Market Research Future (MRFR)’s latest study reveals that the global platform as a service market is projected to grow saliently at a CAGR of 26% during the forecast period 2016 to 2022. The market is expected to reach a value over USD 12 Bn by the end of the assessment period.
The increased penetration of software technology has accelerated revenue creation for the participants of the platform as a service market. PaaS models enable the users to create software applications easily by using tools delivered by the cloud provider. The increasing need for the integration of software applications for profit making in business is likely to propel demand in the platform as a service market.
PaaS ensures cost effectiveness by cutting down costs related to purchasing of a server, software licenses, and additional hardware for developing and managing applications. This, in turn, is projected to catapult the platform as a service market on an upward trajectory.
Other factors responsible for the growth of the market include increasing adoption of cloud-based services and IoT technology among SMEs, technological advancements, growing demand for application development, etc. However, factors such as data security, customer captivity, and limited flexibility are set to hold the market expansion across the review period.
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By deployment, the platform as a service market
has been segmented into public, private and hybrid cloud.
By type, the global platform as a service market is segmented into application, integration, and data management.
By end-user, the platform as a service market has been segmented into banking & financial sector, government & public sector, healthcare & life sciences, education, consumer goods & retail, and, telecommunications & IT.
By region, the global platform as a service market has been segmented into North America, Europe, Asia, and Rest of the World (ROW). North America is likely to retain its dominant position over the forecast period. The key factor responsible for driving growth in the region includes the high-adoption rate of cloud-based services. The trend is likely to perpetuate across the next few years. Meanwhile, the concentration of key players such as Google, Inc. (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), etc. are poised to encourage the market proliferation.
Asia Pacific is anticipated to remain a highly lucrative market throughout the review period. The growth in the region is attributable to high growth in cloud services & big data, telecom and IT sectors, etc. Europe is projected to register a healthy CAGR in the platform as a service market due to increased adoption of cloud services by many SMEs & VSMs with higher enterprise engagement at the application level.
Some of the prominent players profiled by MRFR in its report include Apprenda Inc. (U.S.), Google, Inc. (U.S.), Salesforce.com (U.S.), Amazon.com, Inc. (U.S.), Oracle Corporation (U.S.), Engine Yard, Inc. (U.S.), Fujitsu Ltd. (Japan), Red Hat, Inc. (U.S.), Microsoft Corporation (U.S.), and SAP SE (Germany).
In July 2018, Berlin-based fintech factory FinLeap has moved into platform-as-a-service space by rolling out two platform-based products.
In August 2018, Adelman Travel, a leading travel management company, has unveiled its new Platform as a Service (PaaS) business model.
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