01 Dec 2022
India Public Cloud Services Market to Grow at a CAGR of 23.1% for 2021-26, According to IDC
INDIA, December 01, 2022 – The India public cloud services (PCS) market, including infrastructure-as-a-service (IaaS), platform-as-a-service (PaaS) solutions, and software-as-a-service (SaaS), revenue totaled $2.8 Billion for the first half of 2022, according to the International Data Corporation (IDC) Worldwide Semi-annual Public Cloud Services Tracker, 1H 2022 (January-June). The overall India public cloud services market is expected to reach $13.0 billion by 2026, growing at a CAGR of 23.1% for 2021-26.
"Public cloud services continue to grow in India as there is a surge in digital services and organizations have realized the power of cloud to help them transform digitally. With the growth in digital innovation, organizations are looking to bring new products and services to the market faster through digital streams and increase their investments in technologies like AI/ML, edge computing, blockchain, and IoT to improve customer experience and business efficiency. The market also witnessed increased consumption of platform-as-a-service tools as organizations invested in modernizing their legacy applications to make them cloud native, highly scalable, and flexible as part of their digital transformation journey," says Rajiv Ranjan, Associate Research Director, Cloud and Artificial Intelligence, IDC India.
SaaS continued to be the largest component of the overall public cloud services market, followed by IaaS and PaaS during the first half of 2022. The top two public cloud service providers continue to hold more than 45% of the market.
With India being a key growth market, cloud service providers continued to expand their presence in the country by unveiling new data centers/cloud regions, thus enhancing their service delivery capabilities. With verticals like BFSI, manufacturing, etc., leading the public cloud adoption, service providers also continued to witness increased demand from other verticals like the public sector, media, gaming, etc. Collaboration applications, compute, storage, customer relationship management (CRM), enterprise resource management (ERM), security, etc., continue to be the most demanded public cloud service areas. There was also a surge in the adoption of cloud-based AI platforms and cloud-native application development.
“Demand for public cloud services continues to rise with enterprises leveraging the cloud for streamlining operations, cost optimization, accelerated innovation, increased flexibility, reliability, etc. With more Indian enterprises working on strengthening their digital and smart capabilities, public cloud adoption will continue to be driven by the demand for upgrading legacy systems, omnichannel customer expenses, real-time data analytics, connected platforms, and applications, etc. Further, the recent launch of 5G services is expected to open up a gamut of opportunities for enterprises undergoing digital transformation, thus accelerating cloud proliferation,” says Harish Krishnakumar, Senior Market Analyst, IDC India.
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International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,100 analysts worldwide, IDC offers global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly-owned subsidiary of International Data Group (IDG), the world's leading tech media, data and marketing services company. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDC and LinkedIn. Subscribe to the IDC Blog for industry news and insights: http://bit.ly/IDCBlog_Subscribe.
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