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Indian IT service companies, which have recently started improving their cloud offerings, will be cheered by a Gartner finding that shows potential for growth in the insurance sector.
“Globally, around 5 per cent of the annual budget goes towards cloud computing in insurance and this is expected to grow to 25 per cent over the next two to two-and-a-half years,” said Mr Juergen Weiss, Research Director, Gartner.
When asked about the potential for Indian IT service companies, Mr Weiss said, “It depends on how providers are positioning their services. Companies want to save costs and reshuffle IT budgets and both can be addressed by outsourcing or cloud computing.”
Many Indian IT service companies are providing cloud computing services to clients. For instance, for the December 2011 quarter, TCS said that an insurance provider in the UK had adopted TCS' cloud-based non-linear platform.
In the same quarter, Infosys signed a memorandum of understanding with Microsoft on cloud computing to co-create and architect cloud environments.
Globally, according to Gartner, companies spend around 62 per cent of their IT budgets to run the business and 28 per cent to grow the business, with the remaining 10 per cent being used for transformational projects.
Companies worldwide use cloud computing to free capacity so that they can use this spare money for other activities.
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