According to this latest publication from Meticulous Research®, the global Platform as a service market is projected to reach $193.3 billion by 2030, at a CAGR of 15.1% from 2023 to 2030.The growth of this market is driven by the increasing adoption of cloud computing services, the rising need to reduce the time and cost of application development, and the increasing adoption of AI, MI, and IoT technologies.
However, data security & privacy concerns may restrain the market growth to some extent. The rising government initiatives for cloud adoption and rapid development of the mobile app ecosystem are expected to offer significant growth opportunities for the platform as a service market. Furthermore, the cloud migration for companies seeking digital transformation is expected to pose challenges to the growth of the platform as a service market. The latest trends in the global platform as a service market are the rise in cloud gaming and serverless computing.
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The global platform as a service market is segmented by type (application PaaS, integration PaaS, database PaaS and other types), deployment mode (public cloud, private cloud, and hybrid cloud), organization size (large enterprises, small & medium-sized enterprises), sector (BFSI, retail & e-commerce, IT & telecommunications, manufacturing, healthcare, energy & utility, government & defense, and other sectors). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Asia-Pacific: The Fastest-growing Regional Market
In 2023, North America is expected to account for the largest share of the platform as a service market, followed by Asia-Pacific, Europe, Latin America, and the Middle East & Africa. However, Asia-Pacific is slated to record the fastest growth rate during the forecast period. The rapid growth of IT infrastructure across countries like India, China, and South Korea, the growing adoption of advanced application technology, and the growing awareness about the importance of platform as a service among small & medium-sized organizations create huge opportunities for the platform as a service market.
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Key Players
The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by leading market participants between 2020 and 2022. The key players operating in the global platform as a service market are Microsoft Corporation (U.S.), IBM Corporation (U.S.), Oracle Corporation (U.S.), Amazon Web Services, Inc. (U.S.), SAP SE (Germany), Google LLC (U.S.), Salesforce, Inc. (U.S.), Alibaba Group Holding Limited (China), VMware, Inc. (U.S.), Salesforce, Inc. (U.S.), Mendix Technology BV (Netherlands), Zoho Corporation Pvt. Ltd. (India), ServiceNow, Inc. (U.S.).
Scope of the Report:
Platform as a Service Market, by Type
- Application PaaS
- Integration PaaS
- Database PaaS
- Other Types
Platform as a Service Market, by Deployment Mode
- Public Cloud
- Private Cloud
- Hybrid Cloud
Platform as a Service Market, by Organization Size
- Large Enterprises
- Small & Medium Enterprises
Platform as a Service Market, by Sector
- BFSI
- Retail & E-commerce
- IT & Telecommunications
- Manufacturing
- Healthcare
- Energy & Utility
- Government & Defense
- Other Sectors
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Rapid Development of Mobile App Ecosystem Creating Growth Opportunity for the Market
The mobile ecosystem is growing at a fast pace, and application development is a crucial component fueling market growth. Due to the growing digitization, the development of enterprise mobile applications is also becoming a top priority for organizations. The growing demand for enterprise mobile applications is driving the need for Platform-as-a-service. PaaS helps enterprises quickly build stable and high-quality mobile apps with fewer technical barriers to entry, reduced R&D costs, and improved development efficiency.
Also, PaaS offers a set of tools for tablet, mobile, and web platforms, including multiple functions such as data backup, data recovery, support & maintenance, and server-based scalability. PaaS provides stable, convenient, and effective security solutions for mobile applications.
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