The cloud computing-as-a-service (CCaaS) market in India will maintain solid growth with a compound annual growth rate (CAGR) of 15% from 2019-24, according to the latest analysis by 451 Research, global research and advisory firm within S&P Global Market Intelligence.
This is primarily driven by deliberated government support, positive investment climate, a thriving ecosystem of technology vendors, and growing interest among the digital enterprise, the report said.
Also Read | Australia’s prime time battle against big tech
The market for CCaaS in India stood at $873 million in revenue in 2019, growing at a projected rate of 23% year-on-year in 2020, which is expected to slow to 11.3% in 2024.
Platform-as-a-service (PaaS) is expected to grow moderately throughout the forecast period of 2019-24, with a CAGR of 10.2%.
With cloud being a technology foundation for the deployment of a multitude of digital offerings and services, revenue for infrastructure-as-a-service (IaaS) is estimated to exceed the $1.2 billion mark by 2024, with a CAGR of 16.3% throughout the forecast period of 2019-24.
Infrastructure software-as-a-service (ISaaS) is the smallest segment as a percentage of the total CCaaS market in India, accounting for approximately 12% in 2019. However, it is projected to maintain a healthy double-digit growth throughout the forecast period with a CAGR of 15.5%.
According to the research, demand for cloud archiving, cloud backup and disaster recovery are gathering steam in the wake of the covid-19 pandemic. It is expected that growth in the cloud storage-as-a-service market will peak by 2022.