Public Cloud - Caribbean

Caribbean

Revenue in the Public Cloud market is projected to reach US$970.90m in 2024.
Infrastructure as a Service dominates the market with a projected market volume of US$299.60m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 18.79%, resulting in a market volume of US$2,297.00m by 2029.
In global comparison, most revenue will be generated in the United States (US$388.50bn in 2024).

Key regions: United States, Germany, China, Japan, United Kingdom

Definition:

A public cloud is defined as the digital infrastructure and computing resources that are managed by a service provider. Examples of public cloud computing resources include virtual machines, storage, and services, all of which are available for purchase with flexible (e.g., pay as you go and subscription) business models. Such payment options make it possible for customers to access, scale, and utilize resources as needed. Public cloud solutions make it possible for users to save on IT costs, increase their efficiency, and take advantage of advanced technologies without having to invest in long-term IT solutions. Public cloud service providers own and maintain the physical infrastructure, hardware, and software. Users only need to pay for the computing resources that they require. The Public Cloud market refers to the companies that provide these cloud computing resources and services to individuals, businesses, and organizations.

Structure:

The Public Cloud market is structured into five markets based on the type of service models provided by the companies.

The Infrastructure as a Service (IaaS) market covers the resources and services related to the data center infrastructure.
The Platform as a Service (PaaS) market covers the resources and services related to the virtual environments used for software development.
The Software as a Service market (SaaS) market covers the resources and services related to software applications that can be accessed via a web browser.
The Business Process as a Service (BPaaS) market covers the resources and services related to the various business processes such as finance and accounting, human resources, customer service, and supply chain management, all delivered through the cloud.
The Desktop as a Service (DaaS) market covers the resources and services related to virtual desktop environments, which are accessible from any device with an internet connection.

Additional Information:

The public cloud market comprises revenue, revenue change, average spend per employee, and key player market shares as key performance indicators. Only revenues that are generated by primary vendors at the manufacturer price level either directly or through distribution channels (excluding value-added tax) are included, and revenues generated by resellers are excluded. Revenues are generated through both online and offline sales channels and include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Detailed definitions of each market can be found on the respective page where the market data is displayed.

Key players of the public cloud market include companies such as Amazon (Amazon web services), Microsoft (Azure), Google (Cloud), and IBM (Cloud).

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Market

Region

Region comparison

Currency

Analyst Opinion

The Public Cloud Market in the Caribbean is experiencing significant growth driven by factors such as increasing adoption of digital technologies, rising awareness of cloud services, and the convenience of online platforms. The considerable growth rate can be attributed to the various sub-markets within the region, offering a range of services such as Infrastructure, Platform, Software, Business Process, Desktop, and Disaster Recovery as a Service. These factors have contributed to the overall growth of the market in the Caribbean.

Customer preferences: As the Caribbean and Public Cloud Market continue to embrace digital transformation, consumers are increasingly looking for convenience and efficiency in their daily lives. This has led to a surge in demand for online services such as virtual shopping, virtual meetings, and online education. With the rise of remote work, there is also a growing preference for cloud-based collaboration tools and platforms. This shift towards digital solutions is driven by cultural preferences for convenience and the need to adapt to evolving lifestyles.

Trends in the market: In the Caribbean, the Public Cloud Market is experiencing a surge in demand for Software-as-a-Service (SaaS) solutions, as businesses strive for cost efficiency and scalability. This trend is expected to continue, with a projected market growth of 20% by 2025. Additionally, there is a growing focus on data security and privacy, leading to an increased adoption of cloud-based security solutions. This shift towards cloud-based services is significant for industry stakeholders, as it offers new opportunities for revenue growth and streamlining of business operations. However, it also poses challenges in terms of data protection and compliance with regulations, requiring careful consideration from both providers and clients.

Local special circumstances: In the Caribbean region, the Public Cloud Market is influenced by the unique geographical and cultural factors of the area. Due to the small size and scattered population of the islands, there is a high demand for cloud-based solutions that can connect and streamline business operations. Additionally, the diverse mix of cultures and languages in the region requires cloud providers to offer localized services and support. The regulatory environment also varies across the Caribbean, with some countries having more stringent data privacy laws than others. This impacts the adoption of public cloud services and presents challenges for providers looking to enter the market.

Underlying macroeconomic factors: The Public Cloud Market in the Caribbean is heavily influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. Countries with stable economies and favorable business environments are experiencing faster growth in the public cloud market compared to those with economic challenges and limited government support. Additionally, the increasing demand for digital transformation and the adoption of cloud-based solutions in various industries are driving the growth of the public cloud market in the Caribbean. With the rise of remote work and increasing reliance on technology, the demand for public cloud services is expected to continue to grow in the region.

Methodology

Data coverage:

The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the money spent at manufacturer price level (excluding VAT).

Modeling approach / Market size:

Market sizes are determined through a top-down approach with a bottom-up validation, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and reports from our primary research. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and level of telecommunications infrastructure. 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. The main drivers are the GDP and the level of digitization.

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 is considered at a country-specific level.