NORDICS Cloud Computing Market | Analysis 2019-2031

NORDICS CLOUD COMPUTING INDUSTRY SNAPSHOT

• Predictions indicate that revenue in the Nordics cloud computing market will attain US$ 19.09 billion by the end of 2024.
• The revenue growth within the cloud computing market in Nordics is projected to demonstrate a Compound Annual Growth Rate (CAGR) of 7.85% during the forecast period (2023-2031), reaching US$ 31.42 billion.
• Within the service models segment, the Software as a Service (SaaS) is expected to maintain dominance in 2024, capturing 57.60% market share in the country.
• By 2031, in Nordics, 37.83% of the total revenue is predicted to be generated by IT and Telecom end user.

NORDICS CLOUD COMPUTING INDUSTRY SCENARIO, TRENDS, AND DEVELOPMENTS

Cloud computing services in Nordics are enabling end users’ companies to integrate digital capabilities in their routine operations. The cloud computing technology adoption in the Nordics region is not widespread yet but organization shift towards the digitization is picking up the speed as they are catapult into the next decade. Legacy system across the enterprises are now being replaced with the automated system that integrate seamlessly with the cloud services. This shift has enabled the companies to gain industry specific benefits along with decline in costs and enhancements in the process efficiencies.
 

Enterprises in the country are speeding up their transformation journey towards digitalization and industry 4.0 which increased the need for effective incorporation and deployment of LTE and 5G enabled wireless services. Leading cloud computing service companies in the Nordics region are focused on forming strategic partnership with global players to expand their global network, edge computing capabilities, and come up with a secure, reliable, and efficient wireless connectivity technologies. For instance, in Feb 2023, Nokia and Kyndryl formed an alliance, signing a three-year agreement, to co-innovate and accelerate the deployment of LTE and 5G private wireless connectivity services and Industry 4.0 solutions.
 

Among industries, BSFI and IT & Telecom sector in the region have passed the initial stages of digital transformation journey. However, education, healthcare, and government sectors lags in terms of cloud adoption. Budgetary constraints is one of the major reasons for lack of cloud services adoption, further, longer IT refresh rates, and limitation on implementation of latest technologies due to regulatory and compliance issues are other key factors that are hampering the expansion of NORDICS cloud computing market at present. While As per the industry experts, local telecom operators that can offer cloud computing services such as data center capacity, managed, and hosted services, in the region are expected to observe a lucrative growth opportunity during the forecast period. As enterprises in the region are aimed at utilizing local cloud services to comply with government regulations and guidelines and over the concerns of data protection and identity and access management.

NORDICS CLOUD COMPUTING MARKET COVERAGE