Public Cloud - Latvia

  • Latvia
  • Revenue in the Public Cloud market is projected to reach US$153.70m in 2024.
  • Software as a Service dominates the market with a projected market volume of US$56.09m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 20.07%, resulting in a market volume of US$383.50m 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

 
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Analyst Opinion

The Public Cloud Market in Latvia has been experiencing considerable growth, driven by factors such as increasing adoption of digital technologies, rising awareness of cloud services, and the convenience of online offerings. This growth is further fueled by the sub-markets of Infrastructure, Platform, Software, Business Process, Desktop, and Disaster Recovery as a Service.

Customer preferences:
The growing trend of remote work and virtual collaboration has accelerated the adoption of public cloud services in Latvia. With an increasing number of businesses and individuals relying on digital tools and platforms, there has been a shift towards cloud-based solutions for data storage, communication, and project management. This trend is further driven by the need for cost-effective and scalable solutions, as well as the rising demand for enhanced data security.

Trends in the market:
In Latvia, the Public Cloud Market is seeing a rise in demand for hybrid cloud solutions, with businesses looking to optimize costs and increase flexibility. Additionally, there is a growing trend of utilizing cloud-based software for data analytics and artificial intelligence, as well as for collaboration and remote work. These trends are significant as they indicate a shift towards digital transformation and increased reliance on cloud technology. Stakeholders in the industry will need to adapt to these trends to stay competitive and meet the evolving needs of their clients. This may involve investing in new technologies, developing strategic partnerships, and prioritizing cybersecurity measures. Failure to do so could result in losing market share to more innovative and agile competitors.

Local special circumstances:
In Latvia, the Public Cloud market is growing due to the country's small size and limited IT infrastructure, leading to a high demand for efficient and cost-effective cloud solutions. Additionally, the government's push for digital transformation and the country's membership in the European Union have created a favorable regulatory environment for cloud adoption. The country's unique cultural and geographical factors, such as its location between Russia and Europe, also play a significant role in shaping the market dynamics. These factors have resulted in a high level of digital literacy and a strong focus on technology, driving the growth of the Public Cloud market in Latvia.

Underlying macroeconomic factors:
The Public Cloud Market in Latvia is heavily influenced by macroeconomic factors such as the country's overall economic health, government policies, and global economic trends. Favorable economic conditions, such as stable economic growth and low inflation rates, can drive the demand for public cloud services and lead to market growth. On the other hand, economic downturns or unstable economic conditions can result in a decrease in demand for public cloud services. Additionally, government policies that promote digitalization and investments in IT infrastructure can also play a significant role in the growth of the public cloud market in Latvia. Furthermore, global economic trends, such as the increasing adoption of cloud computing and digital transformation across industries, can also impact the performance of the public cloud market 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.

Overview

  • Revenue
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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