Dublin, May 22, 2023 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.
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 2023-2030.
The growth of this market is driven by the increasing adoption of cloud computing technology, the growing implementation of IoT technology, and the rising need to reduce time to market and application development costs. However, data security & privacy concerns restrain the growth of this market.
The increasing penetration of Artificial Intelligence (AI) and Machine Learning (ML) technologies and the growing demand for video PaaS are expected to create growth opportunities for the stakeholders in this market. However, cloud migration and vendor lock-in are major challenges for market growth.
In 2023, the database PaaS segment is expected to account for the largest share of the global Platform-as-a-Service market. This segment is also expected to register the highest CAGR during the forecast period.
The growth of this segment is attributed to the benefits of dbPaaS, such as improved database management processes, reduced cost and complexity of building and maintaining databases, and accelerated time to market. It can also help organizations enhance the scalability and reliability of their databases by providing access to cloud-based infrastructure and advanced features.
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 possibility of organizations deploying and managing applications on public and private cloud infrastructure and the benefits of both deployment models, private and public.
Further, this segment is also projected to register the highest CAGR during the forecast period. Also, when an organization plans to expand its geographic reach or launch its product in the market quickly, hybrid PaaS is the preferred choice of clients.
In 2023, the large enterprises 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 higher capital availability to invest in cloud computing and the rapid adoption of cloud computing by large enterprises.
However, the SMEs segment is projected to register the highest growth rate during the forecast period. The impact of COVID-19 and the benefits of customized pricing models such as pay-per-use, spot pricing, reserved instance pricing, and volume discount (Tier-based pricing) are expected to drive the demand for PaaS from SMEs.
In 2023, the IT & telecom sector is expected to account for the largest share of the global PaaS market. The large market share of this segment is attributed to the increasing adoption of PaaS by IT enterprises to develop applications, as well as the expansion of 5G networks.
Further, the same sector 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.
Geographic Review:
In 2023, North America is expected to account for the largest share of the global PaaS market. The large share of this market is mainly attributed to the large number of cloud service providers in the region and the growing adoption of cloud services among the regional industries.
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.
Key questions answered in the report:
- Which are the high-growth market segments in terms of type, deployment mode, organization size, sector, and country/region?
- What is the historical market for Platform-as-a-Service across the globe?
- What are the market forecasts and estimates from 2023-2030?
- What are the major drivers, restraints, opportunities, challenges, and trends in the global Platform-as-a-Service market?
- Who are the major players in the Platform-as-a-Service market, and what are their market shares?
- How is the competitive landscape?
- What are the recent developments in the Platform-as-a-Service market?
- What are the different growth strategies adopted by the major players in the Platform-as-a-Service market?
- What are the geographical trends and high-growth countries?
- Who are the local emerging players in the Platform-as-a-Service market and how do they compete with other players?
Company Profiles
- 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)
- IBM Corporation (U.S.).
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
For more information about this report visit https://www.researchandmarkets.com/r/m99i0y
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