New Delhi, Jul 1 (IANS): The overall Indian Public Cloud Services (PCS) market is expected to reach $24.2 billion by 2028, growing at a compound annual growth rate (CAGR) of 23.8 per cent, a report showed on Monday.

The revenue from Indian PCS market reached $8.3 billion in 2023, according to the International Data Corporation (IDC).

The PCS market includes infrastructure-as-a-service (IaaS), platform-as-a-service (PaaS) and software-as-a-service (SaaS) solutions.

"While enterprises continue to modernize IT on IaaS offerings, core business applications have a shifting trend to SaaS models on public cloud. These offerings are further enhanced by GenAI technologies to improve user experience and productivity,” said Rajiv Ranjan, Associate Research Director, Cloud and Artificial Intelligence, IDC India.

The top two vendors continued to hold more than 40 per cent of the India PCS market in 2023.

Public Cloud adoption in India continued to rise as enterprises preferred public cloud services for their digital transformation initiatives, application modernization, and productivity enhancements.

“Moreover, the increased focus on cost optimisation in recent times has accelerated the move towards as-a-service consumption models, thus driving public cloud adoption,” said Harish Krishnakumar, senior market analyst, IDC India.