT play a major role in regulating telecom and ISP industry in India. The
recent decision of TRAI, banning differential data pricing by the telecom companies
however provides a good example of the fact that the regulator, though liberal, still is
capable enough to restrict any anti-competitive strategies of the ISPs and other
telecommunications companies.
3. Technology:
ISP, being a highly technical field faces a major threats from technological side. ISPs
have to come out with a solution on how to integrate the available technologies and
provide them in a satisfactory way. They must figure out a way to deal with the
developments associated with a rapidly expanding infrastructure.
4. Resources:
Huge upfront capital investment is a major barrier in the growth of new ISP player.
Large ISP player can easily acquire new resources but small player in spite of being
profitable and efficient cannot afford to make large investments. The lack of
experienced and trained employees also pose a major threat to ISP industry.

Growth Drivers
1. Growing Demand: the per capita income of India has increased at a tremendous rate
in the last 10 years and with increase in disposable income the lifestyles of the people
has changed a lot. Further, the demographic change also play a major factor in the
growth driver of the industry. With increase in the rate of young workforce, the
demand for internet on the rise.
2. Policy Support: the government is playing a support role in the growth of the
industry. The major steps taken by the government in this regard include reduction in
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license fee, relaxed FDI norms and encouraging firms to expand to untapped rural
areas.
3. Increasing Investment: the attractiveness of the market has generated higher FDI
inflow as well as number of Merger and acquisitions is also on the rise.

Figure- 10: Key Players Structure

Conclusions
We have discussed thoroughly regarding the ISP industry, starting from its structure, looking
at the competition, various regulatory norms, the key players in the industry and the key
trends both the ones occurring and the ones likely to emerge in the future.
Mergers and acquisitions have turned out as the most prevalent method of business
development both in terms of expanding the geographical base as well as the customer base
of the companies.
Thus, despite the huge number of new entrants in the industry, the
total number of players has somewhat stabilised.
By analysing the external environment of the business through PESTEL framework as well
as the competitive environment through Porters Five forces analysis we have understood that
the Telcos being the major players (by creating their own ISPs) are one the biggest threat to
the existing ISPs. Tremendous focus is on new and improved technologies and offerings such
as Internet Telephony (VoIP), Value-added services etc. Pricing models even though were
pretty stable since the inception of industry in mid-90s, have now become pretty dynamic and
varies with business providers. Same has been the case for service offerings, with newer,
faster, cheaper technologies emerging day by day the service offerings are also changing
rapidly.

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All in all, Internet Service Provision has become an extremely complex and dynamic area,
and the potential of growth, especially in emerging economies like India, the industry offers
makes it highly attractive market for any investments.

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2.
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