Platform as a Service - Cyprus | Statista Market Forecast

Revenue in the Platform as a Service market is projected to reach US$14.01m 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 18.78%, resulting in a market volume of US$33.14m by 2029.
In global comparison, most revenue will be generated United States (US$91.02bn in 2024).

Definition:

Platform as a Service (PaaS) refers to the type of public cloud service that provides a ready-to-use platform and environment for developers to build, deploy, and manage applications. PaaS offers tools, frameworks, and services that streamline the development process, thus eliminating the need to manage the underlying infrastructure. It allows developers to focus on the tasks of writing code and creating applications without worrying about server setup or maintenance. The PaaS 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 Google App Engine.

Additional Information:

The Platform as a Service (PaaS) 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 PaaS market include companies such as Amazon (Amazon web services), Microsoft (Azure), Google (App Engine), and IBM (Cloud).

For more information on the data displayed, use the info button right next to the boxes.

Application development, such as Microsoft Azure App Service, Google App Engine, and AWS Elastic Beanstalk
Debugging processes, such as Microsoft Azure Monitor and AWS X-Ray
Testing, such as Google Cloud Flood, Distributed Load Testing on AWS, and Microsoft Azure Load Testing
Deployment tools, such as Microsoft Azure Deployment Environments and AWS CodeDeploy

Infrastructure-as-a-Service (IaaS), such as Amazon Elastic Compute Cloud (EC2), Azure IaaS, Google Compute Engine (GCE), Alibaba Cloud ECS, and Oracle Cloud Infrastructure
Software-as-a-Service (SaaS), such as Microsoft 365, Salesforce, Google Workspace, and Zoom
Business-Process-as-a-Service (BPaaS), such as payroll management and accounting solutions via ADP Workforce Now, Intuit QuickBooks Online, Workday, and Oracle NetSuite

The Platform as a Service market in the Public Cloud Market in Cyprus is experiencing rapid growth due to the increasing adoption of digital technologies, heightened awareness of health issues among consumers, and the convenience of online health services. This elevated growth rate is being impacted by the country's growing tech industry and government initiatives promoting digital healthcare solutions.

Customer preferences: As more businesses in Cyprus and globally are embracing digital transformation, there is a growing demand for Platform as a Service (PaaS) solutions within the Public Cloud Market. This trend is driven by the need for flexible and scalable software development and deployment options. Additionally, businesses are increasingly adopting a "cloud-first" approach, seeking cost-effective and efficient solutions to support their operations. This shift towards PaaS is also fueled by the rise of SaaS applications and the need for seamless integration and management of multiple software solutions.

Trends in the market: In Cyprus, the Platform as a Service Market within the Public Cloud Market is experiencing a surge in demand for cloud-based solutions, with businesses looking to streamline their operations and reduce costs. This trend is expected to continue as more organizations realize the benefits of PaaS, such as scalability and flexibility. The significance of this trend lies in its potential to drive innovation, increase efficiency, and boost competitiveness in the market. Industry stakeholders should take note of this trend and adapt their strategies to meet the growing demand for PaaS solutions, or risk falling behind their competitors.

Local special circumstances: In Cyprus, the Platform as a Service Market within the Public Cloud Market is influenced by the country's strategic location, serving as a gateway between Europe, Asia, and Africa. This has led to the adoption of cloud services by multinational companies looking to expand their operations in the region. Additionally, the country's strict data protection laws and favorable tax policies make it an attractive destination for cloud service providers. However, the limited availability of skilled IT professionals and the relatively small market size can pose challenges for the growth of the PaaS market in Cyprus.

Underlying macroeconomic factors: The growth of the Platform as a Service Market within the Public Cloud Market in Cyprus is heavily influenced by macroeconomic factors such as technological advancements, government policies, and investment in digital infrastructure. Countries with supportive policies and strong investments in digital technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding. Furthermore, the increasing demand for cost-effective and scalable cloud solutions, coupled with the overall economic growth and rising adoption of digital transformation strategies, is driving the growth of the PaaS market in Cyprus. As a result, the country is witnessing a surge in demand for PaaS solutions from various industries, including healthcare, finance, and government sectors.

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.