India Data Center Construction Market to Attract Investment of USD 3.5 Billion by 2028, Trends, Industry Analysis, Growth, Competition Analysis - Arizton

Rhea-AI Summary

The India data center construction market is set to grow at a CAGR of 15% from 2022 to 2028, reaching a market size of USD 3.46 billion by 2028 from USD 1.52 billion in 2022. Key drivers include increased cloud adoption, 5G deployment, and innovations in technologies like IoT and AI, fostering demand for data centers. By 2024, 80% of corporate banks in India are expected to utilize cloud technology. Major investments are expected from local and global companies, enhancing infrastructure across regions like Maharashtra and Tamil Nadu.

Positive

• Projected market size growth from USD 1.52 billion in 2022 to USD 3.46 billion by 2028.
• CAGR of 15% indicates strong market expansion.
• Increased cloud adoption and 5G deployment driving demand for data centers.
• Rising investments from both local and international companies.

Negative

• None.

CHICAGO, Jan. 25, 2023 /PRNewswire/ -- According to Arizton's latest research report, the India data center construction market will grow at a CAGR of 15% from 2022-2028. Adopting advanced technological solutions that include IoT, big data, and AI increases the demand for cloud services across verticals. Some of India's largest cloud service providers will create opportunities for data center operators to develop more facilities during the forecast period. Cloud computing is an innovation that transforms the banking business. Around 80% of corporate banks in India expect to operate their trade finance and treasury workloads on cloud technology by 2024. 5G deployment to increase edge data center investments, procurement of renewable energy in data centers, growing rack power density, and availability of liquid cooling to support AI & ML workloads are driving the growth of the India data center construction market.

India Data Center Construction Market Report Scope

Report Attributes	Details
Market Size (2028)	USD 3.46 Billion
Market Size (2022)	USD 1.52 Billion
CAGR by Revenue (2022-2028)	15 %
Market Size -Area (2028)	3.585 Million Square Feet
Power Capacity (2028)	575 MW
Base Year	2022
Forecast Year	2023-2028
Market Segmentation	Facility Type, Infrastructure, Electrical Infrastructure, Mechanical Infrastructure, Cooling Systems, General Construction, Tier Standards, and Geography
Geographic Analysis	India
Countries Covered	Maharashtra, Tamil Nadu, Telangana, Uttar Pradesh, and Other States
Page Number	281
Market Dynamics	·  Rise in Investments from Colocation Providers ·  Government Aid in Growing the Digital Economy & Data Center Investments ·  Cloud Adoption Increasing Data Center Investments ·  Big Data & IoT Driving Data Center Investments
Customization Request	If our report does not include the information you are searching for, you may contact us to have a report tailored to your specific business needs https://www.arizton.com/customize-report/3688

 

Click Here to Download the Free Sample Report

Recent Investments

• In November 2022, AWS announced the launch of its new cloud region in Hyderabad.
• The increased data generation will fuel the demand for large storage facilities in India. India witnesses continuous investments in cloud adoption and Big data analytics from small and medium-sized industries.
• Indian companies, such as Adani Group and Hiranandani Group, and foreign investors, such as Microsoft, EdgeConnex, CapitaLand, Amazon, and the Mantra Group, invest in data centers in India. Existing companies, such as STT India, CtrlS, and Nxtra by Airtel, also increase their presence and capacities in the country.
• Yotta Infrastructure, NTT Global Data Centers, and ST Telemedia Global Data Centres India have expanded their presence in India with several hyperscale data center developments across Mumbai, Tamil Nadu, and Uttar Pradesh.
• In recent years, state governments in India invested in constructing and expanding State Data Centers (SDCs). Data center development in India is also carried out by central government agencies, such as the National Informatics Centre (NIC) and the National Payment Corporation of India (NCPI).
• In 2022, the market garnered investments in over 20 projects, with Maharashtra dominating the market, followed by Tamil Nadu, Uttar Pradesh, Telangana, and other states in the country, which also accounted for many projects.
• Adani Group formed a joint venture called AdaniConneX with EdgeConneX, a global data center provider, to build multiple hyperscale data centers with a cumulative capacity of 1 GW in Chennai, Mumbai, Noida, Vizag, and Hyderabad.

Geographical Analysis

India has been and will be the preferred market for data center providers. The rising demand for on-demand video, mobile gaming, and online content will be a stronger force for data center procurement in the country. States such as Maharashtra, Tamil Nadu, Telangana, and Uttar Pradesh are witnessing growth in artificial intelligence, IoT, virtual reality, online payment systems, and smart solutions. Such factors are anticipated to attract investments into the country and boost the India data center construction market. Maharashtra led the data center in India, contributing 54.13% of investments, followed by Tamil Nadu, Telangana, and others.

The State Government of Maharashtra has developed a new Renewable Energy Policy, which aims to implement 17.36 GW of transmission system-connected power projects by 2025. In August 2022, the Madhya Pradesh government announced that it had set a target to achieve a green energy generation capacity of around 20 GW by 2030. Further, in August 2022, the Uttar Pradesh government announced that it had released a draft of Solar Energy Policy 2022 and planning to establish 20 solar cities over the next five years.

Click Here to Download the Free Sample Report

The Report Includes the Investment in the Following Areas: 

• Facility Type
• Colocation
• Hyperscale
• Enterprise Data Centers
• Infrastructure
• Electrical Infrastructure
• Mechanical Infrastructure
• General Construction
• Electrical Infrastructure
• Uninterruptible Power Supply (UPS) Systems
• Generators
• Power Distribution Units
• Transfer Switches & Switchgear
• Other Electrical Infrastructure
• Mechanical Infrastructure
• Cooling Systems
• Racks
• Other Mechanical Infrastructure
• Cooling Systems
• CRAC & CRAH Units
• Chiller Units
• Cooling Towers, Condensers & Dry Coolers
• Other Cooling Units
• General Construction
• Core & Shell Development
• Installation & Commissioning Services
• Engineering & Building Design
• Fire Detection & Suppression
• Physical Security
• Data Center Infrastructure Management (DCIM)/Building Management Systems (BMS)
• Tier Standards
• Tier I & II
• Tier III
• Tier IV
• Geography
• India
• Maharashtra
• Tamil Nadu
• Telangana
• Uttar Pradesh
• Other States

Major Vendors

Prominent Construction Contractors

• AECOM
• AHLUWALIA CONTRACTS (INDIA) LTD.
• DEC Infra
• DSCO Group
• Emerge Engineering
• Larsen & Toubro (L&T)
• Prasa
• Listenlights
• Sterling and Wilson (Shapoorji Pallonji Group)
• Turner & Townsend
• Tata Projects
• Vastunidhi

Prominent Support Infrastructure

• ABB
• Blue Box (Swegon)
• Caterpillar
• Climaveneta Climate Technologies (Mitsubishi Electric)
• Cummins
• Delta Electronics
• Eaton
• Kirloskar Oil Engines (KOEL)
• Legrand
• NetRack Enclosures
• Panduit
• Riello Elettronica
• Rittal
• Rolls-Royce
• Schneider Electric
• Siemens
• STULZ
• Vertiv

Prominent Data Center Investors

• Nxtra by Airtel
• Amazon Web Services (AWS)
• CapitaLand
• Colt Data Centre Services
• CtrlS
• BAM Digital Realty
• Equinix
• NTT Global Data Centers
• Pi DATACENTERS
• Reliance Jio Infocomm
• ST Telemedia Global Data Centres
• Sify Technologies
• Web Werks
• Yotta Infrastructure Solutions

New Entrants

• AdaniConneX
• Chindata Group (Bridge Data Centres)
• Princeton Digital Group (PDG)
• SpaceDC

Check Out Some of the Top-Selling Research Related Reports:

Southeast Asia Data Center Construction Market - The Southeast Asia data center construction market size was valued at USD 2.77 billion in 2022 and is expected to reach USD 3.02 billion by 2028.

U.S. Data Center Construction Market - The U.S. data center construction market size was valued at USD 20.13 billion in 2021 and is expected to reach USD 24.70 billion by 2027.

Data Center Construction Market - The global data center construction market is expected to reach USD 73 billion by 2027.

India Data Center Market -  India data center market size witnessed investments of USD 4.35 billion in 2021 and will witness investments of USD 10.09 billion by 2027

Table of Content

1 RESEARCH METHODOLOGY

2 RESEARCH OBJECTIVES

3 RESEARCH PROCESS

4 SCOPE & COVERAGE

4.1 MARKET DEFINITION

4.2 BASE YEAR

4.3 SCOPE OF THE STUDY

4.4 MARKET SEGMENTS

4.4.1 MARKET SEGMENTATION BY FACILITY TYPE

4.4.2 MARKET SEGMENTATION BY INFRASTRUCTURE

4.4.3 MARKET SEGMENTATION BY ELECTRICAL INFRASTRUCTURE

4.4.4 MARKET SEGMENTATION BY MECHANICAL INFRASTRUCTURE

4.4.5 MARKET SEGMENTATION BY COOLING SYSTEM

4.4.6 MARKET SEGMENTATION BY GENERAL CONSTRUCTION

4.4.7 MARKET SEGMENTATION BY TIER STANDARD

4.4.8 MARKET SEGMENTATION BY GEOGRAPHY

5 REPORT ASSUMPTIONS & CAVEATS

5.1 KEY CAVEATS

5.2 CURRENCY CONVERSION

5.3 MARKET DERIVATION

6 PREMIUM INSIGHTS

6.1 KEY HIGHLIGHTS

6.2 KEY MARKET TRENDS

6.3 SEGMENTATION ANALYSIS

6.4 GEOGRAPHICAL ANALYSIS

6.5 VENDOR ANALYSIS

7 MARKET AT A GLANCE

8 INTRODUCTION

8.1 INDIA DATA CENTER CONSTRUCTION MARKET OVERVIEW

8.2 INTERNET PENETRATION

8.3 DATA CENTER SELECTION CRITERIA

8.3.1 KEY FACTORS

9 MARKET OPPORTUNITIES & TRENDS

9.1 EDGE DATA CENTER INVESTMENTS FUELED BY 5G DEPLOYMENT

9.2 USE OF RENEWABLE ENERGY IN DATA CENTERS

9.3 GROWTH OF RACK POWER DENSITY

9.4 AVAILABILITY OF LIQUID COOLING TO SUPPORT AI & ML WORKLOADS

10 MARKET GROWTH ENABLERS

10.1 INCREASED INVESTMENTS BY COLOCATION PROVIDERS

10.2 GOVERNMENT INVESTMENTS IN DIGITAL ECONOMY & DATA CENTERS

10.3 INCREASED DATA CENTER INVESTMENTS DUE TO CLOUD ADOPTION

10.4 DATA CENTER INVESTMENTS DRIVEN BY BIG DATA & IOT IMPLEMENTATION

11 MARKET RESTRAINTS

11.1 POWER RELIABILITY/NETWORK OUTAGE CHALLENGES

11.2 DATA CENTER SECURITY CHALLENGES

11.3 LOCATION CONSTRAINTS

12 MARKET LANDSCAPE

12.1 MARKET OVERVIEW

12.2 INVESTMENT: MARKET SIZE & FORECAST

12.3 AREA: MARKET SIZE & FORECAST

12.4 POWER CAPACITY: MARKET SIZE & FORECAST

12.5 FIVE FORCES ANALYSIS

12.5.1 THREAT OF NEW ENTRANTS

12.5.2 BARGAINING POWER OF SUPPLIERS

12.5.3 BARGAINING POWER OF BUYERS

12.5.4 THREAT OF SUBSTITUTES

12.5.5 COMPETITIVE RIVALRY

13 FACILITY TYPE

13.1 INVESTMENT: MARKET SNAPSHOT & GROWTH ENGINE

13.2 AREA: MARKET SNAPSHOT & GROWTH ENGINE

13.3 POWER CAPACITY: MARKET SNAPSHOT & GROWTH ENGINE

13.4 COLOCATION DATA CENTERS

13.4.1 MARKET OVERVIEW

13.4.2 INVESTMENT: MARKET SIZE & FORECAST

13.4.3 AREA: MARKET SIZE & FORECAST

13.4.4 POWER CAPACITY: MARKET SIZE & FORECAST

13.5 HYPERSCALE DATA CENTERS

13.5.1 MARKET OVERVIEW

13.5.2 INVESTMENT: MARKET SIZE & FORECAST

13.5.3 AREA: MARKET SIZE & FORECAST

13.5.4 POWER CAPACITY: MARKET SIZE & FORECAST

13.6 ENTERPRISE DATA CENTERS

13.6.1 MARKET OVERVIEW

13.6.2 INVESTMENT: MARKET SIZE & FORECAST

13.6.3 AREA: MARKET SIZE & FORECAST

13.6.4 POWER CAPACITY: MARKET SIZE & FORECAST

14 INFRASTRUCTURE

14.1 MARKET SNAPSHOT & GROWTH ENGINE

14.2 MARKET OVERVIEW

14.3 ELECTRICAL INFRASTRUCTURE

14.3.1 MARKET OVERVIEW

14.3.2 MARKET SIZE & FORECAST

14.4 MECHANICAL INFRASTRUCTURE

14.4.1 MARKET OVERVIEW

14.4.2 MARKET SIZE & FORECAST

14.5 GENERAL CONSTRUCTION

14.5.1 MARKET OVERVIEW

14.5.2 MARKET SIZE & FORECAST

15 ELECTRICAL INFRASTRUCTURE

15.1 MARKET SNAPSHOT & GROWTH ENGINE

15.2 UPS SYSTEMS

15.2.1 MARKET OVERVIEW

15.2.2 MARKET SIZE & FORECAST

15.3 GENERATORS

15.3.1 MARKET OVERVIEW

15.3.2 MARKET SIZE & FORECAST

15.4 TRANSFER SWITCHES & SWITCHGEAR

15.4.1 MARKET OVERVIEW

15.4.2 MARKET SIZE & FORECAST

15.5 PDUS

15.5.1 MARKET OVERVIEW

15.5.2 MARKET SIZE & FORECAST

15.6 OTHER ELECTRICAL INFRASTRUCTURE

15.6.1 MARKET OVERVIEW

15.6.2 MARKET SIZE & FORECAST

16 MECHANICAL INFRASTRUCTURE

16.1 MARKET SNAPSHOT & GROWTH ENGINE

16.2 COOLING SYSTEMS

16.2.1 MARKET OVERVIEW

16.2.2 MARKET SIZE & FORECAST

16.3 RACKS

16.3.1 MARKET OVERVIEW

16.3.2 MARKET SIZE & FORECAST

16.4 OTHER MECHANICAL INFRASTRUCTURE

16.4.1 MARKET OVERVIEW

16.4.2 MARKET SIZE & FORECAST

17 COOLING SYSTEM

17.1 MARKET SNAPSHOT & GROWTH ENGINE

17.2 CRAC & CRAH UNITS

17.2.1 MARKET OVERVIEW

17.2.2 MARKET SIZE & FORECAST

17.3 CHILLER UNITS

17.3.1 MARKET OVERVIEW

17.3.2 MARKET SIZE & FORECAST

17.4 COOLING TOWERS, CONDENSERS & DRY COOLERS

17.4.1 MARKET OVERVIEW

17.4.2 MARKET SIZE & FORECAST

17.5 OTHER COOLING UNITS

17.5.1 MARKET OVERVIEW

17.5.2 MARKET SIZE & FORECAST

18 GENERAL CONSTRUCTION

18.1 MARKET SNAPSHOT & GROWTH ENGINE

18.2 CORE & SHELL DEVELOPMENT

18.2.1 MARKET OVERVIEW

18.2.2 MARKET SIZE & FORECAST

18.3 INSTALLATION & COMMISSIONING SERVICES

18.3.1 MARKET OVERVIEW

18.3.2 MARKET SIZE & FORECAST

18.4 ENGINEERING & BUILDING DESIGN

18.4.1 MARKET OVERVIEW

18.4.2 MARKET SIZE & FORECAST

18.5 FIRE DETECTION & SUPPRESSION

18.5.1 MARKET OVERVIEW

18.5.2 MARKET SIZE & FORECAST

18.6 PHYSICAL SECURITY

18.6.1 MARKET OVERVIEW

18.6.2 MARKET SIZE & FORECAST

18.7 DCIM/BMS SOLUTIONS

18.7.1 MARKET OVERVIEW

18.7.2 MARKET SIZE & FORECAST

19 TIER STANDARD

19.1 MARKET SNAPSHOT & GROWTH ENGINE

19.2 MARKET OVERVIEW

19.3 TIER I & II

19.3.1 MARKET OVERVIEW

19.3.2 MARKET SIZE & FORECAST

19.4 TIER III

19.4.1 MARKET OVERVIEW

19.4.2 MARKET SIZE & FORECAST

19.5 TIER IV

19.5.1 MARKET OVERVIEW

19.5.2 MARKET SIZE & FORECAST

20 GEOGRAPHY

20.1 INVESTMENT: SNAPSHOT & GROWTH ENGINE

20.2 AREA: SNAPSHOT & GROWTH ENGINE

20.3 POWER CAPACITY: SNAPSHOT & GROWTH ENGINE

21 MAHARASHTRA

21.1 MARKET SNAPSHOT

21.2 MARKET OVERVIEW

21.3 INVESTMENT: MARKET SIZE & FORECAST

21.4 AREA: MARKET SIZE & FORECAST

21.5 POWER CAPACITY: MARKET SIZE & FORECAST

22 TAMIL NADU

22.1 MARKET SNAPSHOT

22.2 MARKET OVERVIEW

22.3 INVESTMENT: MARKET SIZE & FORECAST

22.4 AREA: MARKET SIZE & FORECAST

22.5 POWER CAPACITY: MARKET SIZE & FORECAST

23 TELANGANA

23.1 MARKET SNAPSHOT

23.2 MARKET OVERVIEW

23.3 INVESTMENT: MARKET SIZE & FORECAST

23.4 AREA: MARKET SIZE & FORECAST

23.5 POWER CAPACITY: MARKET SIZE & FORECAST

24 UTTAR PRADESH

24.1 MARKET SNAPSHOT

24.2 MARKET OVERVIEW

24.3 INVESTMENT: MARKET SIZE & FORECAST

24.4 AREA: MARKET SIZE & FORECAST

24.5 POWER CAPACITY: MARKET SIZE & FORECAST

25 OTHER STATES

25.1 MARKET SNAPSHOT

25.2 MARKET OVERVIEW

25.3 INVESTMENT: MARKET SIZE & FORECAST

25.4 AREA: MARKET SIZE & FORECAST

25.5 POWER CAPACITY: MARKET SIZE & FORECAST

26 COMPETITIVE LANDSCAPE

26.1 SUPPORT INFRASTRUCTURE

26.1.1 ELECTRICAL INFRASTRUCTURE

26.1.2 MECHANICAL INFRASTRUCTURE

26.1.3 GENERAL CONSTRUCTION

26.2 DATA CENTER INVESTORS

27 PROMINENT CONSTRUCTION CONTRACTORS

27.1 AECOM

27.1.1 BUSINESS OVERVIEW

27.1.2 SERVICE OFFERINGS

27.2 AHLUWALIA CONTRACTS (INDIA) LTD.

27.3 DEC INFRA

27.4 DSCO GROUP

27.5 EMERGE ENGINEERING

27.6 LARSEN & TOUBRO

27.6.3 KEY NEWS

27.7 PRASA

27.8 LISTENLIGHTS

27.9 STERLING AND WILSON (SHAPOORJI PALLONJI GROUP)

27.10 TURNER & TOWNSEND

27.11 TATA PROJECTS

27.12 VASTUNIDHI

28 PROMINENT SUPPORT INFRASTRUCTURE

28.1 ABB

28.1.1 BUSINESS OVERVIEW

28.1.2 SERVICE OFFERINGS

28.2 BLUE BOX (SWEGON)

28.3 CATERPILLAR

28.4 CLIMAVENETA CLIMATE TECHNOLOGIES (MITSUBISHI ELECTRIC)

28.5 CUMMINS

28.6 DELTA ELECTRONICS

28.7 EATON

28.8 KOEL (KIRLOSKAR GROUP)

28.9 LEGRAND

28.10 NETRACK ENCLOSURES

28.11 PANDUIT

28.12 RIELLO ELETTRONICA (RIELLO UPS)

28.13 RITTAL

28.14 ROLLS-ROYCE

28.15 SCHNEIDER ELECTRIC

28.16 SIEMENS

28.17 STULZ

28.18 VERTIV

29 PROMINENT DATA CENTER INVESTORS

29.1 NXTRA BY AIRTEL

29.1.1 BUSINESS OVERVIEW

29.1.2 SERVICE OFFERINGS

29.1.3 KEY NEWS

29.2 AMAZON WEB SERVICES

29.3 CAPITALAND

29.4 COLT DATA CENTRE SERVICES

29.5 CTRLS

29.6 BAM DIGITAL REALTY

29.7 EQUINIX

29.8 NTT GLOBAL DATA CENTERS

29.9 PI DATACENTERS

29.10 RELIANCE JIO INFOCOMM

29.11 ST TELEMEDIA GLOBAL DATA CENTRES

29.12 SIFY TECHNOLOGIES

29.13 WEB WERKS

29.14 YOTTA INFRASTRUCTURE (HIRANANDANI GROUP)

30 NEW ENTRANTS

30.1 ADANICONNEX

30.1.1 BUSINESS OVERVIEW

30.1.2 SERVICE OFFERINGS

30.2 CHINDATA GROUP (BRIDGE DATA CENTRES)

30.3 PRINCETON DIGITAL GROUP

30.4 SPACEDC

31 REPORT SUMMARY

31.1 KEY TAKEAWAYS

32 QUANTITATIVE SUMMARY

32.1 INDIA DATA CENTER CONSTRUCTION MARKET

32.1.1 INVESTMENT: MARKET SIZE & FORECAST

32.1.2 INFRASTRUCTURE: MARKET SIZE & FORECAST

32.2 MARKET SEGMENTATION

32.2.1 FACILITY TYPE: MARKET SIZE & FORECAST

32.2.2 ELECTRICAL INFRASTRUCTURE: MARKET SIZE & FORECAST

32.2.3 MECHANICAL INFRASTRUCTURE: MARKET SIZE & FORECAST

32.2.4 COOLING SYSTEM: MARKET SIZE & FORECAST

32.2.5 GENERAL CONSTRUCTION: MARKET SIZE & FORECAST

32.2.6 TIER STANDARD: MARKET SIZE & FORECAST

32.3 GEOGRAPHY: MARKET SIZE & FORECAST

32.3.1 MARKET BY INVESTMENT

32.3.2 MARKET BY AREA

32.3.3 MARKET BY POWER CAPACITY

32.4 MAHARASHTRA

32.4.1 MARKET SIZE & FORECAST

32.5 TAMIL NADU

32.5.1 MARKET SIZE & FORECAST

32.6 TELANGANA

32.6.1 MARKET SIZE & FORECAST

32.7 UTTAR PRADESH

32.7.1 MARKET SIZE & FORECAST

32.8 OTHER STATES

32.8.1 MARKET SIZE & FORECAST

33 APPENDIX

33.1 ABBREVIATIONS

About Us:   

Arizton Advisory and Intelligence is an innovative and quality-driven firm that offers cutting-edge research solutions to clients worldwide. We excel in providing comprehensive market intelligence reports and advisory and consulting services.  

We offer comprehensive market research reports on consumer goods & retail technology, automotive and mobility, smart tech, healthcare, life sciences, industrial machinery, chemicals, materials, I.T. and media, logistics, and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.  

Arizton comprises a team of exuberant and well-experienced analysts who have mastered generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.  

Click Here to Contact Us  

Call: +1-312-235-2040  

         +1 302 469 0707  

Mail: enquiry@arizton.com

Photo: https://mma.prnewswire.com/media/1989730/India_Data_Center_Construction_Market.jpg
Logo: https://mma.prnewswire.com/media/818553/Arizton_Logo.jpg

View original content to download multimedia:https://www.prnewswire.com/news-releases/india-data-center-construction-market-to-attract-investment-of-usd-3-5-billion-by-2028--trends-industry-analysis-growth-competition-analysis--arizton-301730618.html

SOURCE Arizton Advisory & Intelligence

FAQ

What is the projected growth rate of the India data center construction market?

The India data center construction market is projected to grow at a CAGR of 15% from 2022 to 2028.

What is the expected market size of the India data center construction market by 2028?

The market size is expected to reach USD 3.46 billion by 2028.

What are the main drivers for the growth of the data center construction market in India?

Main drivers include increased cloud adoption, 5G deployment, and advancements in IoT and AI technologies.

How much investment is expected in the India data center market by 2028?

The India data center construction market is expected to attract investments of USD 3.5 billion by 2028.

What percentage of corporate banks in India expect to operate on cloud technology by 2024?

Around 80% of corporate banks in India expect to operate their trade finance and treasury workloads on cloud technology by 2024.