Indian companies to spend half of cloud budget on hybrid over 3 years: IBM

Business executives in India are increasingly planning to invest in hybrid multi-cloud platform strategies and capabilities to drive business transformation and to unlock value, shows an IBM Institute for Business Value survey released on Thursday.

According to the respondents, 17 per cent of their IT spend is allocated to cloud at present and they plan to increase the share of spend on hybrid from 42 per cent to 49 per cent by 2023.

A majority of their cloud budgets are being allocated to hybrid cloud platforms even as their public cloud spend is set to reduce from 50 per cent share today to 43 per cent by 2023.

The survey was conducted from February to April by the IBM Institute for Business Value in collaboration with Oxford Economics and covered 6,000 executives globally, including 412 executives from India, across industries, job titles and geographies.

It said most industries will exhibit growth in the number of clouds they will deploy which can go up to 10 clouds particularly in insurance, telecommunications and retail as these industries will continue to expand multiple cloud deployments in the next three years.

Further, the study confirmed the return on investment (ROI) of a platform approach as respondents said that the value derived from a full hybrid, multi-cloud platform technology and operating model at scale is 2.5 times the value derived from a single platform, single cloud vendor approach.

In fact, the platform approach is cited as accelerating value with scale.

( With inputs from ANI )