Public cloud services revenue in India will reach $731 million by the end of 2015, Gartner said. That represents an increase of $176 million from 2014 revenue of $555 million.
The think-tank said the revenue growth was led by high growth rates in key market segments, such as cloud infrastructure as a service (IaaS), cloud management and security services, and software as a service (SaaS).
Spending on IaaS is forecast to total $100 million in 2015, an increase of 25 percent over last year. Similarly, spending on cloud management/security is expected to grow 36.6 percent to $82 million and SaaS will grow 33.4 percent to $302 million this year.
Gartner predicts high rates of spending on cloud services in India to continue through 2019 when the market is expected to reach $1.9 billion.
“The forecast for cloud services vary based on local factors, including supply and demand within the local markets, country-specific economic conditions, currency exchange rates, and other global market factors,” said Sid Nag, research director at Gartner.
“The explosive growth of IaaS and SaaS in the India market is an indication that enterprises in India are moving away from building their own on premises infrastructure, as well as migrating from the traditional software licensing model, to a SaaS model served up by cloud providers.”
According to Gartner’s latest cloud adoption survey, 61 percent of respondents in India indicated that they are currently using cloud services, and additional 31 percent plan to use cloud services by the end of 2015.
In September, Gartner said worldwide IT spending across vertical industries is forecast to dip 3.5 percent to $2.69 trillion in 2015. Analysts said all industries will show negative growth due to disparities in global currency exchange rates.