Spain Cloud Computing Market Size

Spain Cloud Computing Market Analysis

The Spain Cloud Computing Market size is estimated at USD 8.21 billion in 2024, and is expected to reach USD 18.56 billion by 2029, growing at a CAGR of 17.71% during the forecast period (2024-2029).

• Many businesses in Spain are undergoing digital transformation to remain competitive. Cloud computing provides the necessary infrastructure for organizations to transition to digital operations, enabling improved collaboration and remote work capabilities. For instance, the Spanish government has invested in digital transformation initiatives as part of its Spain Digital 2025 Strategy, promoting the adoption of cloud technologies across public services and private enterprises.
• Cloud computing slashes IT costs by reducing reliance on on-premises infrastructure, allowing organizations to pay solely for the resources they consume. This approach empowers businesses to allocate their funds more judiciously. For instance, in May 2024, Telefonica and Google Cloud renewed and extended their partnership, aiming to deliver top-tier cloud solutions and expedite digital transformations for businesses. Their agreement broadened the range of Google Cloud services available through Telefónica Tech in the B2B sector, underscored Telefónica's own cloud adoption, and deepened collaboration in pivotal innovation domains like artificial intelligence (AI) and generative AI. Movistar, a subsidiary of Telefónica, has harnessed cloud solutions to boost operational efficiency, resulting in notable savings and a swift pace of innovation.
• As businesses produced enormous volumes of data, cloud computing provided scalable solutions for both data storage and advanced analytics. This empowered organizations to extract actionable insights from their data. For instance, in November 2023, Salesforce introduced its latest innovations in the Automotive Cloud. These innovations were designed to empower automotive companies to harness the power of data and AI. The focus of these advancements included enhancing in-car personalization, optimizing fleet management, and streamlining auto lending and leasing processes.
• As organizations transition to the cloud, security remains a paramount concern. In response, cloud providers are bolstering their security measures, attracting businesses that prioritize data protection. In 2023, BBVA, a leading Spanish bank, collaborated with cloud providers to fortify its security infrastructure, harnessing cloud technologies to safeguard data and adhere to regulatory compliance.
• Cloud computing, which provides on-demand platforms, software, and infrastructure, is vulnerable to various data breaches. Customers continued to express concerns about outsourcing their data to public cloud services even when assured of strong security measures. Despite the efforts of cloud service providers to protect client data, several data breach incidents affected even the most prominent businesses.
• For instance, Surfshark reported that in 2023, between Q3 2022 and Q3 2023, Spain witnessed fluctuations in data breach density. In Q3 2022, Spain recorded 84 exposed data points per thousand individuals. This figure dropped to 12 in the subsequent quarter and further declined to 6 by Q2 2023. A 2023 survey revealed that approximately 58% of Chief Information Security Officers (CISOs) in Spain reported experiencing a loss of sensitive information within the past year.