Redding, California, Jan. 30, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Platform-as-a-Service Market by Type (Application Platform-as-a-Service, Database Platform-as-a-Service), Deployment Mode, Organization Size, Sector (BFSI, IT & Telecommunications, and Healthcare), and Geography - Global Forecast to 2030,’ 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.
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Platform-as-a-Service (PaaS) is a cloud computing model. PaaS provides a platform for customers to develop, run, and manage applications without building and maintaining the requisite cloud infrastructure. Platform-as-a-Service is gaining traction due to its increased implementation by different enterprises for notable benefits, such as cost savings, increased productivity, speed and efficiency, performance, and security.
Several industries and organizations, including government, BFSI, retail, and healthcare, are deploying this technology on a considerable scale. 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.
Impact of COVID-19 on the Platform-as-a-Service Market
The COVID-19 pandemic adversely impacted the global economy. Nationwide lockdowns and social distancing norms were imposed across several countries, negatively affecting multiple industries, including the Platform-as-a-Service industry. Uncertainty regarding the duration of lockdowns made it difficult for the key market players to anticipate the recovery of the Platform-as-a-Service market.
Numerous providers of Platform-as-a-Service were under immense pressure due to the COVID-19 pandemic. However, economies started to shift their focus from responding to the COVID-19 pandemic to economic recovery, and hence, various growth opportunities are expected to emerge for the Platform-as-a-Service market player due to the consistently rising adoption of cloud computing solutions among businesses.
However, several businesses are working extensively to move the Platform-as-a-Service market in the right direction. Local governments are also undertaking several relief steps to mitigate the negative impacts of the COVID-19 pandemic. As a result, the Platform-as-a-Service market is expected to recover its market growth in the future.
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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.
Based on type, in 2023, the application PaaS segment is expected to account for the largest share of the global platform-as-a-service market. The large market share of this segment is attributed to the rising demand for flexibility and scalability in application development, rising demand for cloud computing, and growing demand for AI. Also, this segment is projected to register the highest CAGR during the forecast period.
Based on deployment mode, in 2023, the public cloud segment is expected to account for the largest share of the global platform-as-a-service market. The large market share of this segment is attributed to the growing reliance on public cloud services among SMEs for effective management and the rising shift of businesses towards work-from-home culture. In addition, the benefits offered by the public cloud, such as cost efficiency, agility, and flexibility, further augment the growth of this segment. However, the hybrid cloud segment is projected to register the highest CAGR during the forecast period. The growing demand for agile and scalable computing and the rising need for computational power are expected to support this segment's growth
Based on organization size, in 2023, the large enterprises segment is expected to account for the larger share of the global platform-as-a-service market. The large market share of this segment is attributed to the high spending capabilities of large enterprises and the availability of skilled IT personnel for the management of cloud platforms. However, the small & medium enterprises segment is slated to register the higher CAGR during the forecast period.
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Based on sector, in 2023, the BFSI segment is expected to account for the largest share of the global platform-as-a-service market. The large market share of this segment is attributed to the rising penetration of mobile devices, the rapid development of the mobile app ecosystem, and the growing demand for enhanced computing power among banks and fintech. However, the healthcare segment is slated to register the higher CAGR during the forecast period. The growing trend of healthcare digitalization and cloud deployment in the healthcare sector is expected to support this segment's growth.
Based on geography, the global Platform-as-a-Service market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the global platform-as-a-service market. The large market share of North America is attributed to the presence of leading Platform-as-a-Service provider and their increasing focus on developing advanced application PaaS technology and increasing government funding for further advancements.
However, Asia-Pacific is projected to register the highest CAGR during the forecast period. The infrastructural growth in APAC, especially in China, South Korea, Australia, Singapore, and Japan, the rapid growth rate of developing economies, rapidly developing data centers, and the growing awareness about the importance of cloud computing among small and medium-sized organizations create huge opportunities for the Platform-as-a-Service market.
Some of 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.).
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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
Platform as a Service Market, by Geography
- North America
-
- U.S.
- Canada
-
- Europe
-
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
-
- Asia-Pacific
-
- Japan
- China
- India
- South Korea
- Rest of Asia-Pacific
-
- Latin America
- Middle East & Africa
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