Platform-as-a-Service Market Size Surges Amid Growing Digital Transformation, Unleashing Innovation Across Industries Globally

The global platform as a service market size was valued at $44 billion in 2020, and is projected to reach $319 billion by 2030, registering a CAGR of 22.0% from 2021 to 2030.

There is a shift in consumer trends for online platforms for shopping of products and services. The world witnessed an upward trend toward the consumer online shopping during the COVID-19 pandemic. In the U.S. E-commerce merchants increased by over 15%. Furthermore, online retail sales in European countries increased by more than 30% from 2019 to 2020. Surge in internet shopping trends led by many organizations and enterprises, and investment in technologies such as edge computing, and special cloud services boosted the demand for platform as a service market.

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As the adoption of cloud technology increased, the adoption of PaaS witnessed growth. PaaS investments are expected to increase in number of industry verticals such as healthcare, information technology, and academic sector, which boosts the growth of the market

In 2019, the global platform as a service market share was dominated by the application PaaS segment, and is expected to maintain its dominance in the upcoming years. The growing capital investment on application development for mobile, web and enterprise promises significant growth opportunity for application PaaS market. Technology advancements in PaaS services such as AI capabilities are estimated to expand the application platform as a service market. Furthermore, rise in popularity of cloud-based services is further expected to propel application platform as a service industry growth during the projected period.

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The others segment primarily includes Business Analytics (baPaaS) and API management PaaS (APImPaaS). The others segment is estimated to emerge as fastest growing segment. BaPaaS offers analytical capabilities and tools as a service for visualization of data discovery and predictive modeling. BI and analytics are data management solutions that are implemented in organizations to gather historical and present data, while using statistics and software to research raw information and deliver insights for creating better future decisions.

Post COVID-19, the size of the global platform-as-a-service market size is estimated to be $53,211 million in 2021, and is projected to reach $319,515 million by 2030. The global COVID pandemic has been favorable to the global platform-as-a-service industry, which is projected to grow post the COVID-19 pandemic. This growth in the platform-as-a-service market trend was owing to a sudden boom in digitalization of businesses across the globe.

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On the basis of organization size, the large enterprise segment accounted for the highest revenue in 2020, however, the SME is expected to witness highest growth rate during the forecast period. On the basis of industry verticals, the IT and ITeS accounted for the highest revenue in 2020, however, the other service is expected to witness highest growth rate during the forecast period.
Region wise, the platform as a service market analysis was dominated by North America. However, LAMEA is expected to witness significant growth in the upcoming years. Some of the key companies mentioned within the report are AWS, Microsoft, Alibaba Cloud, IBM, Salesforce, Google, Oracle, SAP, Zoho Corporation and Mendix

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