New Delhi: The public cloud services market in India is on pace to grow 32.2 percent in 2014 to USD 556.8 million, according to research firm Gartner.
This is against revenues of USD 421 million in 2013, Gartner said in a statement.
By 2018, the market would grow to USD 1.7 billion, Gartner said.
Spending on software as a service (SaaS) is expected to total USD 220 million in 2014, growing 33.2 percent from last year from USD 166 million in 2013, it added.
SaaS is forecast to be the largest overall cloud market segment, followed by infrastructure as a service (IaaS), totaling USD 78 million and business process as a service (BPaaS) at USD 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.
The SaaS market is forecast to grow from USD 166 million in 2013 to USD 636 million in 2018, while the IaaS is forecast to grow from USD 58 million in 2013 to USD 317 million in 2018.
BPaaS is expected to grow from USD 62.3 million in 2013 to USD 204 million in 2018.