Public Cloud

Serbia

Highlights

Revenue in the Public Cloud market is projected to reach US$399.50m in 2024.
Software as a Service dominates the market with a projected market volume of US$121.10m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 21.11%, resulting in a market volume of US$1.04bn by 2029.
In global comparison, most revenue will be generated United States (US$388.50bn in 2024).

Key regions:

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 definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Public Cloud market in Serbia is experiencing considerable growth, driven by factors such as increasing adoption of digital technologies, rising awareness of cloud services among businesses, and the convenience offered by online platforms. The market's significant growth rate can be attributed to the rising demand for Infrastructure, Platform, Software, Business Process, Desktop, and Disaster Recovery as a Service. This is further fueled by the country's growing digital infrastructure and government initiatives to promote cloud adoption.

Customer preferences: As Serbia continues to modernize and adapt to the digital age, there has been a noticeable increase in demand for public cloud services. This can be attributed to the growing reliance on technology in all aspects of life, including business operations and personal use. Additionally, the younger generation, with their tech-savvy mindset, is driving the adoption of public cloud solutions. This trend is expected to continue as the country's digital infrastructure improves and more businesses and individuals embrace the benefits of cloud computing.

Trends in the market: In Serbia, the Public Cloud Market is experiencing a significant increase in demand for cloud services, driven by the growing adoption of digital transformation strategies by businesses. This trend is expected to continue, with a projected annual growth rate of 19.3% in the next five years. This shift towards cloud-based solutions presents opportunities for industry stakeholders such as cloud service providers and system integrators. Additionally, the government's initiatives to improve digital infrastructure and promote the use of cloud services in the public sector are expected to further propel the growth of the public cloud market in Serbia. With the increasing importance of data security and compliance, there is also a rising trend towards hybrid cloud solutions, incorporating both public and private cloud services. This trend is significant as it allows businesses to have greater control over their sensitive data while still reaping the benefits of public cloud services. Furthermore, it presents opportunities for cloud service providers to offer integrated solutions and cater to the evolving needs of their clients. Overall, the trajectory of these trends indicates a promising future for the public cloud market in Serbia, with potential implications for industry stakeholders to capitalize on the growing demand for cloud-based solutions.

Local special circumstances: In Serbia, the Public Cloud Market is influenced by the country's rapidly developing IT sector and its efforts to modernize its economy. The government's support for digital transformation initiatives has led to a rise in demand for cloud services, particularly among small and medium-sized enterprises. Additionally, the country's strategic location and favorable business environment make it an attractive destination for international cloud providers looking to expand their presence in the Eastern European market.

Underlying macroeconomic factors: The Public Cloud Market in Serbia is heavily influenced by macroeconomic factors such as economic growth, government policies, and investments in digital infrastructure. As the country continues to experience economic growth and modernization, there is a growing demand for cloud services to support businesses and drive innovation. Furthermore, the government's push towards digitalization and investment in digital infrastructure is creating a favorable environment for the growth of the public cloud market. With a young and tech-savvy population, Serbia is poised to become a key player in the global public cloud market.

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.