Software as a Service - Cyprus | Statista Market Forecast

Revenue in the Software as a Service market is projected to reach US$24.21m 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 20.68%, resulting in a market volume of US$61.96m by 2029.
In global comparison, most revenue will be generated United States (US$187.20bn in 2024).

Definition:

Software as a Service (SaaS) refers to the type of public cloud service that delivers software applications over the internet on a subscription basis. Users can access and use the software through web browsers without having to install or maintain it locally. SaaS eliminates the need for purchasing, installing, and updating software, thus offering convenience and automatic updates while allowing users to focus on using the software to meet their requirements. The SaaS market includes the companies that provide these types of cloud-based software resources and services to individuals, businesses, and organizations. A typical example of this type of service is Microsoft Office 365, an SaaS suite of applications (e.g., Word, Excel, and PowerPoint) available for purchase by subscription and accessible via a web browser.

Additional Information:

The Software as a Service (SaaS) 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 SaaS market include companies such as Microsoft (Office 365), Salesforce (Customer 360), Oracle (Cloud applications), and IBM (Cloud).

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Enterprise software, such as SAP ERP, Oracle ERP Cloud, Salesforce CRM, and Microsoft Dynamics365
Productivity software, such as Microsoft 365, Google Workspace, and Adobe Creative Cloud

System infrastructure software, such as Microsoft Windows Operating System and Linux Operating System
On-premises software, such as on-premises versions of Microsoft Office, SAP ERP, and Oracle Database
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 Software as a Service market in the Public Cloud Market in Cyprus is experiencing mild growth, influenced by factors such as increasing adoption of cloud technologies, growing demand for online services, and the convenience of SaaS solutions. This trend is expected to continue as businesses and individuals in Cyprus recognize the benefits of transitioning to cloud-based software.

Customer preferences: As the Software as a Service Market within the Public Cloud Market in Cyprus continues to grow, there is a noticeable trend towards remote work and collaboration tools. This is driven by a shift in consumer preferences towards flexible work arrangements and the need for virtual communication and project management. Additionally, there has been a rise in demand for data security and privacy solutions, as consumers become more aware of the risks associated with storing sensitive information in the public cloud.

Trends in the market: In Cyprus, the Software as a Service Market within the Public Cloud Market is experiencing a surge in demand, driven by the increasing adoption of digital transformation strategies by businesses and government entities. This trend is expected to continue as more organizations recognize the benefits of SaaS, such as cost-effectiveness, scalability, and flexibility. Additionally, there is a growing trend towards mobile SaaS solutions, as well as a shift towards more advanced SaaS offerings such as AI-powered applications. This trend has significant implications for industry stakeholders, as it presents opportunities for growth and innovation, but also poses challenges in terms of data security and competition.

Local special circumstances: In Cyprus, the Software as a Service Market within the Public Cloud Market is influenced by its geographical location as an island nation and its membership in the European Union. This has led to an emphasis on data privacy and security, as well as a focus on compliance with EU regulations such as the General Data Protection Regulation (GDPR). Additionally, the country's small size and close-knit business community contribute to a strong demand for customized and localized SaaS solutions. The local government's initiatives to promote entrepreneurship and innovation have also fostered a conducive environment for SaaS startups to thrive.

Underlying macroeconomic factors: The Software as a Service Market within the Public Cloud Market in Cyprus is influenced by various macroeconomic factors such as the country's economic health, government policies, and global economic trends. The growth of this market is driven by the increasing adoption of cloud-based services in both the public and private sectors. Furthermore, the government's efforts to promote digital transformation and attract foreign investment in the IT sector are also contributing to the growth of the market. However, the market is also facing challenges due to the country's limited IT infrastructure and skilled labor force, which could hinder its growth potential. Additionally, the impact of the global economic slowdown and trade tensions on the overall business climate in Cyprus could also affect the growth of the Software as a Service Market within the Public Cloud Market.

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.