The public cloud services market in India is on pace to grow 32.2 per cent in 2014 to $556.8 million, according to research firm Gartner.
This is against revenues of $421 million in 2013, Gartner said in a statement.
By 2018, the market would grow to $1.7 billion, Gartner said.
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Spending on software as a service (SaaS) is expected to total $220 million in 2014, growing 33.2 per cent from last year from $166 million in 2013, it added.
SaaS is forecast to be the largest overall cloud market segment, followed by infrastructure as a service (IaaS), totalling $78 million and business process as a service (BPaaS) at $75 million.
“Growth of cloud services in India reflects the demand for new sourcing models. We expect high growth rates across all cloud services market segments in India,” Gartner Research vice president Ed Anderson said.
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The SaaS market is forecast to grow from $166 million in 2013 to $636 million in 2018, while the IaaS is forecast to grow from $58 million in 2013 to $317 million in 2018.
BPaaS is expected to grow from $62.3 million in 2013 to $204 million in 2018.