Platform as a Service - Serbia

Serbia

Revenue in the Platform as a Service market is projected to reach US$118.30m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 20.66%, resulting in a market volume of US$302.50m by 2029.
The average spend per employee in the Platform as a Service market is projected to reach US$36.43 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

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Analyst Opinion

The Platform as a Service Market in the Public Cloud Market in Serbia is experiencing rapid growth, fueled by factors like technological advancements, increasing health consciousness, and the convenience of online services. With an elevated growth rate, this market is being impacted by the increasing demand for digital solutions in the healthcare industry.

Customer preferences: With the growing adoption of cloud technology in Serbia, there has been a noticeable shift towards Platform as a Service (PaaS) within the Public Cloud Market. This trend is driven by the increasing demand for flexible and scalable solutions, as well as the need for cost-effective and efficient IT infrastructure. Additionally, the rise of digital transformation initiatives in various industries has led to a growing preference for PaaS solutions, as they offer a streamlined approach to application development and deployment. This trend is expected to continue as businesses in Serbia embrace digitalization and prioritize agility and innovation in their operations.

Trends in the market: In Serbia, the Platform as a Service Market within the Public Cloud Market is experiencing a surge in demand for cloud-based solutions, driven by the increasing need for remote work and digital transformation. This trend is expected to continue in the coming years, with the market projected to grow at a CAGR of over 20%. This shift towards cloud-based platforms is significant for industry stakeholders, as it offers greater scalability, flexibility, and cost-effectiveness. It also presents potential implications for businesses, such as improved efficiency, enhanced collaboration, and faster time-to-market for new products and services.

Local special circumstances: In Serbia, the Platform as a Service Market within the Public Cloud Market is influenced by the country's growing IT sector and government initiatives promoting digital transformation. The market is also shaped by the country's geographic location, as Serbia serves as a strategic bridge between Eastern and Western Europe. Additionally, the Serbian culture values innovation and technology, creating a favorable environment for the growth of the Platform as a Service Market. Government regulations and policies also play a significant role in shaping the market, with initiatives such as the National Cloud Strategy promoting the adoption of cloud services.

Underlying macroeconomic factors: The growth of the Platform as a Service Market within the Public Cloud Market in Serbia is heavily impacted by macroeconomic factors such as the country's economic stability, government policies, and investments in digital infrastructure. With a growing digital economy and rising demand for cloud services, Serbia has been focusing on improving its ICT sector through initiatives such as the National Cloud Platform and the Digital Serbia Initiative. These efforts have created a favorable environment for the adoption of PaaS solutions, boosting market growth and attracting investments from both local and international players. Furthermore, the increasing demand for digital transformation in various industries, coupled with the government's support for digitalization, is driving the demand for PaaS solutions in Serbia.

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.