The cloud computing-as-a-service (CCaaS) market in India will keep strong development with a compound annual development price (CAGR) of 15% from 2019-24, in response to the most recent evaluation by 451 Analysis, world analysis and advisory agency inside S&P World Market Intelligence.
That is primarily pushed by deliberated authorities assist, optimistic funding local weather, a thriving ecosystem of know-how distributors, and rising curiosity among the many digital enterprise, the report mentioned.
Additionally Learn | Australia’s prime time battle in opposition to massive tech
The marketplace for CCaaS in India stood at $873 million in income in 2019, rising at a projected price of 23% year-on-year in 2020, which is anticipated to gradual to 11.3% in 2024.
Platform-as-a-service (PaaS) is anticipated to develop reasonably all through the forecast interval of 2019-24, with a CAGR of 10.2%.
With cloud being a know-how basis for the deployment of a large number of digital choices and companies, income for infrastructure-as-a-service (IaaS) is estimated to exceed the $1.2 billion mark by 2024, with a CAGR of 16.3% all through the forecast interval of 2019-24.
Infrastructure software-as-a-service (ISaaS) is the smallest section as a share of the overall CCaaS market in India, accounting for roughly 12% in 2019. Nevertheless, it’s projected to keep up a wholesome double-digit development all through the forecast interval with a CAGR of 15.5%.
Based on the analysis, demand for cloud archiving, cloud backup and catastrophe restoration are gathering steam within the wake of the covid-19 pandemic. It’s anticipated that development within the cloud storage-as-a-service market will peak by 2022.