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December 28, 2022

How India has a golden opportunity in the future of cloud computing and its impact on the Indian economy

The cloud has become indispensable in the pandemic and post-pandemic era, driving flexibility, agility, and innovation. In India, organizations are swiftly adopting cloud solutions, with 78% of IT companies, 53% of Healthcare and BFSI firms, and 49% of Pharmaceuticals making the shift post-2019. According to IDC, 40% of all Indian organizations will implement dedicated cloud services by 2024. Cloud adoption is led by media companies, digital natives, financial institutions, manufacturers, retailers, and large enterprises. Notably, over 20 Indian startups achieved unicorn status in 2022, with 80% of them crediting Platform as a Service (PaaS) and Infrastructure as a Service (IaaS) for their success. 

The Indian government has also embraced the cloud with initiatives like CoWIN, a successful vaccination platform built on AWS. CoWIN achieved a milestone by administering 225 lakh vaccination doses in a single day. India is emerging as a significant player in the global public cloud market, with a projected growth rate of 25% and a value of USD 6 billion between 2018 and 2023, according to BCG. 

The Indian cloud market is thriving, boasting a CAGR of 44%, outpacing the global market. It is poised to contribute USD 380 billion to India’s GDP by 2026, creating 14 million employment opportunities. IDC predicts the Indian public cloud market will reach USD 10.8 billion by 2025, with a CAGR of 24.1%. AWS’s investments are bolstering this growth, with the new AWS Hyderabad region expected to support over 48,000 full-time jobs annually by 2030. 

Despite these promising developments, India faces barriers to cloud adoption. The education system needs to bridge the gap between curriculum and cloud job market skills. Security, data governance, and regulatory compliance are additional hurdles. The lack of technical skills, coupled with data governance challenges, can impede cloud integration. 

India must accelerate cloud adoption to maintain its competitive edge. A delayed approach could result in the loss of significant GDP and job opportunities. India needs to act swiftly to ensure cloud talent development, regulatory support, and cloud adoption, fostering an environment of innovation and growth. 

Read more on this from CXO today article by Bhavesh Goswami