Public Cloud - Cyprus

Cyprus

Revenue in the Public Cloud market is projected to reach US$61.32m in 2024.
Software as a Service dominates the market with a projected market volume of US$27.62m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 19.56%, resulting in a market volume of US$149.80m by 2029.
The average spend per employee in the Public Cloud market is projected to reach US$89.05 in 2024.
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 Cyprus is experiencing steady growth, driven by factors such as increasing adoption of digital technologies, rising awareness of the benefits of online services, and the convenience of accessing various services through the cloud. The market's average growth rate is impacted by factors such as the availability of different sub-markets, competition, and the overall economic climate in the country.

Customer preferences: Cyprus has seen a notable shift in the Public Cloud Market, with businesses and individuals increasingly relying on cloud-based solutions for data storage, collaboration, and remote work. This trend is driven by the need for flexibility and scalability, as well as the growing reliance on digital technologies in everyday life. Moreover, with the rise of remote work and virtual teams, there is a growing demand for secure and efficient cloud-based communication and collaboration tools. This shift towards cloud-based solutions is also influenced by cultural values of efficiency and convenience, as well as the increasing availability of high-speed internet and advanced digital infrastructure in Cyprus.

Trends in the market: In Cyprus, the Public Cloud Market is experiencing a surge in demand for Software as a Service (SaaS) solutions, with businesses of all sizes adopting cloud-based tools for cost efficiency and flexibility. Moreover, there is a growing trend towards multi-cloud strategies, where organizations leverage multiple cloud providers for different workloads. This trend is expected to continue, as it offers better scalability and risk management. For industry stakeholders, this means a shift towards offering diverse and customizable cloud services to meet the evolving needs of businesses in Cyprus. Additionally, with the rise of remote work due to the COVID-19 pandemic, the public cloud market is expected to witness a further boost, as more businesses look to move their operations to the cloud for remote accessibility and collaboration. This presents an opportunity for cloud service providers to expand their offerings and cater to the changing landscape of work. Furthermore, the increasing adoption of cloud-based solutions is likely to drive innovation and competition in the market, leading to better services and cost-effectiveness for businesses in Cyprus.

Local special circumstances: In Cyprus, the Public Cloud Market is experiencing significant growth due to the country's strategic location between Europe, Asia, and Africa. This makes it a favorable location for multinational companies looking to expand their operations and take advantage of the country's low tax rates. Additionally, the government has implemented policies to attract foreign investment in the IT sector, creating a favorable environment for the development of the Public Cloud Market. Furthermore, with the country's high internet penetration and tech-savvy population, there is a growing demand for cloud-based services, driving the market's growth.

Underlying macroeconomic factors: The Public Cloud Market in Cyprus is influenced by macroeconomic factors such as the country's economic stability, government policies promoting digital transformation, and investments in ICT infrastructure. The global trend towards digitalization and the growing demand for cost-effective and scalable IT solutions are also driving the growth of the public cloud market in Cyprus. Additionally, the government's efforts to improve internet connectivity and promote e-government services are creating a conducive environment for the adoption of public cloud services in the country.

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.