Platform as a Service (PaaS) Market worth $164.3 billion by 2026, growing at a CAGR of 19.6%: Report by MarketsandMarketsâ„¢
Chicago, Nov. 30, 2023 (GLOBE NEWSWIRE) -- MarketsandMarkets forecasts the global Platform as a Service Market size to grow from USD 56.2 billion in 2020 to USD 164.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 19.6% during the forecast period, according to a new report by MarketsandMarkets™. PaaS offers the runtime environment for applications along with the development and deployment tools required to develop applications. PaaS vendors’ offerings include development tools, middleware, Operating Systems (OS), database management, and infrastructure. Major advantages of PaaS are faster TTM, ease of licensing, lower administrative overheads, lower cost of ownership, and scalable solutions.
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Platform as a Service (PaaS) Market Dynamics:
Drivers:
- Increasing need to reduce ttm and cost of application development
- Focus on streamlining am
Restraints:
- Cloud washing hinders the paas market growth
- Security concerns related to public cloud
Opportunities:
- Rapid development of mobile app ecosystem
- Emergence of video communication paas
List of 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)
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Based on type, the global PaaS market is segmented into application PaaS (aPaaS), integration PaaS (iPaaS), database PaaS (dbPaaS), and others. The demand for types of such PaaS is increasing as PaaS providers offer development tools, middleware, OS, database management, and infrastructure. The development tools consist of a source code editor, a debugger, a compiler, and other essential tools. A middleware is necessary for running an application; it is a bridge between user-facing applications and the machine's OS. It also provides a framework for developers to run applications and eliminates the need to manage the underlying infrastructure, and helps focus on the management of applications.
The PaaS market is segmented by deployment into public and private. The public cloud segment is expected to hold a higher share of the PaaS market, although companies have been focusing more on the private cloud deployment in recent times as it provides them with several, such as dedicated resources offering enhanced security as compared to the public cloud deployment. Companies choose their deployment type based on their requirements, budgets, security, flexibility, scalability, and compliance.
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Based on organization size, the PaaS market is segmented into SMEs and large enterprises. The growing use of the latest technologies, such as mobile, cloud, and social media, has changed every organization’s working style. Companies require technologies that can assist them in improving their profit margins and operational efficiency. PaaS offerings help companies in business growth while complying with government orders. The increasing need to reduce the cost of deployment by SMEs is expected to increase the adoption of the PaaS during the forecast period.
The PaaS market is segmented into five regions: North America, Europe, APAC, MEA, and Latin America. This chapter provides insights into these regional markets in terms of market size, growth rates, future trends, market drivers, and COVID-19 impact. North America is expected to hold the highest market share in the overall PaaS market during the forecast period. Following North America, Europe is expected to hold the second-highest market share during the forecast period. The region can be considered as a mature market due to the large presence of several players offering PaaS solutions and services. Organizations shifting toward the adoption of emerging technologies and the increasing adoption of digital business strategies are the major factors for the adoption of PaaS offerings in North America. The region includes advanced IT infrastructure, along with strong support from the government, which is also contributing to the growth of the market.
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