Software as a Service - Portugal

Portugal

In Portugal, revenue in the 0 market is projected to reach US$0.42bn in 2024.
The Software as a Service market is expected to dominate the market with a projected market volume of 0 in 2024.
Revenue in this sector is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 19.18%, leading to a market volume of US$1.01bn by the year 2029.
In a global context, it is noteworthy that the majority of revenue will be generated the United States, which is projected to reach US$187.20bn in 2024.
Portugal's Software as a Service in the Public Cloud market is increasingly characterized by a growing emphasis on data privacy compliance and local innovation initiatives.

Key regions: Japan, United Kingdom, United States, Italy, Germany

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Analyst Opinion

The Public Cloud Market in Portugal has been witnessing steady growth, fueled by factors like the rising adoption of Software as a Service, increasing awareness of digital solutions in the healthcare industry, and the convenience of online health services. The mild growth rate is influenced by factors such as the country's economic stability, government initiatives, and the growing demand for cloud-based solutions in various industries.

Customer preferences: In Portugal, there has been a noticeable increase in the adoption of Software as a Service within the Public Cloud Market, driven by a growing preference for cost-effective and scalable solutions. With a strong emphasis on efficiency and convenience, businesses are increasingly turning to cloud-based software for their operations. This trend is further supported by a shift towards remote work and the need for collaborative tools that enable virtual collaboration and communication. Additionally, the rise of digital transformation initiatives and the increasing importance of data security have also been key drivers of the growth of the Software as a Service Market within the Public Cloud Market in Portugal.

Trends in the market: In Portugal, the Software as a Service Market within the Public Cloud Market is experiencing a surge in demand for cloud-based solutions, driven by the increasing adoption of remote work and digital transformation initiatives. This trend is expected to continue as businesses prioritize cost-efficiency and scalability. Additionally, there is a growing emphasis on data security and compliance, leading to the adoption of SaaS solutions that offer robust security measures. These trends are significant for industry stakeholders as they highlight the need for agile and secure cloud solutions to meet the evolving needs of businesses. They also present opportunities for SaaS providers to expand their offerings and tap into new market segments.

Local special circumstances: In Portugal, the Software as a Service Market within the Public Cloud Market is influenced by the country's strong digital infrastructure and its position as a gateway between Europe and Africa. Additionally, the government's support for digital innovation and the country's high adoption of cloud technology have created a favorable environment for SaaS growth. Furthermore, Portugal's strong startup culture and skilled workforce have also contributed to the development of a thriving SaaS market in the country.

Underlying macroeconomic factors: The Software as a Service Market within the Public Cloud Market in Portugal is heavily impacted by macroeconomic factors. The country's strong economic growth, stable political environment, and supportive fiscal policies have created a favorable market for software solutions. Furthermore, the increasing adoption of digital transformation strategies by public and private sector organizations is driving the demand for SaaS solutions. The rise of remote work and the need for cost-effective and efficient software solutions have also played a significant role in the growth of the SaaS market in Portugal. Additionally, the government's focus on promoting digital innovation and entrepreneurship has created a conducive environment for SaaS companies to thrive in the country.

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.