To automate processes and drive innovation with public cloud as the foundation, the increased spend is expected to continue as enterprises invest in emerging technologies like AI/ML, IoT, block-chain, etc.
The Indian Public Cloud Services (PCS) market, growing at a compound annual growth rate (CAGR) of 24 per cent for 2021 – 26, is set to reach $13.5 billion by 2026, a new report has shown.
Including infrastructure-as-a-service (IaaS), platform-as-a-service (PaaS) solutions, and software-as-a-service (SaaS), the revenue of public cloud market, in 2021, reached $4.6 billion, according to the International Data Corporation (IDC).
“With digital innovation leading the top business objectives for Indian organisations, cloud adoption is set to accelerate in 2022,” said Rishu Sharma, Associate Research Director, Cloud and Artificial Intelligence, IDC India.
Followed by IaaS and PaaS in 2021, SaaS continued to be the largest component of the overall PCS market.
With the top two service providers holding more than 45 per cent of the Indian PCS market, public cloud spending continued to increase among enterprises, the report noted.
Due to the robust demand from large enterprises, digital natives, and also from small and medium businesses in the country, India continues to be among the fastest-growing market for PCS providers.
IDC said, to ensure business continuity, improve resilience and productivity, and drive digital innovation, enterprises continued to invest in public cloud.
“Public cloud adoption continued to surge as enterprises invested in public cloud as part of their digital transformation initiatives to improve business resiliency and become a digital-first organisation,” said Harish Krishnakumar, Senior Market Analyst, IDC India.
To automate processes and drive innovation with public cloud as the foundation, the increased spend is expected to continue as enterprises invest in emerging technologies like AI/ML, IoT, block-chain, etc., he added.
As organisations expect part of their hybrid workforce to return to offices in 2022, there has been an increased demand for cloud-based security applications.
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