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Platform as a service (PaaS) Global Market Analysis, Trends, Growth, Research And Forecast 2033
Platform as a service (PaaS) Global Market Analysis
According to The Business Research Company's, The platform as a service (paas) market size has grown strongly in recent years. It will grow from $60.26 billion in 2023 to $63.37 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to cloud computing adoption, developer productivity, cost efficiency, innovation and agility.
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Market Drivers and Trends:
Increased public cloud spending is expected to propel the platform as a service (PaaS) market going forward. Public cloud refers to a type of cloud computing where a service provider makes resources, such as virtual machines (VMs), applications, or storage, available to the general public over the Internet. PaaS in the public cloud provides a platform allowing customers to develop, run, and manage applications without the complexity of building and maintaining the underlying infrastructure. For instance, in February 2021, State of the cloud Report by Flexera, a US-based computer software company, among 750 global cloud decision-makers and users, 31% of participants stated that they spend a minimum of $12 million annually (or $1 million monthly) on public cloud services, which is a significant increase from 16% in 2020. Therefore, the increased public cloud spending is driving the platform as a service (PaaS) market.
Major companies operating in the platform as a service (PaaS) market are introducing GDPR-compliant Web PaaS services for web development support and to increase their revenue in the market. Platform as a Service (PaaS) offering in collaboration with web hosting company Platform.sh is tailored for web developers and supports applications and websites with data. For instance, in June 2021, OVHcloud, a France-based cloud provider, launched a platform as a service (PaaS) offering with web hoster Platform.sh. This product for web developers is used to support applications and websites with data hosted exclusively in Europe, aiding compliance with the GDPR. This partnership lets developers focus on coding, with infrastructure managed by OVHcloud. The service, using Platform.sh technology, supports web platforms such as Drupal and Magento, accommodating various programming languages.
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Major Key Players of the Market:
Amazon Web Services Inc.; Salesforce Inc.; International Business Machines Corporation; Microsoft Corporation; Google LLC; Red Hat Inc.; Oracle Corporation; SAP SE; Engine Yard; ActiveState Software Inc.; Software AG; VMware Inc.; EMC Corporation; AT&T Inc.; Cloud Foundry Inc.; Heroku; Mendix Technology BV; Pivotal Cloud Foundry; DigitalOcean Holdings Inc.; Jelastic; CloudBees Inc.; Apprenda Inc.; CenturyLink Cloud; Joyent Inc.; Rackspace Technology; Cloudify; Docker Inc.; OpenStack; OpenNebula Systems; OpenShift Origin
Platform as a service (PaaS) Market 2024 Key Insights:
• The platform as a service (paas) market size is expected to grow to $87.48 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%.
• Increased public cloud spending is expected to propel the platform as a service (PaaS) market going forward. Public cloud refers to a type of cloud computing where a service provider makes resources, such as virtual machines (VMs), applications, or storage, available to the general public over the Internet. PaaS in the public cloud provides a platform allowing customers to develop, run, and manage applications without the complexity of building and maintaining the underlying infrastructure. For instance, in February 2021, State of the cloud Report by Flexera, a US-based computer software company, among 750 global cloud decision-makers and users, 31% of participants stated that they spend a minimum of $12 million annually (or $1 million monthly) on public cloud services, which is a significant increase from 16% in 2020. Therefore, the increased public cloud spending is driving the platform as a service (PaaS) market.
• Major companies operating in the platform as a service (PaaS) market are introducing GDPR-compliant Web PaaS services for web development support and to increase their revenue in the market. Platform as a Service (PaaS) offering in collaboration with web hosting company Platform.sh is tailored for web developers and supports applications and websites with data. For instance, in June 2021, OVHcloud, a France-based cloud provider, launched a platform as a service (PaaS) offering with web hoster Platform.sh. This product for web developers is used to support applications and websites with data hosted exclusively in Europe, aiding compliance with the GDPR. This partnership lets developers focus on coding, with infrastructure managed by OVHcloud. The service, using Platform.sh technology, supports web platforms such as Drupal and Magento, accommodating various programming languages.
• North America was the largest region in the Platform as a Service (PaaS) market in 2023.
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