Infrastructure as a Service - Cyprus

Revenue in the Infrastructure as a Service market is projected to reach US$12.27m in 2024.
0.0 dominates the market with a projected market volume of 0.0 in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 21.27%, resulting in a market volume of US$32.18m by 2029.
In global comparison, most revenue will be generated United States (US$77.05bn in 2024).

Definition:

Infrastructure as a Service (IaaS) refers to the type of public cloud service that provides virtualized computing resources. IaaS offers on-demand access to virtual machines, storage, and networking components, thus allowing users to build, deploy, and manage IT infrastructure without the need to invest in physical hardware. IaaS offers scalability, flexibility, and cost-efficiency by requiring users to pay only for the resources they consume. The IaaS market includes the companies that provide these types of public cloud resources and services to individuals, businesses, and organizations. A typical example of this type of service is Amazon Web Services (AWS). AWS provides a wide range of virtual machines, storage, and networking resources that users can access on demand to build and manage their IT infrastructures.

Additional Information:

The Infrastructure as a Service (IaaS) 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 IaaS market include companies such as Amazon (Amazon web services), Microsoft (Azure), Google (Cloud), and IBM (Cloud).

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Server capabilities, such as Amazon Elastic Compute Cloud (EC2), Azure IaaS, and Google Compute Engine (GCE)
Computing resources, such as Amazon Elastic Compute Cloud (EC2), Azure IaaS, and Google Compute Engine (GCE)
Storage resources, such as Amazon Elastic Block Store (EBS), Azure Blob Storage, and Google Cloud
Network capabilities, such as Google Cloud Interconnect and Alibaba Cloud Express Connect

Business-Process-as-a-Service (BPaaS), such as payroll management and accounting solutions via ADP Workforce Now, Intuit QuickBooks Online, Workday, and Oracle NetSuite
Desktop-as-a-Service (DaaS), such as Amazon WorkSpaces, Microsoft Windows Virtual Desktop, VMware Horizon Cloud, and Citrix Virtual Apps and Desktops
Platform-as-a-Service (PaaS), such as Heroku, AWS Elastic Beanstalk, Google App Engine, Microsoft Azure App Service, and IBM Cloud Foundry
Software-as-a-Service (SaaS), such as Google Workspace, Microsoft 365, Salesforce, Zoom, and Slack
System infrastructure software, such as Microsoft Windows Server, Linux distributions, VMware for virtualization, and Cisco’s networking software
Private cloud services, such as IBM Cloud Private, Microsoft Azure Stack HCI, and VMware vCloud Suite

The Public Cloud Market in Cyprus is witnessing considerable growth, fueled by the increasing adoption of Infrastructure as a Service (IaaS). Factors such as the convenience of online services and growing awareness about the benefits of digital technologies are contributing to this growth rate. Additionally, the demand for cost-effective and scalable cloud solutions is also driving the growth of the IaaS market in Cyprus.

Customer preferences: As more businesses and organizations in Cyprus embrace cloud computing, there has been a notable increase in demand for Infrastructure as a Service (IaaS) solutions. This can be attributed to the growing trend of remote work and the need for scalable and flexible IT infrastructure. Additionally, with the rise of digital transformation, companies are looking for cost-effective ways to manage and store their data, further driving the demand for IaaS in the public cloud market.

Trends in the market: In Cyprus, the Infrastructure as a Service Market within the Public Cloud Market is witnessing a rise in demand for hybrid cloud solutions, with more companies opting for a mix of public and private clouds to optimize costs and improve flexibility. Moreover, there is a growing trend of using multi-cloud strategies, where organizations utilize multiple public cloud providers for different workloads. This trend is significant as it allows businesses to leverage the strengths of different cloud providers and avoid vendor lock-in. However, it also presents challenges in managing and securing data across multiple platforms. For industry stakeholders, this trend emphasizes the importance of offering seamless multi-cloud management and security solutions to meet the evolving needs of businesses.

Local special circumstances: In Cyprus, the Infrastructure as a Service Market within the Public Cloud Market is shaped by the country's small size and limited resources, which drive the need for efficient and cost-effective IT solutions. Additionally, the country's strong focus on tourism and shipping industries has led to a demand for innovative cloud-based services to support these sectors. The government's initiatives to promote digital transformation have also played a significant role in driving the growth of the public cloud market in Cyprus.

Underlying macroeconomic factors: The Infrastructure as a Service Market within the Public Cloud Market in Cyprus is highly affected by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. The country's economic stability and growth directly impact the demand and adoption of public cloud services, including Infrastructure as a Service. Favorable economic conditions, such as low inflation and strong GDP growth, can lead to increased investment in technology infrastructure, driving the growth of the public cloud market in Cyprus. On the other hand, economic instability and uncertain fiscal policies can hinder market growth by limiting business investments and adoption of new technologies. Additionally, the government's support and investment in digital infrastructure play a crucial role in the development of the Infrastructure as a Service Market in Cyprus.

Data coverage:

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

Modeling approach / Market size:

The segment size is determined through a top-down approach. We use financial statements such as annual reports, quarterly earnings, and expert opinions to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as GDP and level of telecommunications infrastructure.

Forecasts:

We use a variety of forecasting techniques, depending on the behavior of the relevant segment. 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.

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

Together with platform as a service (PaaS) and infrastructure as a service (IaaS), software as a service (SaaS) is one of the three primary tiers of cloud computing. It allows businesses to redirect resources away from IT hardware, software, and personnel expenses, and towards other business needs. Currently, the most prominent companies in the SaaS market are Microsoft, Salesforce, Oracle, SAP, and Google.