India’s e-commerce market is expected to grow exponentially and cross 200 billion US dollar in gross merchandise value ( GMV ) in the next decade, according to a Bank of America Merrill Lynch report.

The report said the e-commerce sector’s GMV forecast is likely to increase on improving telecom infrastructure, faster adoption of online services and better variety and convenience and the number of shoppers is likely to go  up to 530 million.

While the GMV in 2025 is estimated to be 10 per cent higher at 220 billion US dollar, faster and reliable telecom networks would accelerate online sales, the report said. E-commerce majors Flipkart, Amazon, Snapdeal are likely to dominate the market, it added.