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India Cloud computing to reach 11% of APAC revenue by 2024

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New Delhi, March 9 (IANS) Riding on government support, a thriving ecosystem of technology vendors and growing interest among the digital enterprise, Cloud computing in India will account for over 11 per cent of total cloud revenue in the Asia-Pacific region by 2024, a new report said on Tuesday.

According to latest analysis by 451 Research, the cloud computing-as-a-service (CCaaS) market in India will maintain solid growth with a compound annual growth rate (CAGR) of 15 per cent from 2019 to 2024.

The market for CCaaS in India stood at $873 million in revenue in 2019, growing at a projected rate of 23 per cent (YoY) in 2020, which is expected to slow to 11.3 per cent in 2024.

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“Platform-as-a-service (PaaS) is expected to grow moderately throughout the forecast period of 2019-2024, with a CAGR of 10.2 per cent,” the report mentioned.

With cloud being a technology foundation for the deployment of a multitude of digital offerings and services, revenue for infrastructure-as-a-service (IaaS) is estimated to exceed the $1.2 billion mark by 2024, with a CAGR of 16.3 per cent throughout the forecast period of 2019-2024.

“Infrastructure software as a service (ISaaS) is the smallest segment as a percentage of the total CCaaS market in India, accounting for approximately 12 per cent in 2019,” the report noted.

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Demands for cloud archiving, cloud backup and disaster recovery are picking up steam in the wake of the Covid-19 pandemic.

It is expected that growth in the cloud storage-as-a-service market will peak by 2022, said 451 Research.

–IANS

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