India Cloud Computing Market Size to Grow at a CAGR of 17.20% by 2032
Apr 25, 2024
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India Cloud Computing Market Size and Growth:
Cloud computing refers to the on-demand delivery of computing resources over the internet. Imagine it like renting computing power instead of owning it outright. Cloud computing provides access to a variety of IT resources like storage, servers, databases, networking, and even software applications. You can access these resources over the internet, just like you access websites.
India Cloud Computing Market Size was valued at USD 6.2 Billion in 2022. The Cloud Computing Market industry is projected to grow from USD 7.2 Billion in 2023 to USD 25.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 17.20% during the forecast period (2024 - 2032).
Key Companies in the Cloud Computing Market include,
- Tata Consultancy Services
- Infosys
- Wipro Limited
- Zenith InfoTech Limited
- CipherCloud
- Cirrologix Private Limited
- Ctrls Datacenters Limited
- Clogeny Technologies Private Limited
- App Point
- iNube Software Solutions Pvt Ltd
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Driving Forces: This growth is fueled by several factors:
Cost Savings and Flexibility: Cloud computing offers businesses the ability to scale their IT resources up or down as needed, leading to cost efficiencies and increased agility.
Focus Beyond Cost: Now, businesses are recognizing the additional benefits of cloud services, such as faster innovation and improved customer experience [IDC].
Digital Transformation: India's digital push is driving cloud adoption across various sectors.
Market Segments:
The public cloud market encompasses three main service models:
Infrastructure-as-a-Service (IaaS): Provides on-demand access to computing resources like servers, storage, and networking.
Platform-as-a-Service (PaaS): Offers a platform for developing, deploying, and managing applications.
Software-as-a-Service (SaaS): Delivers software applications over the internet on a subscription basis.
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Challenges: Despite the optimism, there are hurdles to address:
Security Concerns: Data security and privacy remain a top concern for businesses migrating to the cloud.
Legacy Systems: Integrating cloud solutions with existing on-premises infrastructure can be complex.
Lack of Awareness: Smaller businesses might not fully understand the benefits of cloud computing.
Future Outlook:
The Indian cloud market is on an upward trajectory. With increasing government support, growing digital adoption, and a maturing cloud ecosystem, India is poised to be a major player in the global cloud computing landscape.
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