India Cloud Computing Market Set for the New Growth Game: Projected to Grow at a CAGR of 28.1% by 2027
Published | 18 October 2021
Cloud computing in India is growing at a high CAGR due to favorable government initiatives, the increasing investment in IT infrastructure, and the high concentration of skilled demographics.
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that India cloud computing market is estimated to grow at a CAGR of 28.1% during the forecast period of 2021-2027. The growth of India cloud computing market is attributable to the increasing investments in IT infrastructure and adoption of cloud computing by large and small businesses. Furthermore, favorable government initiatives and a high concentration of skilled demographics are also contributing to market growth. Businesses in India are increasingly adopting cloud computing, whether fully or partially. Investments are being made in public cloud infrastructure-as-a-service (IaaS), platform-as-a-service (PaaS), and software-as-a-service (SaaS). However, the high risk of cyberattacks in cloud computing maybes a major restraint for India cloud computing market.
Growing Population of Omni-Cloud Solutions Is Anticipated to Drive the India Cloud Computing Market Growth
India has always been at the forefront of technological advancements and adoption. Likewise, in cloud computing, businesses look for effective solutions such as omni-cloud solutions, which offer access to data from any location and device with high standards and highly-invested firewalls and other security software. Omni-cloud solutions like Dropbox, Amazon Web Services, Microsoft Office 365, etc., are popular because they provide real-time access to data, advanced security, world-class connectivity, and much more. Additionally, omni cloud solutions provide companies with the flexibility to deploy and run applications from anywhere. This boosts their popularity in the Indian market and propels their growth.
Increasing Growth of Large and Small & Medium Enterprises is Expected to Boost the India Cloud Computing Market
Based on enterprises, India cloud computing market is segmented into large enterprises and small & medium enterprises. The large enterprise segment holds the largest market share with high financial capacity and skilled human resources to handle advanced technologies such as cloud computing. Large enterprises opt for cloud computing for their business operations to increase flexibility while cutting down their additional expenses. On the other hand, during the forecast period, small and medium-sized enterprises are predicted to grow with the highest CAGR because of their expanding contribution to the Indian economy, which catalyst for their growth.
India Cloud Computing Market - By End-User
Based on end-users, the India cloud computing market is segmented into BFSI, telecom and IT, media and entertainment, energy and utilities, manufacturing, e-commerce, government & public sector, healthcare, and others. Among these segments, the BFSI sector accounts for the largest market share in the India cloud computing market. Indian banks and financial firms are increasingly adopting cloud computing to adopt a higher level of data protection, fault tolerance, and disaster recovery. Indian banks handle 41 million transactions daily, making it the world's leading real-time payment system. This is propelling the demand for secure and fast cloud computing services. Moreover, other industries such as e-commerce, healthcare, government, and the public also hold substantial market shares.
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India Cloud Computing Market - Regional Insights
Geographically, the India cloud computing market is segmented into North India, South India, East India, and West India. Among these regions, South India dominates the cloud computing market and also holds great growth potential with a high concentration of leading cloud computing companies such as Infosys, Wipro Limited, Cirrologix Private Limited, Ctrls Datacenters Limited, etc. However, the country’s Western region also covers a substantial share of the Indian cloud computing market, with many companies specifically located in Mumbai. North India is also likely to witness growth in the forecast period with an increasing number of SMEs in this region.
Impact of COVID-19 on India Cloud Computing Market
The COVID-19 pandemic proved extremely beneficial for India’s cloud computing market. As the government imposed a lockdown to curb the spread of the virus, Indian industries and firms turned to cloud computing as the most effective means of keeping operations running. As a result of the pandemic, cloud computing in India saw rapid and positive growth as companies experienced its benefits first-hand. As a result, several organizations started investing in IT infrastructure expansion in cloud computing. The India cloud computing market grew considerably during COVID-19 as a result of this.
India Cloud Computing Market: Competitive Landscape
The leading players in the India cloud computing market are Tata Consultancy Services, Infosys, Wipro Limited, Zenith InfoTech Limited, Ciphercloud, Cirrologix Private Limited, Ctrls Datacenters Limited, Clogeny Technologies Private Limited, App Point, iNube Software Solutions Pvt Ltd, and other prominent players.
The market is highly concentrated among industry giants such as Tata Consultancy Services, Infosys, Wipro Limited. However, the Indian market is still very welcoming for new players offering advanced cloud services at an affordable price. The market players focus on advancing their technological capabilities and strengthening their security systems to gain a competitive edge. Furthermore, companies in this market also adopt innovative strategies, such as partnerships, mergers, acquisitions, and joint ventures.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India cloud computing market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the India cloud computing market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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