Cloud computing has been growing across the world, and India is no exception. Silicon India said the cloud market in the country could be worth as much as $16 billion by 2020, with the global cloud market growing at a 33 percent rate per year to about $680 billion by 2020.

A study by NASSCOM and Deloitte called Deconstructing the CLOUD: The New Growth Frontier for Indian IT BPO Sector, brought the statistics to light earlier this year. The report was talked about at the NASSCOM Infrastructure Management Service Summit, and NASSCOM president Som Mittal said the cloud was reshaping India's IT market and generating new opportunities.

"There are ample opportunities for cloud in every industry, and with the increased preference of cloud adoption in the coming years, industry will have to invest in competency building internally to take advantage of cloud computing technologies," he said. "India will definitely have a leadership position in the cloud market in times to come."

Cloud computing is expected to have a large impact on the IT-BPO services industry as far as business model's and services, according to the report. Mittal said policies still need to be created to ease security fears.