With increased adoption of futuristic technologies such as Artificial Intelligence (AI) and Machine Learning (ML), the Cloud market in India is poised to grow three-fold to $7.1 billion by 2022, according to a Nasscom report on Tuesday.
In 2018, Cloud spending stood at approximately 6 per cent of the total IT spending, according to the report prepared in collaboration with Google Cloud and Deloitte Touche Tohmatsu India LLP.
"India's Cloud computing market is poised for growth and the technology is increasingly being embraced across businesses as well as consumers," Debjani Ghosh, President, Nasscom, said in a statement.
Newly appointed Nasscom Chairman- Rishad Premji.
Globally, the Cloud spending on IT is growing at 16.5 per cent and is expected to touch $345 billion by 2022, said the report titled "Cloud — Next Wave of Growth in India".
The report highlights that Cloud spending is propelled by factors such as increased awareness of Cloud, consumerisation of IT, proliferation of start-up ecosystem, diverse landscape of supplier ecosystem, rising investments in infrastructure, talent, strategic partnerships and the impetus from key digital-led government programmes.
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Futuristic technologies such as AI and ML are aiding in the seamless adoption of software as a service (SaaS), infrastructure as a service (IaaS) and platform as a service (PaaS) offerings, giving a boost to the Cloud market.
The report also draws attention to a few challenges to the growth of Cloud market in India such as data security and lack of Internet infrastructure specially in tier-2 and rural markets of the country. (IANS)