Web Hosting - Nigeria | Statista Market Forecast

Revenue in the Web Hosting market is projected to reach US$258.10m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 24.61%, resulting in a market volume of US$775.70m by 2029.
The average Spend per Employee in the Web Hosting market is projected to reach US$3.30 in 2024.
In global comparison, most revenue will be generated United States (US$58.30bn in 2024).

Definition :
The Web Hosting market includes all types of internet hosting services that allow companies or individuals to provide access to their web page via the World Wide Web. Services such as shared hosting, dedicated hosting, virtual private server hosting, and internet connectivity are provided on a server that is owned or leased by the client. Web hosts can also provide physical space that the server occupies and manages, which is also referred to as colocation hosting. Other managed services such as managed infrastructures and managed data centers are excluded from this analysis.

Additional Information:

The Web Hosting market comprises revenues, revenue change, average spend per employee, and a list of the key players in the market and their consolidated revenues. Market values represent revenues that are generated by primary vendors either directly or through distribution channels at the manufacturer price level (excluding VAT). Reported market revenues include spending by enterprises (B2B) and governments (B2G). Detailed definitions of each market can be found on the respective page where the market data is displayed. Key players in the market include Amazon Web Services, Google, and GoDaddy.

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Shared hosting, such as HostGator, GoDaddy, and DreamHost
Dedicated hosting, such as SiteGround, InMotion Hosting, and Hostwinds
Virtual private server hosting, such as Liquid Web and OVHcloud
Colocation hosting, such as Equinix, Cologix, and Digital Realty

Website development, such as Squarespace, Wordpress, and Shopify
Search engine optimization, such as Searchmetrics, BrightEdge, and HubSpot
Content creation, such as ClearVoice, Upwork, and Contently

The demand for web hosting services in Nigeria has been on the rise in recent years.

Customer preferences: As more businesses in Nigeria are moving online, the demand for web hosting services has grown. Nigerian businesses are recognizing the importance of having an online presence and are investing in websites and e-commerce platforms. Additionally, the rise of social media influencers and bloggers has also contributed to the demand for web hosting services.

Trends in the market: One of the trends in the Nigerian web hosting market is the increasing adoption of cloud-based hosting solutions. This is driven by the need for scalable and flexible hosting solutions that can accommodate the changing needs of businesses. Another trend is the rise of local web hosting providers, who are offering more affordable and customized hosting solutions to Nigerian businesses.

Local special circumstances: Nigeria has a large and growing population of tech-savvy individuals who are driving the demand for web hosting services. Additionally, the Nigerian government has been promoting the growth of the tech industry through initiatives such as the establishment of technology hubs and the launch of the Digital Nigeria program.

Underlying macroeconomic factors: The Nigerian economy has been experiencing steady growth in recent years, which has led to an increase in disposable income and consumer spending. This has created a favorable environment for the growth of the web hosting market. Additionally, the Nigerian government has been implementing policies aimed at promoting the growth of the digital economy, which has contributed to the growth of the web hosting market.

Data coverage:

The data encompasses B2G, B2B, and B2C enterprises. Figures are based on enterprises' technology spending on products, consulting, and outsourcing services.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players in the industry, Statista's primary research and surveys, and IT associations. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, internet users, and telecommunication. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing method is used based on the market data characteristics. The main drivers are the GDP and its sector composition, internet penetration, the level of digitization, and the attitude toward IT security.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

Unseen yet omnipresent, Information Technology (IT) services are the invisible gears driving modern organizations. These services support business operations and digital transformation through outsourcing, managed services, security, data management, and cloud computing. By leveraging these services, companies enhance efficiency, reduce costs, and gain competitive advantages in a digital marketplace. Prominent cloud providers worldwide include Amazon Web Services, Microsoft Azure, Google Cloud, and Alibaba Cloud. In the managed services sector, Oracle, Accenture, and IBM are among the largest providers globally.