Press release
Platform-as-a-Service Market to Reflect Growth Potential with a Highest CAGR of 22 % by 2030
Platform-as-a-Service Market
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Platform as a Service (PaaS) is a category of public cloud service that furnishes developers with a ready-to-use platform and environment for constructing, deploying, and overseeing applications. PaaS provides a suite of tools, frameworks, and services to streamline the development process, eliminating the need for developers to handle the intricacies of underlying infrastructure management. This enables developers to concentrate on coding and application creation without the burden of server setup or maintenance. The PaaS market encompasses companies offering these public cloud resources and services to individuals, businesses, and organizations. Google App Engine serves as a prime example of this type of service.
Platform as a Service (PaaS) Market Dynamics:
Drivers:
1. Increasing need to reduce ttm and cost of application development
2. Focus on streamlining am
Restraints:
1. Cloud washing hinders the paas market growth
2. Security concerns related to public cloud
Opportunities:
1. Rapid development of mobile app ecosystem
2. Emergence of video communication paas
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Impact of Covid-19 on Platform-as-a-Service Market:
• The demand for platform-as-a-service (PaaS) solutions increased during the Covid-19 pandemic with adoption of the "work from home" culture in organizations and high dependency on cloud resources.
• In addition, online shopping increased during the pandemic to ensure safety and prevent cross-contamination that may take place in visits to physical stores. This led to adoption of PaaS solutions to scale up cloud presence by small and medium level enterprises.
• Many organizations have been planning to use domestic, cross-border, and regional payment solutions through a single interface and manage complexities and difficulties regarding moving funds. This resulted in PaaS adoption.
Based on deployment mode, the public segment accounted for the highest share in 2020, contributing to more than four-fifths of the total share, and is estimated to continue its leadership status throughout the forecast period. However, the private segment is projected to witness the fastest CAGR of 23.8% from 2021 to 2030.
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Based on industry vertical, the IT and ITeS segment held the highest share in 2020, accounting for nearly one-fifth of the global platform as a service market, and is projected to maintain its dominance during the forecast period. Moreover, this segment is expected to manifest the largest CAGR of 22.6% from 2021 to 2030. The research also analyzes the segments including BFSI, consumer goods & retail, telecommunication, manufacturing, healthcare & life sciences, energy & utility, and others.
Key Players in Platform as a Service (PaaS) Market:
• AWS (US)
• Microsoft (US)
• Alibaba Cloud (China)
• IBM (US)
• Salesforce (US)
• Google (US)
• Oracle (US)
• SAP (Germany)
• Mendix (US)
• Zoho Corporation (India)
• Engine Yard (US)
• Apprenda (US)
• VMware (US)
• ServiceNow (US)
• Plesk (Switzerland)
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.
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