Redding, California, May 17, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Platform-as-a-Service Market by Type (Application PaaS, Integration PaaS, Database PaaS), Deployment Mode (Private, Public, Hybrid), Sector (IT & Telecom, Retail & E-commerce, Healthcare, BFSI, Manufacturing, Government & Defense) - Global Forecast to 2030,’ the Platform-as-a-Service market is projected to reach $227.5 billion by 2030, at a CAGR of 16.8% during the forecast period of 2023 to 2030.
The growing adoption of cloud computing across several industrial sectors is driving the growth of the global Platform-as-a-Service (PaaS) market. Also, the growing adoption of IoT across different industries across the world is further driving the demand for PaaS cloud, which is used for data integration, analytics, and application development. PaaS allows enterprises to reduce the time-to-market for launching their apps, improving their overall efficiency to launch services quickly.
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The Platform-as-a-Service market is segmented by type (application PaaS, integration PaaS, database PaaS, and other PaaS), deployment mode (private, public, and hybrid), organization size (SMEs and large enterprises), sector (IT & telecom, retail & e-commerce, BFSI, healthcare, manufacturing, energy & utility, government & defense, and other sectors), and geography. The study also evaluates industry competitors and analyses the market at the country level.
Based on type, the Platform-as-a-Service market is segmented into application PaaS (aPaaS), integration PaaS (iPaaS), database PaaS (dbPaaS), and other PaaS such as Communication PaaS, Mobile PaaS, Open PaaS, AIPaaS. In 2023, the database PaaS segment is expected to account for the largest share of the global Platform-as-a-Service market. In addition, this segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to some of its major benefits, including reduced infrastructure costs, improved agility and scalability, simplified database management, access to advanced features, and enhanced security and compliance.
Based on deployment mode, the market is segmented into private PaaS, public PaaS, and hybrid PaaS. In 2023, the hybrid PaaS segment is expected to account for the largest share of the global PaaS market. The large market share of this segment is attributed to the benefits it can offer, such as increased flexibility, improved security, and better resource utilization. Further, this segment is expected to register the highest CAGR during the forecast period.
Based on organization size, the market is segmented into small & medium enterprises and large enterprises. In 2023, the large enterprises segment is expected to account for the largest share of the global PaaS market. The large share of this segment can be attributed to flexible subscription plans, easy scalability, and the availability of a pay-per-use pricing model. However, the SMEs segment is expected to register the highest CAGR during the forecast period.
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Based on sector, the market is segmented into BFSI, retail & e-commerce, IT & telecom, manufacturing, healthcare, energy & utility, government & defense, and other sectors. In 2023, the IT & telecom sector is expected to account for the largest share of the global PaaS market. Further, this segment is projected to register the highest CAGR during the forecast period, due to the rapid adoption of cloud technologies and the growing need for modernizing IT & telecom applications, 5G networks, and improving customer interactions.
Based on geography, the global PaaS market is segmented into five regions: North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa (MEA), with a further analysis of major countries in these regions. In 2023, North America is expected to account for the largest share of the global PaaS market. The large share of this market is attributed to the well-established industrial sectors and their high adoption of cloud services. However, Asia-Pacific is slated to register the highest CAGR 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 awareness about the importance of PaaS among SMEs are creating huge opportunities for the PaaS market in Asia-Pacific.
Some of the key players operating in the global PaaS market are Microsoft Corporation (U.S.), Oracle Corporation (U.S.), Salesforce, Inc. (U.S.), SAP SE (Germany), Amazon Web Services, Inc. (U.S.), Google LLC (U.S.), Mendix Technology BV (Netherlands), Zoho Corporation Pvt. Ltd. (India), VMware, Inc. (U.S.), ServiceNow, Inc. (U.S.), Alibaba Group Holding Limited (China), Software AG (Germany), Cisco Systems, Inc. (U.S.), Atos SE (France), and IBM Corporation (U.S.).
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Scope of the Report:
Platform-as-a-Service Market, by Type
- Application PaaS
- Integration PaaS
- Database PaaS
- Other PaaS
Platform-as-a-Service Market, by Deployment Mode
- Private PaaS
- Public PaaS
- Hybrid PaaS
Platform-as-a-Service Market, by Organization Size
- Small & Medium Enterprises (SMEs)
- Large Enterprises
Platform-as-a-Service Market, by Sector
- IT & Telecom
- Retail & E-commerce
- BFSI
- Healthcare
- Manufacturing
- Energy & Utility
- Government & Defense
- Other Sectors
Platform-as-a-Service Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East
- Israel
- UAE
- Rest of Middle East
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