Business executives in India are increasingly planning to invest in Hybrid multi-Cloud platforms and by 2023, an Indian firm will deploy at least 10 Clouds particularly in the growing insurance, telecommunications and retail industries, an IBM survey said on Thursday.

The value derived from Hybrid, multi-Cloud platform technology and operating model at scale is 2.5 times the value derived from a single platform, single Cloud vendor.

"Public Cloud spend will reduce from 50 per cent today to 43 per cent by 2023," said the IBM Institute for Business Value (IBV) survey.

According to the findings, organisations in the country will spend nearly half of their Cloud budget on Hybrid over the next three years.

Currently, they allocate 17 per cent of their IT spend to Cloud and plan to increase the share of spend on Hybrid from 42 per cent to 49 per cent by 2023.

"Hybrid Cloud enables improved business performance and greater ROI (return on investment). This is proven in the instance of leading businesses that have successfully achieved demonstrable competitive advantage through robust hybrid cloud management and governance platforms," said Viswanath Ramaswamy, Vice President, IBM Cloud and Cognitive Software and Services, IBM India/South Asia.

In India, leading businesses such as Bharti Airtel and Vodafone Idea are achieving business transformation by leveraging Hybrid multi-Cloud platform technology and embedding AI.

"We are betting big on Hybrid Cloud which is secure, interoperable, open and free from vendor lock-in," he said.

The survey was conducted by IBM in collaboration with Oxford Economics and covered 6,000 executives globally including 412 executives from India.

Globally, 64 per cent of advanced cloud companies recognise the need for enterprise transformation and application modernization to go hand-in-hand, 2.6 times higher than the respondents from India.

"Globally, 68 per cent of businesses on advanced cloud journeys are building an open-source cloud platform, compared to 46 per cent of India respondents," the findings showed.

Nearly 31 per cent of IT executives in India say they are seeking Cloud Management Platforms for improved visibility and to control their cloud costs.

"Enterprises in India are seeking an application development platform that can run on any cloud, workloads that can execute seamlessly across multiple clouds," it said.