According to analyst firm GlobalData’s Market Opportunity Forecasts Model, China, Japan and India will continue to drive the cloud computing market in the APAC region and account for two-thirds of the overall region’s cloud computing market in 2023.
Sunil Kumar Verma, Lead ICT Analyst at GlobalData, says, “Cloud computing market in China is forecast to reach US$84 billion by year-end 2023. Favorable regulatory landscape, growing adoption of cloud by enterprises and the emergence of ‘glocal’ cloud powerhouses such as Alibaba, Tencent and China Telecom will drive the market growth in the country.”
GlobalData says that in Japan, the establishment of Japan Cloud Consortium (JCC) organisation in 2010 to promote the adoption of cloud services is bearing positive results - with cloud computing revenue in Japan estimated to grow at a CAGR of 20.7% during 2018-2023 to reach US$69 billion in 2023.
In India - the home to the world’s second largest mobile subscriber base - the cloud computing market is estimated to grow at a CAGR of 15.1% during the outlook period, driven by the necessity to serve global demand of enterprises and domestic demand from customers.
The National Digital Communications Policy-2018, which aims to establish India as a global hub for cloud computing, content hosting and delivery, and data communication systems and services, will further aid the country’s cloud computing market growth, says GlobalData.
“Cloud computing will continue to witness upward trend as enterprises are now migrating specialised, high-performance applications to the cloud, with a view to reduce time and cost for new products launch. Improvised monitoring and enhanced visibility provided by the cloud vendors, along with the focus of enterprises to optimize their applications to predominantly a cloud-native environment will further fuel cloud computing growth in the region,” Verma concludes.