As per a recent Google Cloud-BCG joint report, deployment of the public cloud computing system can add around $100 Bn to the Indian economy and generate 2.4 lakh direct jobs by 2023.
“Public cloud deployments in India have the potential to contribute approximately $100 Bn in GDP (gross domestic product) cumulatively from 2019 to 2023. When annualized, this is equivalent to 0.6 percent of GDP and 15 percent of the GDP impact of the IT industry and 25 percent of the textile industry in India,” the report revealed.
Of the 2,40,000 direct jobs, around 1,57,000 will be in digital and technology-related roles such as data scientists, product managers, engineering, design, user experience, and infrastructure management jobs with cloud service providers, IT service providers and across industry verticals, as per the report.
Additionally, the public cloud deployment will create another 83,000 direct roles that will be related to core business functions across industry verticals.
The findings are in tandem with the prediction from Gartner, Inc. which had noted that the public cloud services revenue in India was projected to total $2.4 Bn in 2019, an increase of 24.3 percent from 2018. Given the focus on digitalization in both the private and the government sector, which is also encouraging the active use and implementation of cloud-based computing operations, it seems that the cloud computing market in India is poised for growth.
As a result, the business efficiencies and growth resulting from public cloud deployments have the potential to generate up to 2.4 lakh jobs and impact another 7,43,000 jobs through second-order effects from 2019 to 2023, as per the report. More so, the shift from ‘cloud-first’ to a ‘cloud-only’ model will further push organizations in India to increase their spending on public cloud services to advance their digital business initiatives.