Indian cloud computing-as-a-service to grow at CAGR of 15% from 2019-24: Report

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.

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%.