The Indian cloud storage market size was estimated at USD 2.57 billion in FY2023 and is projected to reach USD 7.89 billion in FY2031, growing at a CAGR of 17.38% between FY2024 and FY2031. The Indian cloud market is being driven by factors such as increasing adoption of cloud storage by SMEs, infrastructure for cloud storage being accelerated by high-speed internet, increasing use of cloud analytics for decision making, technological advancements and initiatives being taken by the government.
Increased Adoption of Cloud Storage in SMEs
The adoption of cloud storage by small and medium sized enterprises (SMEs) in India has been growing steadily over the past few years. With increasing availability of affordable internet services and initiatives being taken by the government for promoting digitization, more SMEs are adopting cloud storage for storing their data and run their businesses. There are some 0.3 million small scale enterprises and 5,000 medium scale enterprises in India.
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4G and 5G Networks are Establishing Infrastructure for Cloud Storage Market
With high-speed internet connectivity, users can easily upload and access data on cloud storage services from anywhere, without the intervention of physical storage devices. Rolling out of 5G networks in India will offer faster internet speed, making cloud storage more accessible and convenient. 5G technology coupled with cloud computing opens up several opportunities for the India market including increased accessibility, IoT connectivity, improved security systems and better connectivity for work from anywhere.
Application of AI for Achieving Data Integrity
While choosing cloud storage solutions, organisations are looking for Al (Artificial Intelligence) and ML (Machine Learning) capabilities, especially with the massive amount of data that has emerged as a result of the working from home and enterprises migrating primarily to the cloud. For addressing concerns with data integrity, Al assists businesses in segmenting, cleaning and consolidating the data.
Increasing Use of Cloud Computing by Government
Cloud computing practices are frequently being used in the IT projects of the central government. Cloud computing is gradually but steadily replacing traditional government data centres. One of the primary benefits of cloud computing is the ability to reduce expenses for businesses over time. It also helps in reducing the physical storage of data and other important documents.
Digilocker, a cloud storage platform introduced by the Ministry of Electronics and IT in 2016 under the government’s Digital India Initiative crossed 100 million users in 2022.
On the 4th and 5th of August 2022, a two-day workshop was organised at the Haryana Institute of Public Administration for participants from Delhi-NCR. The programme was designed to build capacities within the government at both the central and state levels by using a synchronised approach to ensure the availability of adequate knowledge, appropriate competencies, and skill set to leverage the benefits of cloud computing in e-Governance practises. Meghraj is a government initiative for cloud computing that focusses on the delivery of e-services in India.
Impact of COVID-19 on Indian Cloud Storage Market
The pandemic had a significant impact on the Indian Cloud Storage Market. With the shift towards remote work and virtual connection, businesses and individuals have increasingly relied on cloud storage to store and share their data, which led to a surge in demand for cloud storage services in India. However, the pandemic has also resulted in economic uncertainty and budget constraints for many businesses, which has led to a slowdown in the adoption of cloud storage solutions.
Report Scope
“India Cloud Storage Market Assessment, Opportunities and Forecast, FY2017-FY2031F,” is a comprehensive report by Markets and Data, providing in-depth analysis and assessment of cloud storage market in India, industry dynamics and challenges. The report includes market size, segmental shares, growth trends, COVID-19 impact, opportunities and forecast between FY2024 and FY2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.