PaaS Market Growth & Trends
The global PaaS market size is projected to reach USD 206.30 billion by 2028, expanding at a CAGR of 19.3% from 2022 to 2028, according to a new report by Grand View Research, Inc. The major growth factors of the market include the growing cloud-based software development services coupled with the rising number of small and medium enterprises (SMEs) across the globe. Moreover, the growing popularity of PaaS for reducing the development cost and time for software further provides significant growth to the market. However, the rising data privacy and security in enterprises coupled with cloud washing is further projected to hamper the market growth during the forecast period.
Despite the COVID-19 pandemic, the PaaS market witnessed an increase in the overall revenue of the service providers. This was due to the growing trend of working from home in the IT industry. In addition, under the lockdown circumstances imposed in some countries attributed to the pandemic, numerous developers prefer virtual software development platforms, such as PaaS. Therefore, the significant increase in the virtual software development services during work from home scenarios is further projected to contribute to market growth.
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The growing adoption of PaaS due to quick-paced radiation across the globe is driving the market growth over the forecast period. Providence of templates and development tools by PaaS at an efficient cause along with providing easy operation is increasing its adoption among the enterprises, thereby fueling the market growth. Moreover, increasing investment in PaaS coupled with the rising number of enterprises is contributing to the market expansion. Furthermore, technological advancements and their incorporation is estimated to present key opportunities for the market.
The deployment segment of the offering is forecast to register a significant growth rate of 18.3% from 2022 to 2028. The growth of the market is attributed to the rising trend toward the deployment of software through PaaS. Public cloud-based services, such as PaaS, permit the users to control the software deployment and the provider of cloud services to manage other IT components, such as databases, operating systems, storage system networks, and the server, that are essential for hosting the application. Therefore, the deployment tools play an essential part in PaaS during the software development that contributes to the segmental growth.
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PaaS Market Segmentation
Grand View Research has segmented the PaaS market based on offering and region:
PaaS Offering Outlook (Revenue, USD Million, 2017 – 2028)
- Application Development
- Debugging Processes
- Testing
- Deployment Tools
List of Key Players of PaaS Market
- Amazon Web Services Inc.
- Microsoft Corp.
- Alibaba Cloud
- IBM Corp.
- Google LLC
- Sales force
- Oracle Corp.
- SAP SE
- Zoo Corp.
- VMware Inc.
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Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. Grand View Research database is used by the world's renowned academic institutions and Fortune 500 companies to understand the global and regional business environment. Our database features thousands of statistics and in-depth analysis on 46 industries in 25 major countries worldwide.
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