Cloud Computing Platform as a Service (PaaS) Market | Market Overview and Future Prospects

The enterprises are migrating significant processing, systems of engagement and systems of insight to the cloud thus raising the adoption to a very high rate from the past few years. Small and medium enterprise are majorly adopting the cloud technology as it reduces the complex of basic offers decreased infrastructure cost with increased operational efficiency and efficient delivery of services are some of the major key driving factors of this market. In addition to this, Organizations are also trying to adopt the cloud computing platform-as-a-service market. Government are also adopting cloud technology due to the benefits like enhanced storage, disaster recovery, identity access management and risk compliance management.

Rise in the adoption of cloud-based technology, increased usage of Internet of Things, growing demand for application development platforms, and technological improvement in platform-as-a-service are some of the major key driving factors of this market. In addition to this, new application developments and product designs, falling prices of cloud computing platform-as-a-service are also some of the factors to influence the growth. However, limited flexibility, data security and lack of customer capability are some of the factors, which may hinder the growth of the market. Furthermore, new feature addition, shift towards open PaaS and winning IAAS market through PaaS and government to promote digitalization are some of the factors through, which lucent opportunities are expected.

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Impact of COVID-19 on Cloud Computing Platform-As-A-Service (CPaas) Market:

► The emergence of COVID-19 pandemic has severely affected almost all industries across the globe. Further, lockdown enforcements and restrictions on movements of non-essential goods as well as resources in various countries has disrupted supply chain of electronic components & networking equipment. This, has led to delay in supply of electronic components required in manufacturing of the network equipment.

► Companies have continued to expand cloud services and application development service during the pandemic. Before the pandemic took hold, various organizations were providing manual release of applications to customers.

► New learnings among companies with respect to work-from-home (WFH) and data accessibility during the lockdown period has resulted in increasing enquiries for space and services at data centers and this trend is expected to create opportunities in for the market during the forecast period.

► There is an increase in use of automation and even after situation returns to 'normal', the work style will continue to be data center-driven, with demand growth for higher penetration of e-commerce, digital payments, and widespread deployment of Big Data, apart from policy level push for automation.

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In order to utilize the benefits of cloud computing, government has embarked multiple initiatives like GI-Cloud or MeghRaj. The aim of this initiative is to implement various components, which include governance mechanism in order to ensure proliferation of cloud in the government. The main focus of this initiative is to accelerate delivery of e-services in the country while optimizing ICT spending of the government. In addition to this, MeghRaj also ensure optimum utilization of the infrastructure with high speed of the development and deployment of eGovemernt applications. The architecture of this initiative also encompasses discrete cloud computing environment, which is spread across various locations, ,which is built on existing infrastructure with a following set of common protocols, guidance and standards issued by the government.

Key benefits of the report:

► This study presents the analytical depiction of the global cloud computing platform-as-a-service market archiving industry 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 global cloud computing platform-as-a-service market share.

► The current market is quantitatively analyzed to highlight the global cloud computing 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 cloud computing platform-as-a-service market analysis based on competitive intensity and how the competition will take shape in coming years.

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The report presents in-depth insights into each of the leading Cloud Computing Platform as a Service (PaaS) Market end user verticals along with annual forecasts to 2032. The report provides revenue forecast with sales, and sales growth rate of the global Key drivers that are propelling the growth of the market included in the report. Additionally, challenges and restraining factors that are likely to curb the growth of the market are put forth by the analysts to prepare the manufacturers for future challenges in advance.

Key Market Players:

► Google Inc.

► IBM Corporation.

► Oracle Corporation

► AT&T Inc.

► Microsoft Corporation.

► Salesforce Platform

► Red Hat Inc.

► EMC Corporation.

► SAP SE Inc.

► Amazon web services

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