The global Platform as a Service (PaaS) Market is projected to grow with a high CAGR during the forecast period, i.e., 2023-2035 on account of the technological developments for enhancing customer experience. As per the 2019 AI Index Report released by the Stanford Institute of Human-Centered Artificial Intelligence, the total private investment in artificial intelligence in 2019 was more than US$70 billion worldwide.
The market is segmented by enterprise size into small & medium enterprises and large enterprises. Among these segments, the large enterprises segment is anticipated to hold the largest share by the end of 2021 in the global platform as a service (PaaS) market as a result of the acquisition of advanced technologies at a quicker pace. On the basis of end-user, the market is segmented into BFSI, telecom & IT, healthcare, government, retail & consumer goods, and others.
Research Nester released a report titled “Global Platform as a Service (PaaS) Market: Global Demand Analysis & Opportunity Outlook 2035” which delivers a detailed overview of the platform as a service (PaaS) market in terms of market segmentation by enterprise size, end-user, and region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
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On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which, the global platform as a service (PaaS) market in the Asia Pacific is projected to grow at the highest CAGR throughout the forecast period. Currently, the market in North America holds the largest share. This can be attributed to the presence of leading technology providers in the region, especially in the United States, who are extensively involved in improving customer experiences through faster technology upgradation.
As estimated in research, around 4.93 billion people have internet access worldwide which constitutes 63.2% of the global population.
Access to the internet is one of the most predominant factors for customers’ willingness to adopt new technologies. It has been observed that the number of e-mails sent per day globally is increasing enormously. Additionally, the increasing competition among enterprises to retain customers is also expected to boost the market growth in upcoming years. However, the apprehensions relating to data safety and high capital investment resulting in lower adoption rates by small & medium enterprises are some of the factors that are estimated to restrain market growth in the near future.
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This report also provides the existing competitive scenario of some of the key players of the global platform as a service (PaaS) market which includes company profiling of Informatica LLC, Mulesoft LLC, Snaplogic Inc., Celigo, Inc., IBM Corporation, Oracle Corporation, Jitterbit, Inc., TIBCO Software Inc., Flowgear, SAP Group
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts a detailed overview of the global platform as a service (PaaS) market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities, and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
