Application Platform Market Projected to reach USD 11.69 Billion by 2023| Key players include IBM, Oracle, Microsoft, Hitachi, Huawei, Red Hat

According to recent research "Application Platform Market by Software (Application Platform & Transaction Processing Monitor), Service (Deployment & Integration, Support & Maintenance, & Managed), Deployment (aPaaS & On-Premises), Organization Size, & Region - Global Forecast to 2023", published by MarketsandMarkets , the global application platform market size is expected to grow from USD 8.99 billion in 2018 to USD 11.69 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 5.4% during the forecast period.

The major driving factors of the application platform market are the rise of aPaaS and the emergence of the low-code application platform. In addition, the increasing importance of DevOps and the demand for collaborative application development drive the market growth.

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The support and maintenance segment is expected to grow at the highest CAGR in the application platform market during the forecast period

Support and maintenance services address customers’ technical queries and deliver cost-effective support, resulting in improved business performance. These services also offer technical support, repair and exchange services, field maintenance, and proactive services. Support and maintenance services simplify the adoption of application software, optimize the speed of enterprise applications, and satisfy the business and technical needs. Support services also aid enterprises in associating the implementation and maintenance activities of the deployed application platform. These services are also useful in building a specialized set of metrics to analyze and predict the deployed application’s performance.

The application platform software segment is expected to account for the larger market size in the application platform market during the forecast period.

The application platform software segment plays a vital role in the overall application platform market, hence it is expected to account for the larger market size. Application platform software is majorly offered as an integrated package and delivered as a standalone software product. This application platform software includes application servers, lightweight web-scale servers, embeddable servers, specialized and High-Productivity Application Platform-as-a-Service (hpaPaaS), Platform-as-a-Service (PaaS) frameworks, and Cloud-Enabled Application Platforms (CEAPs).

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North America is expected to account for the largest market share in the application platform market during the forecast period

North America is projected to account for the largest market share and continue in dominating the application platform market during the forecast period. Owing to the emergence of trending technologies, such as Software-as-a-Service (SaaS)-based applications, cloud computing, big data, DevOps, and enterprise mobility, users and enterprises have been urged to adopt much more sophisticated and reliable application platform software and associated services. This adoption is expected to contribute to the overall growth of the application platform market in North America. The market is expected to gain further traction in this region during the forecast period. Furthermore, the advent of Small and Medium-sized Enterprises (SMEs) and increasing digitalization in organizations have aided the growth of the North American market.

The major players in the application platform market includes IBM (US), Oracle (US), SAP (Germany), NEC (Japan), Microsoft (US), Micro Focus (UK), Fujitsu (Japan), Hitachi (Japan), Adobe (US), HPE (US), Huawei (China), and Red Hat (US). The other players include Akamai (US), GigaSpaces (US), Caucho (US), Apache Tomcat, TmaxSoft (US), Nastel Technologies (US), Navisite (US), Rogue Wave Software (US), 4D Technologies (France), NGINX (US), Mendix (US), Kony (US), and Betty Blocks (Netherlands).

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