Kolkata: Fuelled by the sustained growth of the online travel industry, the Indian e-commerce market will plunge at an impressive growth rate of 47 per cent to reach Rs 46,000 crore in the 2011, a report by Internet and Mobile Association of India said.

A report released by IAMAI said, "This growth is primarily driven by the online travel industry, which contributes 76 per cent to the total net commerce industry in India today."

The Internet commerce industry in India has seen a manifold increase in the last couple of years, with the total market size increasing from Rs 19,688 crore by the end of 2009 to an estimated Rs 31,598 crore in 2010.

The study by the industry body said, by the end of 2011, the net commerce market size is expected to grow by 47 per cent and touch Rs 46,520 crore.

Comprising about 81 per cent of the total e-commerce in the country, the online travel market, which includes booking rail and air tickets, hotel accommodations and tour packages, is estimated to grow by 50 per cent and touch Rs 37,890 crore by December, 2011.

In the travel portfolio, which was worth Rs 14,953 crore in 2009, domestic air travel contributed 63 per cent, followed by railway tickets (28 per cent).

Others, such as international air travel (Rs 548 crore), hotel bookings (Rs 308 crore), bus tickets (Rs 294 crore), tour packages (Rs 86 crore) and travel insurance (Rs 52 crore), contributed the balance 9 per cent of the total online travel market.

Another area that has shown significant growth is the financial services market, such as online insurance payments and transactions through trading accounts, which grew from Rs 1540 crore to an estimated Rs 2,000 crore during the one-year period ending December, 2010.

Comprising 8 per cent of the e-commerce market, this sector is expected to grow by 34 per cent and touch Rs 2,650 crore this year.

The report also highlights that other areas like digital downloads and e-retailing are showing promise and growing rapidly.