Public Cloud - Lithuania

Lithuania

Revenue in the Public Cloud market is projected to reach US$262.00m in 2024.
Software as a Service dominates the market with a projected market volume of US$83.40m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 18.96%, resulting in a market volume of US$624.20m 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

Region

Region comparison

Currency

Analyst Opinion

The Public Cloud market in Lithuania is experiencing considerable 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 for businesses. This growth is further supported by the various sub-markets within the Public Cloud sector, which offer a range of services to meet the evolving needs of consumers and businesses in Lithuania. Overall, the market's significant growth rate is a result of these factors, showing a strong potential for continued expansion in the future.

Customer preferences: Consumers in Lithuania are increasingly embracing the convenience and flexibility of public cloud services, driven by the country's growing tech-savvy population. This trend is also fueled by the government's push for digitalization and the rise of remote work. As a result, businesses and individuals alike are turning to cloud-based solutions for storage, collaboration, and communication. This shift towards digitalization is expected to continue as the country continues to invest in its digital infrastructure and foster a culture of innovation.

Trends in the market: In Lithuania, the Public Cloud Market is experiencing a surge in adoption, driven by the increasing demand for cost-effective and scalable solutions. The market is also witnessing a trend towards hybrid cloud deployments, where organizations combine both public and private cloud services for greater flexibility and control. This trend is expected to continue as businesses prioritize agility and digital transformation. Additionally, there is a growing emphasis on data security and compliance, driving the need for advanced cloud security solutions. These trends have significant implications for industry stakeholders, who must adapt and innovate to cater to the evolving demands of the market. Failure to do so could result in losing market share to competitors. It is crucial for businesses to stay updated on these trends and leverage them to stay ahead in the highly competitive Public Cloud Market.

Local special circumstances: In Lithuania, the Public Cloud Market is driven by the country's geographical location as a strategic entry point for European and global businesses. The government's strong support for digitalization and investments in IT infrastructure have also contributed to the market's growth. Additionally, the country's high internet penetration rate and tech-savvy population have created a favorable environment for cloud adoption. Moreover, Lithuania's data protection laws, aligned with the EU's General Data Protection Regulation, have further boosted the confidence of businesses in the use of public cloud services.

Underlying macroeconomic factors: The Public Cloud Market in Lithuania is also affected by macroeconomic factors such as technological advancements, government policies, and investment in IT infrastructure. Countries with supportive regulatory environments and robust investment in digital technologies are witnessing rapid growth in the market, while regions with regulatory hurdles and limited funding are experiencing slower growth. Moreover, the rising adoption of cloud-based solutions in various industries and the ongoing digital transformation drive the demand for public cloud services in Lithuania. Additionally, the country's stable economic health and favorable business climate contribute to the growth of the public cloud market.

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.