Public Cloud - Jamaica

Jamaica

Revenue in the Public Cloud market is projected to reach US$83.05m in 2024.
Infrastructure as a Service dominates the market with a projected market volume of US$24.55m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 17.39%, resulting in a market volume of US$185.10m 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

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Analyst Opinion

The Public Cloud Market in Jamaica has been experiencing significant growth, driven by factors such as increasing adoption of digital technologies, growing awareness of the benefits of cloud services, and the convenience of accessing these services online. The market's considerable growth rate can be attributed to the wide range of sub-markets, each catering to specific business needs. This growth is further fueled by the demand for Infrastructure, Platform, Software, Business Process, Desktop, and Disaster Recovery as a Service, making Jamaica a promising market for public cloud services.

Customer preferences: As technology continues to advance in Jamaica, there has been a notable increase in consumer preference for cloud-based services in the Public Cloud Market. This shift can be attributed to the country's growing digital economy and the need for businesses to have flexible and scalable IT solutions. Additionally, there has been a trend towards subscription-based models for software and services, as well as a growing demand for data security and privacy in the wake of increasing cyber threats. This has led to a rise in the adoption of public cloud services by businesses and individuals alike.

Trends in the market: In Jamaica, the Public Cloud Market is experiencing a surge in adoption among businesses, as more organizations recognize the cost savings and flexibility offered by cloud solutions. The market is also seeing a growing trend of hybrid cloud strategies, where companies combine public and private clouds to optimize their IT infrastructure. This trend is expected to continue, with industry experts predicting a shift towards multi-cloud architectures, giving businesses even more options for managing their data and applications. These developments have significant implications for industry stakeholders, such as cloud service providers and businesses, who must adapt to the evolving landscape and offer innovative solutions to meet their customers' needs. Overall, the trajectory of these trends points towards a highly competitive and dynamic market, where agility and innovation will be crucial for success.

Local special circumstances: In Jamaica, the Public Cloud Market is gaining traction due to the country's growing tech-savvy population and government support for digital transformation. With its strategic location and reliable connectivity, Jamaica is becoming a hub for data centers and cloud services in the Caribbean. Additionally, the country's strong tourism industry is also fueling demand for cloud-based solutions in the hospitality sector. Furthermore, Jamaica's regulatory framework promotes competition and innovation, making it an attractive market for international cloud service providers.

Underlying macroeconomic factors: In Jamaica, the Public Cloud Market is influenced by macroeconomic factors such as technological advancements, government policies, and investment in digital infrastructure. Countries with a strong focus on digital transformation and favorable business regulations are experiencing higher growth in the public cloud market compared to those with limited technology adoption and restrictive policies. Moreover, the increasing demand for digital services, especially in industries such as banking, healthcare, and retail, is driving the growth of the public cloud market in Jamaica. Additionally, the country's improving economic health and government efforts to promote digitalization are expected to further propel market growth in the coming years.

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.