The platform as a service market is predicted to touch USD 12 billion at a healthy 26% CAGR between 2017- 2023, states the recent Market Research Future (MRFR) analysis. Platform as a service/ PaaS, simply put, is a cloud service delivery model where third-party cloud service providers offer software and hardware tools to people in need of complete deployment and development of applications online. Such services offer a platform that enables customers in developing, running, and managing services sans dealing with complex building & maintenance of infrastructure to create an app. Hybrid cloud, private, and the public are its different deployment that is widely used in telecommunication and IT, consumer goods and retail, education, healthcare, and life sciences, government and public sector, banking and financial sector, and others.
Various factors are propelling the global paas market share. According to the recent MRFR report, such factors include the growing adoption of cloud based services & IoT technology among small and medium enterprises, burgeoning demand of application development platforms, & technological advances in the platform as a service. Besides, the growing demand for platform as a service during the COVID-19 pandemic is also adding market growth.
On the contrary, customer captivity, limited flexibility, and data security are factors that may limit the global Platform as a Service Market Size over the forecast period.
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The MRFR report highlights an inclusive segmental analysis of the global platform as a service market based on industry, end user, type, and deployment.
By deployment, the global platform as a service market is segmented into hybrid cloud, private, and public.
By type, the global platform as a service market is segmented into data management, integration, application, and others.
By end user, the global platform as a service market is segmented into SMES and others.
By industry, the global platform as a service market is segmented telecommunication and IT, consumer goods and retail, education, healthcare and life sciences, government and public sector, banking and financial sector, and others.
Based on the region, the global platform as a service market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, and the Rest of the World (RoW). Of these, North America will spearhead the market over the forecast period. The growing use of cloud-based services by different businesses and enterprises, the presence of highly digitalized enterprises, and the presence of leading cloud service providers are adding to the global platform as a service market growth in the region.
In the APAC region, the platform as a service market is predicted to grow at a fast pace over the forecast period. High growth in IT sectors, telecom, big data, and cloud services, the booming IT infrastructure, developing corporate sector in China, India, Philippines, and Japan, supportive investments by the government to propel the IT industry, and increasing digitalization in different sectors. Besides, its operational efficiency, support, agility, scalability, and cost-effective pricing, and the presence of several leading manufacturers are also adding market growth.
The platform as a service market in Europe is predicted to have notable growth over the forecast period. The growing use of cloud services by several VSMs and SMEs at the application level with the higher enterprise is adding to the global platform as a service market growth in the region.
Leading contenders profiled in the global platform as a service market report include Red Hat, Inc. (U.S.), Fujitsu Ltd. (Japan), Engine Yard, Inc. (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), Microsoft Corporation (U.S.), Amazon.com, Inc. (U.S.), Google, Inc.(U.S.), Apprenda Inc. (U.S.), and Salesforce.com (U.S.).
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Platform as a Service Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030
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