Press release
Why Invest in USD 11. 80 Billion Asia-Pacific Platform Engineering Services Market Share Expected to Reach by 2032
Rise in demand for advanced technologies primarily drive the growth of the APAC platform engineering services market. However, expensive initial investments and lack of awareness for new product engineering services hamper market growth to some extent. Moreover, more smart city projects are being undertaken and are expected to provide lucrative opportunities for market growth during the forecast period.
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The Asia-Pacific Platform Engineering Services market was valued at USD 1,138.55 million in 2022, and is projected to reach at USD 11,806.98 million by 2032, growing at a CAGR of 26.7% from 2023 to 2032.
The Asia-Pacific platform engineering services market is segmented on the basis of service type, deployment mode, enterprise size, and industry vertical. On the basis of service type, it is segregated into design and architecture, development and implementation, integration and migration, support and maintenance, optimization and performance tuning, and others. On the basis of deployment mode, it is bifurcated into on-premise and cloud. On the basis of enterprise size, it is divided into large enterprises and small and medium-sized enterprise. On the basis of industry vertical, it is classified into IT and telecom, BFSI, manufacturing, retail and e-commerce, healthcare, government, and others. Asia-Pacific region is further studied across China, Japan, India, South Korea, Australia, Indonesia, and Rest of Asia-Pacific.
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Depending on industry vertical, the IT and telecom segment dominated the Asia-Pacific platform engineering services market size in 2022 and is expected to continue this trend during the forecast period, owing to maximizing the performance of several IT and telecom services due to the blurred boundary between virtual and actual worlds. Furthermore, platform engineering services use innovation to embrace new digital technologies meant to improve user experience while also looking for solutions to reduce digital and cyber hazards brought on by exposure to the internet which could prove to be a key driver for market growth in this sector.
On the basis of enterprise size, the large enterprise segment dominated the overall Asia-Pacific platform engineering services market share in 2022 and is expected to continue this trend during the forecast period, owing increase in adoption of applications that provide a personalized experience to better understand client needs and manage a lean supply chain. However, the small and medium-sized enterprise segment is expected to witness highest growth, owing to increased awareness of cost-cutting techniques and workflow modernization among small and medium-sized businesses using the latest energy and space-saving equipment.
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Competitive analysis and profiles of the major players in the Asia-Pacific platform engineering services industry include Cisco Systems, HCL Technologies Limited, Amazon Web Services, International Business Machine Corporation, Intel Corporation, Salesforce Inc., Microsoft Corporation, ServiceNow, Oracle Corporation. Major players have adopted product launch, partnership, collaborations, and acquisition as key developmental strategies to improve the product portfolio and gain strong foothold in the Asia-Pacific platform engineering services industry.
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Key findings of the study
● By service type, the design and architecture segment dominated the Asia-Pacific platform engineering services market in 2022.
● On the basis of deployment mode, the cloud segment is expected to witness the highest growth rate for Asia-Pacific platform engineering services market forecast in 2022.
● As per enterprise size, the large enterprise segment dominated the Asia-Pacific platform engineering services market in 2022.
● By industry vertical, the APAC platform engineering services market was dominated by IT and telecom in 2022.
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