Platform as a Service (PaaS) Market worth $164.3 billion by 2026, growing at a CAGR of 19.6%: Report by MarketsandMarkets™

Chicago, July 28, 2023 (GLOBE NEWSWIRE) -- The global Platform as a Service (PaaS) Market size to grow from USD 56.2 billion in 2020 to USD 164.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 19.6%  during the forecast period, according to a new report by MarketsandMarkets™. PaaS offers the runtime environment for applications along with the development and deployment tools required to develop applications. PaaS vendors’ offerings include development tools, middleware, Operating Systems (OS), database management, and infrastructure. Major advantages of PaaS are faster TTM, ease of licensing, lower administrative overheads, lower cost of ownership, and scalable solutions.

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231 - Tables
47 - Figures
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Scope of the Report

Based on type, the global PaaS market is segmented into application PaaS (aPaaS), integration PaaS (iPaaS), database PaaS (dbPaaS), and others. The demand for types of such PaaS is increasing as PaaS providers offer development tools, middleware, OS, database management, and infrastructure. The development tools consist of a source code editor, a debugger, a compiler, and other essential tools. A middleware is necessary for running an application; it is a bridge between user-facing applications and the machine's OS. It also provides a framework for developers to run applications and eliminates the need to manage the underlying infrastructure, and helps focus on the management of applications.

The PaaS market is segmented by deployment into public and private. The public cloud segment is expected to hold a higher share of the PaaS market, although companies have been focusing more on the private cloud deployment in recent times as it provides them with several, such as dedicated resources offering enhanced security as compared to the public cloud deployment. Companies choose their deployment type based on their requirements, budgets, security, flexibility, scalability, and compliance.

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Based on organization size, the PaaS market is segmented into SMEs and large enterprises. The growing use of the latest technologies, such as mobile, cloud, and social media, has changed every organization’s working style. Companies require technologies that can assist them in improving their profit margins and operational efficiency. PaaS offerings help companies in business growth while complying with government orders. The increasing need to reduce the cost of deployment by SMEs is expected to increase the adoption of the PaaS during the forecast period.

The PaaS market is segmented into five regions: North America, Europe, APAC, MEA, and Latin America. This chapter provides insights into these regional markets in terms of market size, growth rates, future trends, market drivers, and COVID-19 impact. North America is expected to hold the highest market share in the overall PaaS market during the forecast period. Following North America, Europe is expected to hold the second-highest market share during the forecast period. The region can be considered as a mature market due to the large presence of several players offering PaaS solutions and services. Organizations shifting toward the adoption of emerging technologies and the increasing adoption of digital business strategies are the major factors for the adoption of PaaS offerings in North America. The region includes advanced IT infrastructure, along with strong support from the government, which is also contributing to the growth of the market.

Top Companies in Platform as a Service (PaaS) Market:

The PaaS market comprises major providers, such as AWS (US), Microsoft (US), Alibaba Cloud (China), IBM (US), Salesforce (US), Google (US), Oracle (US), SAP (Germany), Mendix (US), Zoho Corporation (India), Engine Yard (US), Apprenda (US), VMware (US), ServiceNow (US), Plesk (Switzerland), Render (US), CircleCI (US), Tray.io (US), Cloud 66 (UK), AppHarbor (US), Jelastic (US), Platform.sh (France), Scalingo (France), PythonAnywhere (US), and Blazedpath (US). The study includes an in-depth competitive analysis of key players in the PaaS market with their company profiles, recent developments, COVID-19 developments, and key market strategies.

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Top Trends in Global Platform as a Service (PaaS) Market:

• The popularity of serverless architecture allowed programmers to concentrate on writing code rather than managing servers, maximise resource efficiency, and cut down on administrative burden.
• Application deployment, scaling, and management have become simpler because to PaaS companies' usage of containerization technologies like Docker and Kubernetes.
• PaaS providers were looking into edge computing capabilities to handle data processing closer to the source, reduce latency, and enable real-time data analysis and decision-making.
• Artificial Intelligence (AI) and Machine Learning (ML) tools and services are being included into PaaS systems to enable intelligent data analysis and prediction capabilities.
• Low-code/no-code development capabilities were integrated into PaaS platforms to allow citizen developers to construct applications without having a deep understanding of coding.
• In order to assure application security and compliance throughout the software development lifecycle, PaaS providers placed a strong emphasis on the integration of security (DevSecOps) into the development process.
• In order to operate applications seamlessly between on-premises and cloud environments, organisations were increasingly turning to hybrid cloud PaaS solutions.

Key Industry Development:

• Serverless computing, sometimes referred to as Function as a Service (FaaS), enables programmers to respond to events by executing code without having to take care of the supporting infrastructure. With serverless, developers can concentrate exclusively on creating application code while leaving the dynamic server scalability, provisioning, and management to the cloud provider. This improves time to market for applications, lowers costs, and increases operational efficiency.
• The usage of microservices architecture in PaaS development has been further encouraged by the rise of serverless computing. By breaking up huge programmes into smaller, modular services, microservices make it simpler to independently create, deploy, and scale components. Microservices-based development is now better supported by PaaS systems, allowing for smooth interaction with serverless operations.
• Because serverless computing is event-driven, programmers may create applications that react to particular occurrences like data changes or user interactions. More responsive and reactive apps have been developed as a result of this paradigm shift in application design.
• Serverless computing uses a pay-as-you-go business model, only billing customers for the actual resources and execution time used by their functions. Startups, small businesses, and enterprises all find it appealing because it is affordable and allows them to prevent overprovisioning and cut costs associated with idle resources.
• Major cloud service providers including Google Cloud Platform (GCP), Microsoft Azure, and Amazon Web Services (AWS) have been steadily growing their serverless toolkits and offers. To improve the developer experience, new serverless services, frameworks, and development tools are frequently released.
• By removing infrastructure administration from the development process, serverless computing makes it easier. Thus, developers may concentrate more on writing business logic, which boosts productivity and enables them to concentrate on adding value for the company.

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