Indian Cloud Computing Industry expected to reach $16 Billion by 2020
Date: Wednesday , January 02, 2013
The cloud computing industry has grown manifolds globally in the past few years. Keeping in tune with these global trends the Indian cloud computing market is expected to reach $16 Billion by 2020, says a NASSCOM study.
The global cloud computing market was projected to grow at 33 percent compounded annual growth rate and reach $680 Billion by 2020 while the domestic market opportunity might touch $16 billion in the same period.
About two-third of the growth would be "new-business" and the rest would come from existing service lines, said the study titled, 'Deconstructing the "CLOUD": The New Growth Frontier for Indian IT-BPO Sector', brought out by NASSCOM in association with Deloitte.
"There are ample opportunities for cloud in every industry, and with the increased preference of cloud adoption in the coming years, the industry will have to invest in competency building internally to take advantage of cloud computing technologies", says Som Mittal, NASSCOM President.
The study suggests that Cloud computing is expected to have a significant impact on current IT-BPO services industry, in terms of types of services offered, delivery mechanisms and business models.
"While security is one of the major hindrances toward cloud adoption, policies need to be created and designed to help enterprises establish and execute a comprehensive security strategy that addresses threats and potential liabilities resulting from cloud computing," says Mittal.
"India will definitely have a leadership position in the cloud market in times to come", adds Mittal.