Public Cloud

Cyprus

Highlights

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$24.21m 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.
In global comparison, most revenue will be generated United States (US$388.50bn in 2024).

Key regions:

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 definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Public Cloud market in Cyprus is experiencing steady growth, driven by factors such as increasing adoption of digital technologies, growing awareness of the benefits of online services, and the convenience of cloud-based solutions. The market is expected to continue its average growth rate, influenced by factors such as the country's strong IT infrastructure and government initiatives promoting digitalization.

Customer preferences: As the adoption of public cloud services continues to rise in Cyprus, there is a noticeable shift towards digital solutions for business operations. This trend is driven by the need for remote access and collaboration, as well as the desire for cost-effective and scalable solutions. Additionally, cultural influences, such as the emphasis on efficiency and innovation, are driving organizations to embrace the flexibility and agility offered by public cloud technology. These factors are expected to further drive the growth of the public cloud market in Cyprus.

Trends in the market: In Cyprus, the Public Cloud Market is experiencing a surge in demand for cloud-based solutions, driven by the increasing adoption of digital transformation strategies by businesses. This trend is set to continue, with more organizations leveraging the scalability and cost-effectiveness of public cloud services. As a result, industry stakeholders can expect to see a continued shift towards cloud-based infrastructure and applications, with an emphasis on data security and compliance. This presents opportunities for cloud service providers to offer specialized services and for businesses to improve their operational efficiency and agility. Additionally, with the rise of remote work and the need for remote collaboration, the demand for public cloud services is expected to continue growing, making it a lucrative market for stakeholders.

Local special circumstances: In Cyprus, the Public Cloud Market is heavily influenced by the country's strategic location at the crossroads of Europe, Asia, and Africa. This makes it a key hub for international businesses, leading to a high demand for cloud services. Additionally, Cyprus has a highly educated workforce and favorable business climate, making it an attractive destination for data centers. However, the country's small size and limited local market pose challenges for cloud service providers. Moreover, data privacy and cybersecurity regulations are becoming increasingly stringent, driving the need for secure and compliant cloud solutions in the market.

Underlying macroeconomic factors: The adoption of public cloud services in Cyprus is heavily influenced by macroeconomic factors such as economic growth, government initiatives, and investment in information technology infrastructure. With the global shift towards digital transformation, countries with favorable economic conditions and strong support for digitalization are experiencing a higher demand for public cloud services. Additionally, the increasing demand for cost-effective and scalable solutions, coupled with the government's focus on promoting a digital economy, is further driving the growth of the public cloud market in Cyprus.

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.