The domestic cloud computing industry is estimated to grow at a CAGR of 53 per cent to be a Rs 2,434 crore market by 2014, a study conducted by CyberMedia Research India said.

"The public cloud computing market in India is estimated to touch Rs 2,434 crore in 2014 after growing at a CAGR of 53 per cent between 2010-2014," a company statement here said.

"Cloud computing is witnessing widespread interest from the vendor-service provider-channel community on the one hand and business leaders and CIOs on the other," CyberMedia Research India Software and IT Services Research Lead Analyst Kamal Vohra said.

This is fuelled by the strong belief that cloud computing will allow a large number of SMB enterprises to adopt the same enterprise class software and technology solutions, it added.

As per the study, penetration in cloud computing is expected to grow by 6.8 per cent in 2012 from 4 per cent in 2010.

On the Software-as-a-Service (SaaS) industry, the study said the market was expected to grow by 50 per cent to touch Rs 465 crore by this year-end.

The Infrastructure-as-a-service Industry (IaaS) was also expected to pickup pace after 2012. The overall CAGR for the India IaaS market during 2010-2014 was expected to be at 49 per cent, the statement added.