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.
“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.
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.