Platform-as-a-Service Market Market Statistics 2021: Trends and Growth, Segmentation and Key Companies

Platform-as-a-service (PaaS) is a cloud service delivery model in which third party cloud service providers deliver some hardware and software tools to those who are in need of complete development and deployment of applications over the internet. These service providers offer a platform, which allows customers to develop, run, and manage services without dealing with complex building and maintenance of infrastructure of developing an application. Thus, developers only need to install in-house hardware & software to develop or run a new application. PaaS charge organizations only for compute, network resources consumed, and storage. It can be delivered through public, private, and hybrid clouds. Customers control software deployment while cloud providers deliver entire IT component needed to host the application.

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Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Adoption of PaaS is on the rise among end users, owing to its numerous benefits such as cost reduction, less time consumption, and scalability; which majorly drives growth of the market. In addition, rise in adoption of cloud-based services, increase in use of internet of things, and rise in demand for application development platforms further fuel growth of the Platform-as-a-Service market. However, factors such as less data security, integrations issues, and challenges with customization of legacy systems restraints the growth of the market. Furthermore, ongoing large investments by major IT vendors in the PaaS is opportunistic for the market.

Growth in need for PaaS
Many organizations are expecting that with growth in digitalization, payments would create a cloud native environment and organizations would need to hire a 3rd party provider, which can use domestic, cross border, and regional payment solutions via a single interface. In addition, providers would also manage complexities and difficulties associated with moving funds. Thus, it is expected that digitalization and online payment with new product launch would create multiple opportunities for the Platform-as-a-Service market.

Dependency on vendor is a major concern:
As 3rd party providers fulfill most of the requirements for development and deployment of any program, this dependency is expected to act as restraining factor for growth of the market. As businesses are governed by provider’s functional capabilities, reliability and speed, any circumstance may occur resulting in data loss, which, in turn, hampers the growth of the Platform-as-a-Service market.

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Key benefits of the report:

This study presents analytical depiction of the global platform-as-a-service market along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the platform as a service market share.
The current market is quantitatively analyzed from 2019 to 2027 to highlight the global platform-as-a-service market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides detailed cognitive media market analysis based on competitive intensity and how the competition will take shape in coming years.

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