India’s Data Center & Cloud services Market is expected to grow at a CAGR of 11% by 2024. Will the Projections justify the growth rate? Ken Research
A massive market opportunity of $2000 Mn is present for the Data Center & Cloud service market in India owing to government initiatives, increasing investment & cloud adoption, says a report by Ken Research
1. Government Initiatives to Bridge Gaps in Data Center Industry via heavy investment for development of DC & Cloud Services in India
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The GOI is currently focused on improving the data center & cloud services infrastructure. Agencies such as NITI Aayog have been participating actively & drafting appropriate policies for market development. NITI Aayog has drawn up a plan for creating an institutional framework for artificial intelligence (AI) in the country in the year 2019. It has circulated a cabinet note to provide INR 7,500 Cr in funding for creation of cloud computing platform called AIRAWAT and research institutes. The INR 7,500 Cr investment is for a period of 3 years to boost the research & adoption. Other such initiatives include ‘National Digital Communication Policy’.
2. “Investment scenario getting a boost:’ India Data Center & Cloud services Market is getting massive investment boost & emergence of new startups”
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Various companies operating in the India Data Center & Cloud Services market are getting massive investment influx owing to government regulations & the infrastructure development. For instance, Amazon has recently decided to invest $3 Bn to build its second data center region in India. Moreover, Alibaba Cloud is also building its first data center in India. All in all, the market is currently growing at a robust rate with startups & companies showing interest in entering the India market owing to vast opportunities.
3. India is expected to be the hub for data Center market growth in the upcoming years owing to massive investment flow.
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India is witnessing an increased investments from the co-location providers such as CtrlS, Netmagic, Siffy, STT GDC India, Nxtra and Others. The country is to witness a surge in the demand for the data center services owing to the rising data in the country with a higher adoption of digitalization by various industries in next few years. Moreover, the emergence of 5G technology in India is likely to grow the adoption of IoT-enabled products in the Indian market further contributing to the development of data center industry. All in all, a robust growth is expected in the upcoming years.