KUALA LUMPUR (June 6): Green Packet Bhd is diversifying its principal business activities to include cloud computing solutions.

In a statement, the group said the new cloud computing business will be a key strategic pillar in its overall play in the digital and technology ecosystem. Green Packet said that by venturing into the cloud computing business, a new revenue stream will be formed.

Particularly, Green Packet said it intends to focus on providing services such as Infrastructure as a Service (IaaS), Platform as a Service (PaaS) and Software as a Service (SaaS).

IaaS enables companies to build applications and have control over the fundamental building blocks of computing. PaaS includes the provision of tools and software that are required to build applications, while SaaS allows companies to rent applications or software.

Green Packet managing director cum chief executive officer (CEO) CC Puan said that the group is already offering SaaS products on the cloud such as KipleID electronic Know Your Customer (e-KYC), the kiplePay e-wallet and kipleLive.

“It is a big advantage for Green Packet to diversify into the cloud computing business as this gives us an upper hand to offer better and comprehensive solutions to our customers. With the integration of end-to-end cloud computing services, business owners will get greater value and convenience when they adopt our products or engage our services.

"In the coming one to two years, the adoption of cloud computing will experience rapid growth across various industries, especially with the convergence of next-generation technologies such as 5G, artificial intelligence, and the Internet of things (IoT),” he said.

Green Packet said the cloud computing market is expected to be worth US$3.7 billion in 2024.

According to Analysys Mason Pte Ltd, SaaS’ market value is expected to grow at a compound annual growth rate (CAGR) of 15% between 2020 and 2024, while the market values of IaaS and PaaS are expected to have a CAGR of 9% and 25% respectively.

Shares in Green Packet ended 1.41% or a sen higher at 70 sen yesterday, valuing it at some RM668.66 million.