India Cloud Storage Market to Grow at 42% CAGR through 2023
Increasing internet and smartphone penetration,
rapidly growing IoT ecosystem and expanding e-commerce industry to drive India
cloud storage market through 2023
According to TechSci Research report, “India Cloud Storage Market By Type, By
Deployment Mode, By Organization Size, By End User, Competition Forecast & Opportunities, 2013 –
2023”, cloud storage market in India is projected to
grow at a CAGR of around 42% during 2018 - 2023. The key factors expected to
drive the market include increasing investments in
4G and 5G networks, coupled with booming FinTech sector, which is likely
to boost the demand for cloud storage on account of increasing level of data
usage. Additionally, it is anticipated that the prices of cloud
storage would decline, thereby further positively influencing the market during
forecast period.
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Rapidly growing IoT ecosystem coupled with increasing internet and smartphone
penetration is generating vast amount of data. For the data storage and
management at consumer and enterprise level, cloud storage is gaining traction,
thereby fueling India cloud storage market. Access speed has increased
tremendously in the country, with rising investments being witnessed in
fiberization and IP Networks. Growth in bandwidth is boosting the data access
and streaming capabilities, and during the forecast period, bandwidth is
expected to grow rapidly, thereby aiding growth in the country’s cloud storage
market. North India accounts for the largest market share, owing to the huge presence
of banking and financial institutions in the region. However, South India is
anticipated to emerge as the fastest growing region in the coming years, backed
by high and rising concentration of SMEs.
“Significant growth
in the adoption of connected devices, such as smartphones and smart speakers is
encouraging Information Technology (IT) companies to acquire cloud storage for
the efficient storage of increasing volume of data being generated by connected
devices. Moreover, popularity of Over the Top (OTT) content streaming services
is growing at a rapid pace. With increasing number of customers opting for
premium services, OTT service providers are expected to invest in cloud storage
to increase volume of content available on their platforms and reduce their
operating cost associated with data infrastructure.”, said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
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“India Cloud Storage Market By Type, By Deployment
Mode, By
Organization Size, By End User, Competition Forecast & Opportunities, 2013 –
2023”
has evaluated the future growth potential of India cloud storage market and has also provided the statistics
and information on market structure, size, share and future growth of India cloud storage market. The
report intends to provide cutting-edge market intelligence and help decision
makers to take sound investment decisions. Besides, the report also identifies
and analyzes the emerging trends along with essential drivers, challenges and
opportunities available in the market.
About TechSci Research
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