Public cloud services market in India is likely to touch US $434 million mark in 2013 witnessing a record growth of 37.5 percent specifically in the software-as-a-service (SaaS) and infrastructure-as-a-service (IaaS) segment of the cloud computing market.

According to a statement released by Gartner on Tuesday, the public cloud services market is projected to grow by US $119 Million over last year’s US $315 million. Infrastructure as a service (IaaS) comprising of cloud compute, print and storage services is expected to expand by over 41 percent reaching a figure of $62.5 million this year.

As per the research firm’s predictions, around US$4.2 billion is expected to be spent in the Indian cloud services market by 2017, of which US$1.8 billion will be spent alone on software as a service (SaaS).

Research Director at Gartner, Ed Anderson said “SaaS represents the most mature segment in the cloud services marketplace today, resulting in high rates of adoption. However, IaaS is rapidly being accepted as both a mature technology and an accepted deployment destination for business-critical workloads”.

“We predict high demand for SaaS, IaaS, and the services supporting the adoption of these key cloud offerings through our forecast period of 2011 through 2017”, he added.

Gartner predicts that cloud services market in India will see a very strong growth across all segments of the market through 2017, with SaaS segment expected to grow from US $176 million this year to $572 million in 2017 and Business Process as a Service (BPaaS) from $67 million this year to $180 Million in 2017.

In the past few years, the Indian cloud services market has shown tremendous growth and is expected to be one of the fastest growing countries as per Gartner’s cloud forecast with IT spending more than US$1.4 billion in public cloud services in the country by 2017.