The global platform as a service (PaaS) market is estimated to grow with a significant CAGR during the forecast period, i.e., 2022-2030. The demand for PaaS is expected to increase primarily as a result of the growing adoption of cloud and rising need to decrease time to market (TTM) cost. It is calculated that more than 93% of the total enterprises in the world already use cloud services. About 30% of all IT budgets are allocated for cloud computing. Along with this, PaaS simplifies utility improvement management, deployment, and scaling, thereby facilitating better developer productiveness and innovation, which in turn is projected to drive market growth in the coming years. Moreover, PaaS offers a self-serviceable, bendy and agile application version, which allows easy import of compiled code in J2EE and .NET framework and immediate deployment of constructed programs. Furthermore, PaaS is able to provide less cost of application development and lower TTM that help in adjusting the approach to software product development, avoid development wastes, and ensure good cooperation. This factor is evaluated to offer lucrative opportunities to the market in the near future.
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The market is segmented on the basis of vertical into healthcare, manufacturing, BFSI, IT & telecommunication, consumer goods & retail, and others, out of which, the manufacturing segment is expected to capture a significant market share in the forecast period owing to the increase in demand for faster product delivery and heightened production in the manufacturing industry. Additionally, based on type, the application PaaS (APaaS) segment is anticipated to acquire the largest market share during the forecast period, owing to the increasing adoption of APaaS applications among various government organizations across the world. Moreover, the benefits of APaaS such as reduced coding time, added development capabilities without involving more staff, accessibility to support tools, support for geographically circulated teams, and efficient administration of application development lifecycle are also assessed to boost the growth of this market segment in the future.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. The North American market is estimated to grab the largest market share over the forecast period, which can be accounted to the increasing budget allocation for cloud services among enterprises among different industries including, telecommunication, BFSI, IT, and government and public sectors. In 2019, more than 85% of the cloud experts in the United States stated that cloud is anticipated to revolutionize the banking sector in the country by the end of 2021 by lowering the overall bank costs. In addition, the strong presence of major cloud specialist corporations in the region is also predicted to boost market growth in the region. Furthermore, the market in Asia Pacific is estimated to grow with a significant CAGR during the forecast period ascribing to the increasing investments by organizations in the ICT sector and colossal amount of data collection in the region.
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The global platform as a service (PaaS) market is further classified on the basis of region as follows:
Our in-depth analysis of the global platform as a service (PaaS) market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing need to reduce cost of application development and reduced time to market (TTM) cost of PaaS are estimated to drive the market growth.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022-2030.
Security threats associated with adoption of public cloud is one of the major challenges affecting the market growth.
The market in Asia Pacific region will provide ample growth opportunities to the market owing to the increasing investments in the cloud administrations in the region.
The major market players are Boomi, Inc., Informatica LLC, Mulesoft LLC, Snaplogic Inc., Celigo, Inc., and others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, vertical, and by region.
With respect to type, the application PaaS (APaaS) segment is anticipated to hold the largest market share owing to the increased adoption of APaaS among various industry verticals.
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