Platform as a Service (PaaS) Market Size & Share, by Type (Application PaaS, Integration PaaS, Database PaaS); End-user (Healthcare, Manufacturing, BFSI, IT & Telecommunication, Consumer Goods & Retail) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

Global Platform as a Service (PaaS) Market Definition

Platform as a Service (PaaS) is an wholesome environment that offers development and deployment of products and services in the cloud, and it facilitates the deployment of everything on advanced cloud platform from simple cloud. The full lifetime of a web application, including development, testing, deployment, management, and upgrading, can be supported by PaaS. By using PaaS, the company can eliminate the cost and hassle of purchasing and maintaining software licenses, the supporting application infrastructure, and communication. The infrastructure components of cloud, include storage, servers, networking, business intelligence, middleware, database, development tools, database management systems, and more. The owner manages the quality of the application, product, and services, else everything is maintained by the cloud service provider.

The organization uses PaaS services for developing a framework of cloud-based application, it reduces the cost of coding. Moreover, PaaS is used by business intelligence and analytics, it enables businesses to mine corporate data for insights and trends that may be used to better business decisions. Furthermore, PaaS providers also offers better workflow, directory and higher security.

There are various advantages of platform as a service (PaaS), the development tools of PaaS, blow off the time and cost spent on coding by developers. Moreover, it gives the development team new capabilities without the need to hire more people with the necessary qualifications. It facilitates the integration of all the team workers, irrespective of their geographical location and it makes it possible for SMEs to bit expensive development software, business intelligence, and analytics tools with the help of pay-per-view model.

Global Platform as a Service (PaaS) Market: Key Insights

Global Platform as a Service (PaaS) Market Size, Forecast, and Trend Highlights Over 2023 - 2035

The global platform as a service (PaaS) market is estimated to garner a revenue of around USD 105 Billion by the end of 2035 by growing at a CAGR of ~30% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of nearly USD 10 Billion in the year 2022. The growth of the market can be attributed to 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.

In addition to these, factors that are believed to fuel the market growth of platform as a service (PaaS) include the rising use of PaaS to simplify 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.

Global Platform as a Service (PaaS) Market: Growth Drivers and Challenges

Growth Drivers

• Growing Adoption of Cloud Services – PaaS offers a foundation on which developers may construct or modify cloud-based applications. Almost 44% of all applications are still installed locally, and roughly 95% of businesses plan to expand their cloud investment over the next 12 months.

• Rising Penetration of Digitization – PaaS may have the biggest influence on how successfully businesses' digital changes turn out. A digital-first firm strategy has been embraced by 55% of startups, but 90% of all businesses have already implemented digitization in their organizations

• Rise in the Number of New Enterprises – Higher new enterprises are expected to drive the demand for the platform as a service. Almost 300 million people worldwide are attempting to launch nearly 150 million enterprises. It is anticipated that around 50 million new firms are to be started annually since approximately one-third will be started. or roughly 137,000 each day.

• Need to Reduce Time to Market – PaaS has the potential to reduce the product deployment time by reducing the time on coding, by increasing the scalability, and offering cost-effective and faster deployment of products and services. Around 71% of the sampled goods underwent the concept-to-launch process in around two years. Moreover, in energy products and services, the lowest TTM is around 7 years, however, for some products or services it can reach up to 20 years.

• Rise of Internet of Things (IoT) Connected Devices – IoT PaaS platforms give users greater autonomy over their systems connected to the Internet of Things (IoT) and freedom from being tied to a single software platform. In 2021, there were around 12 billion, connected devices an approximately 8% increase in the total number of IoT connections. Also, it is anticipated that nearly 27 billion gadgets would link to the Internet of Things.

Challenges

• Privacy issues associated with the public cloud- Due to the possibility of data being exposed in an unencrypted form on a computer owned and maintained by a company other than the data owner. Moreover, there is a chance that information processed or stored on the cloud will be used improperly. Public cloud services provide an inherent risk to data privacy.
• Low awareness among SMEs about the platform as a service (PaaS)
• Rising Risk of Cloud Washing

Global Platform as a Service (PaaS) Market Segmentation

The global platform as a service (PaaS) market is segmented and analyzed for demand and supply by vertical into healthcare, manufacturing, BFSI, IT & telecommunication, consumer goods & retail, and others. Out of the six types of verticals, the manufacturing segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the increasing demand for faster product delivery and heightened production in the manufacturing industry. Owing to the rising e-commerce the demand of the products is constantly increasing, along with this need of the manufacturing industry to reduce time to market duration. According to projections in a UNCTAD report, the share of online retail sales in total retail sales rose from 16% to 19% in 2020 as a result of the sharp increase in e-commerce combined with the movement restrictions brought on by COVID-19. Moreover, with the rise in the global retail sales, out of all the nations, the greatest share was reported by the Republic of Korea in 2020, at 25.9%, up from 20.8% the previous year.

The global platform as a service (PaaS) market is also segmented and analyzed for demand and supply by type into application PaaS, integration PaaS, database PaaS, and others. Amongst these four segments, the application PaaS (APaaS) segment is expected to garner a significant share. The growth of the segment can be expected on the back of 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.

Our in-depth analysis of the global platform as a service (PaaS) market includes the following segments:

Global Platform as a Service (PaaS) Market Regional Synopsis

The North American platform as a service (PaaS) market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The growth of the market can be attributed majorly 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.  Moreover, around 94% of American businesses use at least one cloud, such as public cloud, private cloud, and hybrid, with hybrid being the most common option.

The Asia Pacific platform as a service (PaaS) market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The market growth in the region is expected on the account of rise in the number of enterprises in the region and increasing use of cloud services. Over 15,000 new business of business service industry was registered in 2022. The sector surpassed all the sector, moreover, manufacturing sector came in second over the examined time period, with over 3000 businesses. Furthermore, growing digital transformation is also expected to boost the market growth. According to the International Trade Administration, the use of cloud services by both central and local government offices is encouraged by the Government of Japan's Digital Agency. For instance, Digital Agency declared in October 2022 that agencies under the Government of Japan will use "Government Cloud" services throughout the fiscal year.

Top Featured Companies Dominating the Global Platform as a Service (PaaS) Market

• Boomi, Inc.
  • Company Overview
  • Business Strategy
  • Key Product Offerings
  • Financial Performance
  • Key Performance Indicators
  • Risk Analysis
  • Recent Development
  • Regional Presence
  • SWOT Analysis

• Informatica LLC
• Mulesoft LLC
• Snaplogic Inc.
• Celigo, Inc.
• IBM Corporation
• Oracle Corporation
• Jitterbit, Inc.
• TIBCO Software Inc.
• Flowgear
• SAP Group