The overall Indian market for cloud -- both public and private -- has grown steadily to reach $860-912 million in calendar year 2011, according to market advisory firm Zinnov Management Consulting.
The 'Public Cloud Opportunity in India' study released on Thursday highlighted that the public cloud market comprises 20-22 per cent of the share, while the remaining 78-80 per cent is accounted for by private cloud.
The public cloud market has rapidly evolved in the last two years in India with significant traction across SaaS, PaaS & IaaS (software as a service, platform as a service, infrastructure as a service), the study said.
With the current market of $160-192 million in 2011, public cloud in India is at a very nascent state of the market and may not have hit the inflection point yet, indicating significant future potential.
SaaS market in India is largely dominated by email, collaboration tools, CRM/ ERP and stood at $123-143 million for 2011.
The SaaS market has grown at a compound annual growth rate of 46 per cent from $56-67 million in 2009 until 2011.
The PaaS and IaaS markets in India, on the other hand, are rapidly growing, though from a small base, the study added.
The PaaS market in India is at $1.5-2.5 million in 2011, having grown at a CAGR of 75 per cent from $0.5-1.5 million 2009.
IaaS market in India, on the other side, stands at $38-47 million.
This segment has seen a promising growth of CAGR 84 per cent from a market share of $11-14 million in 2009.
Zinnov Management Consulting Director, Market Expansion Praveen Bhadada, said: "Public cloud market is expected to grow at 55 per cent CAGR in the near future and will become a default choice for new IT investments, especially in the SMB segment."
"We will not be surprised, if cloud takes up more than 20 per cent of the total Indian IT spend in the next couple of years.
"This would also mean that there will be a significant demand in the job market for cloud computing related skills", he added.