India’s budding cloud computing market is expected to touch $1 billion in the next five years, according to a survey.

According to a survey by consulting firm Zinnov Management Consulting, cloud computing, which is a platform where software applications and related resources can be shared online, is expected to mainly benefit small and medium business enterprises, small office home office enterprises and consumer segments.

The report said the emerging area of cloud computing, which allows sharing of technological resources, software and digital information, will function on a pay-per-use model helping tech companies bring down their costs.

Digital information includes data, text and media elements.

Rising growth in the digital information space will create a significant market opportunity for cloud computing and storage, a study, which is sponsored by IT consulting firm EMC, said.

The study said EMC estimates the Indian storage market to be over $1 billion in the next five years.

Digital information in India will grow from 40,000 petabytes to 2.3 million petabytes (one petabyte equals 1,000 terabytes) over the next decade, which is twice as fast as the worldwide rate, the study said.