India’s public cloud services market (PCS) touched $1.6 billion (roughly Rs 11,800 crores) in the first half of 2021, a recent report from the International Data Corporation (IDC) has said. The PCS category includes infrastructure-as-a-service (IaaS), platform-as-a-service (PaaS) solutions, and software-as-a-service (SaaS) cloud platforms. The overall India public cloud services market is likely to touch $7.4 billion (roughly Rs 54,500 crores) by 2024 growing at a CAGR of 22.2 percent for 2020-24, IDC’s Worldwide Semiannual Public Cloud Services Tracker report said.
“The current uncertainty has accelerated the demand for public cloud services. Getting to the ‘next normal’ entails businesses to leverage cloud as part of their business plans. Irrespective of where the businesses are positioned across the IDC’s ‘response to recovery’ framework, organisations state cloud is imperative in attaining their core business objectives. Enterprises across verticals like financial services, IT/ITeS, media, education among others are witnessing a surge in demand,” Rishu Sharma, Principal Analyst, Cloud and Artificial Intelligence at IDC India said in a release. The IDC report says that the spending in cloud infrastructure in India continues to solidify with the top two cloud providers capturing close to 52 percent of India’s public cloud services market in the first half of 2020. The report said that in terms of segment, SaaS forms the largest component of the overall public cloud services market in India with over 63 percent of the overall market in the first half of 2020. SaaS is followed by IaaS and PaaS segments.
The report further indicates that the public cloud services market has nearly tripled since 2016. “As businesses focus on gaining agility, flexibility, and resilience, reliance on cloud platforms and infrastructure as well as software as a service will become pivotal,” the report said. Although most organisations in India have adopted cloud at some point or the other, the coronavirus pandemic has enabled organisations to rely on public cloud IaaS and PaaS to expedite the development process and deployment of business applications.
In February, it was reported that the Indian cloud infrastructure market will reach a valuation of Rs 19,646 crores by 2024. In 2019, the country moved from number 37 a year earlier (in 2018) to 17 in the startup ecosystem rankings of 2019. Given the rise in startups in the country, there is an imminent growth in the demand for cloud services. Further, as the COVID-19 pandemic has triggered a remote working culture, the demand for using cloud (for both personal and professional needs) will also rise, since organisations would require storing more data over the cloud rather than physical servers.
The recent IDC report is an indicator of how the pandemic has boosted the usage of cloud platforms in India, and will continue to do so in the near future.
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