China's cloud computing market projected to reach 686.6 bln yuan by 2020

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China's cloud computing industry will grow by at least 30 percent on average each year in the coming five years, projected a recent industry report.

By 2020, the aggregate market size of the country's cloud computing industry is expected to hit 686.6 billion yuan (about 103.6 billion US dollars), according to the Report of Prospects and Investment Strategy Planning on China Cloud Computing Industry published by Forward Intelligence Co., Ltd., a market research institute.

China's cloud computing industry has experienced robust growth since 2010 and it's reached 178.2 billion yuan in 2016, gaining 18.8 percent from the previous year, said the report.

The growth was propelled mainly by the public sector and telecom operators which in China are state-owned giants.

Cloud-based infrastructure or infrastructure-as-a-service (IaaS) is playing a key role in the industrial development, while factors include the adoption of platform-as-a-service (PaaS) and software-as-a-service (SaaS) are also seeing rapid growth.

China's central government attaches great importance to using emerging information technology, such as applying cloud computing and the Internet of Things, to spur the digital economy as information consumption, mobile payments and e-commerce booms throughout the nation.

The cloud computing market is expanding fast worldwide. Last month, Gartner's latest worldwide public cloud services revenue forecast showed that the cloud computing market would reach 411 billion US dollars by 2020, driven by robust growth of services including IaaS, PaaS and SaaS.

Cloud computing, also called on-demand computing, is the delivery of on-demand computing resources over the Internet.

Source(s): Xinhua News Agency