The global cloud services market is expected to touch $650-700 billion of which India is likely yo account for $16 billion in by 2020, a study said yesterday.
Around two-third of this will be new business and the rest will come from existing service lines, according to a report titled, Deconstructing the Cloud: The New Growth Frontier for Indian IT-BPO Sector, by Nasscom and research & consulting firm Deloitte, which studied the potential impact of cloud on IT-BPO sector.
Launching the study during its Infrastructure Management Services Summit yesterday in Bangalore, Nasscom said that the Indian cloud computing market is expected to touch $16 billion by 2020, while the global market is projected to grow at 33 per cent to reach $650-700 billion in the same period.
About two-third of this would be 'new-business' and the rest would come from existing service lines, according to the study that involved 360 of the of Fortune 500 companies.
Nasscom president, Som Mittal said Cloud computing was reshaping the Indian IT market by generating new opportunities for IT providers and driving changes in traditional IT offerings. ''India will definitely have a leadership position in the cloud market in times to come," he said.
"There are ample opportunities for cloud in every industry, and with the increased preference of cloud adoption in the coming years, industry will have to invest in competency building internally to take advantage of cloud computing technologies," he said.
Cloud computing is expected to have a significant impact on current IT-BPO services industry, in terms of types of services offered, delivery mechanisms and business models.
Mittal said while security is one of major hindrances toward cloud adoption, policies need to be created and designed to help enterprises establish and execute a comprehensive security strategy that addresses threats and potential liabilities resulting from cloud computing.