Public Cloud - Norway

Norway

Revenue in the Public Cloud market is projected to reach US$4,237.00m in 2024.
Software as a Service dominates the market with a projected market volume of US$1,927.00m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 15.64%, resulting in a market volume of US$8,761.00m 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 Norway is experiencing steady growth, driven by factors such as increasing adoption of digital technologies, growing awareness of the benefits of cloud services, and the convenience offered by online solutions. The market is expected to continue its average growth rate, influenced by factors like evolving customer needs and the demand for specific sub-markets.

Customer preferences: Consumers in Norway are increasingly turning to public cloud solutions for their business needs, driven by a growing preference for digital transformation and remote work. This trend is further accelerated by the country's tech-savvy population and high internet penetration rate. Additionally, the demand for cloud-based collaboration tools and virtual meeting platforms has risen, reflecting a shift towards more flexible and remote work arrangements. This demand is expected to continue as organizations prioritize agility and resilience in the face of future disruptions.

Trends in the market: In Norway, the Public Cloud Market is experiencing a surge in demand for hybrid cloud solutions, as organizations seek to balance cost efficiency with data security. Additionally, there is a growing trend towards multi-cloud strategies, as businesses look to leverage the strengths of different cloud providers. These trends highlight the need for flexibility and scalability in cloud services. They also present opportunities for cloud providers to differentiate themselves and for businesses to optimize their cloud usage. Ultimately, the continued growth of the Public Cloud Market in Norway will depend on the ability of industry stakeholders to adapt to and meet the evolving demands of their clients.

Local special circumstances: In Norway, the Public Cloud Market has been growing rapidly due to the country's high level of digitalization and tech-savvy population. Additionally, the government's initiatives to promote digital transformation have also played a significant role in fueling the market's growth. Norway's strict data privacy laws and regulations have instilled trust in cloud services among businesses, leading to increased adoption. Furthermore, the country's cold climate and abundant supply of renewable energy make it an ideal location for data centers, attracting major cloud service providers to establish a presence in the country.

Underlying macroeconomic factors: The public cloud market in Norway is heavily influenced by macroeconomic factors such as technological advancements, national economic health, and fiscal policies. As a tech-savvy nation with a strong focus on digitalization, Norway has a favorable environment for the adoption of public cloud services. Additionally, the government's investment in digital infrastructure and initiatives to promote cloud computing drive the growth of the market. Furthermore, the increasing demand for cost-efficient and scalable IT solutions, coupled with the country's stable economy, makes Norway an attractive market for public cloud service providers.

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.