According to a report from Nasscom, India’s economy is expected to boost from adopting cloud computing. The report estimates that cloud computing market adoption could add $380 billion to India’s GDP and create 14 million jobs by 2026, growing 3X over the next five years.
According to a study by Nasscom and Zinnov, cloud adoption could add $380bn to India’s GDP and create 14 million jobs. The study found that the cloud industry in India is expected to grow at a compound annual growth rate (CAGR) of 44% between 2016 and 2021.
The study also found that the cloud can help businesses in India save up to 30% on their IT costs. In addition, the cloud can help companies to increase their productivity by up to 20%.
The study found that cloud adoption could significantly impact the Indian economy. It is estimated that by 2025, the public cloud industry in India will be worth $13.5 billion.
The economic impact of the Cloud Computing Market
According to a report by Nasscom, adopting cloud technology could add $380 billion to India’s GDP and create millions of new jobs. The report states that the cloud industry in India is growing at a rate of ~24% per year and is expected to be worth $13.5 billion by 2025.
The report also highlights the potential socio-economic benefits of cloud adoption. It estimates that cloud adoption could lead to the creation of 2 million new jobs by 2020. In addition, it states that cloud technology has the potential to improve productivity and efficiency across all sectors of the economy.
Overall, the report concludes that cloud adoption could have a significant positive impact on India’s economy.
The increase in productivity
1. The increase in productivity: One of the main benefits of cloud adoption is the increase in productivity it can bring. With cloud-based applications and services, businesses can get more work done in less time. This is because they can access information and resources from anywhere, anytime. In addition, companies can automate many tasks that companies would otherwise do manually. This frees up employees to focus on more critical tasks.
2. The reduction in costs: Another benefit of cloud adoption is the reduction of the expenses it can bring. Businesses using cloud-based applications and services no longer need to invest in expensive hardware and software. They also don’t need to pay for maintenance and support. In addition, businesses can save money on energy costs by using cloud-based services.
3. Creating new jobs: Cloud adoption can also create new jobs. When businesses adopt cloud-based applications and services, they need people to manage and support them. This creates new job opportunities for people with the right skills and experience.
The creation of new jobs
1. The creation of new jobs: With the adoption of cloud technology, Nasscom estimates that India could see a $ 380 billion increase in GDP and up to 14 million new jobs. This would be a massive boost for the Indian economy and would provide much-needed employment opportunities.
2. Improved efficiency and productivity: Cloud technology can help businesses in India become more efficient and productive. This would lead to increased output and more economic growth.
3. Greater access to information and data: With cloud technology, businesses would have greater access to information and data. This would allow them to make better decisions and improve their operations.
4. Improved competitiveness: Cloud technology would help businesses in India to become more competitive internationally. This would allow them to better compete with international companies and attract more investment.
Overall, the adoption of cloud technology could have a very positive impact on the Indian economy. It could create millions of new jobs and add billions of dollars to GDP.
The training and reskilling of the workforce
1. The training and reskilling of Procthe workforce: Nasscom has proposed several initiatives to ensure that the workforce is appropriately trained and skilled to work with cloud technologies. These include setting up cloud training and certification programs and working with educational institutes to include cloud-related topics in their curriculum.
2. The development of infrastructure: For India to fully leverage the benefits of cloud adoption, the necessary infrastructure must be in place. This includes physical infrastructure, such as data centers, and digital infrastructure, such as high-speed broadband connectivity.
3. The promotion of innovation: One of the key ways in which India can benefit from cloud adoption is by promoting innovation. Advertising can do this by providing tax incentives for startups that develop innovative cloud-based solutions.
4. Creating new jobs: Cloud adoption is expected to create millions of new jobs in India across various industries. These jobs will span many roles, from cloud architects to data scientists.
The benefits for SMEs
SMEs are the backbone of any economy, and they stand to benefit significantly from cloud adoption. Cloud adoption can help SMEs increase productivity and efficiency and save on costs. In addition, cloud-based applications can help SMEs keep their data safe and secure.
Cloud adoption can also help SMEs create new jobs. For instance, SMEs that adopt cloud-based accounting software will need to hire accountants to manage their finances. Similarly, SMEs that adopt cloud-based customer relationship management (CRM) software will need to hire customer service representatives to handle customer queries.
Overall, cloud adoption can be a significant boon for SMEs in India. It can help them increase productivity, save on costs, and create new jobs.
Conclusion
The study by Nasscom and McKinsey says that the cloud can significantly impact India’s economy, adding $380 billion to GDP and creating 14 million jobs by 2025. The report highlights the potential of the cloud in areas such as agriculture, healthcare, education, and financial services. It also notes that cloud adoption is still in its early stages in India, with only 10% of enterprises using it. There is, therefore, a massive opportunity for growth in this area.
