Platform as a Service - Latvia

Latvia

Revenue in the Platform as a Service market is projected to reach US$37.89m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 19.57%, resulting in a market volume of US$92.61m by 2029.
The average spend per employee in the Platform as a Service market is projected to reach US$38.61 in 2024.
In global comparison, most revenue will be generated in the United States (US$91,020.00m in 2024).

Key regions: United States, Italy, Australia, Netherlands, Japan

Market

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Analyst Opinion

The Platform as a Service Market in Latvia is witnessing a rapid growth rate due to the rising demand for digital solutions, increasing awareness about public health, and the convenience of online services. This market is experiencing elevated growth, driven by various factors such as advancements in technology and the growing need for efficient and cost-effective solutions.

Customer preferences: The Platform as a Service Market within the Public Cloud Market in Latvia has seen a notable increase in demand for cloud-based collaboration tools and virtual meeting platforms due to the shift towards remote work and virtual communication. This trend is expected to continue as companies prioritize flexibility and efficiency in their operations. Additionally, the growing popularity of e-commerce and online shopping has led to an increase in demand for cloud-based e-commerce platforms and digital payment solutions, reflecting the changing consumer preferences and lifestyle factors in the country.

Trends in the market: In Latvia, the Platform as a Service Market within the Public Cloud Market is experiencing a surge in adoption, driven by the increasing demand for scalable and cost-effective cloud solutions. This trend is expected to continue with the growing popularity of cloud-based application development and deployment. As a result, industry stakeholders are investing in innovative PaaS solutions to stay competitive and meet the evolving needs of their customers. Additionally, the rise of hybrid cloud models and the integration of advanced technologies such as AI and IoT are further shaping the trajectory of this market, offering immense opportunities for growth and innovation.

Local special circumstances: In Latvia, the Platform as a Service Market within the Public Cloud Market is driven by the country's strong technology infrastructure and high internet penetration rate. The government's focus on digitization and support for startups has led to a thriving tech ecosystem. Additionally, the country's strategic location and strong ties with neighboring European countries have made it an attractive market for international cloud service providers. However, the small market size and limited IT talent pool pose challenges for market growth.

Underlying macroeconomic factors: The Platform as a Service Market within the Public Cloud Market in Latvia is heavily influenced by macroeconomic factors such as government initiatives to promote digital transformation, investments in IT infrastructure, and regulatory support for cloud computing. The country's robust ICT industry and skilled workforce also contribute to the growth of the market. Furthermore, the increasing demand for cost-effective and scalable cloud solutions from various industries, such as finance, healthcare, and retail, is driving the adoption of Platform as a Service in the country. However, limited IT infrastructure and connectivity in rural areas may hinder market growth. The overall economic stability and growth of Latvia also play a significant role in shaping the performance of the Platform as a Service Market within the Public Cloud Market.

Methodology

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.