Westford, USA, May 23, 2022 (GLOBE NEWSWIRE) -- The COVID pandemic has been extremely beneficial to the platform-as-a-service (PaaS) industry, owing to a significant shift toward the use of online and cloud platforms, as well as an increase in demand for online shopping models during the forecast period, causing many small and medium-sized businesses to turn to PaaS solutions to help scale-up their cloud presence.
As per SQ analysis, we found that PaaS is being adopted by organizations as it helps the organization provide insights into partnership strategies, go-to-market approaches, investments, alliance, and acquisition strategies, and best operational practices. Furthermore, PaaS helps in measuring, correlating, and analyzing business activities to ensure that company operations are in line with customer demands. Many businesses are investing in big data, IoT, artificial intelligence, and 5G technologies to gain significant business insights for decision-making. Big data technologies are gaining popularity due to the numerous benefits they offer, such as data integration, data segmentation, and business intelligence, to name a few. The growing demand for analytics and big data technologies in cloud computing services is creating numerous new opportunities for the Platform as a service (PaaS) market to grow.
The application PaaS segment dominated the global platform as a service market share in 2020 and is expected to maintain its dominance in the forecast year. The increasing capital investment in application development for mobile, web, and enterprise promises significant growth opportunities for the application segment of the Platform as a service (PaaS) market. PaaS service technological advancements, such as AI capabilities, are expected to expand the platform-as-a-service industry for application segment growth. Furthermore, the growing popularity of cloud-based services is expected to drive the growth of the platform as a service market for the application segment during the forecast period.
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Platform-as-a-service (PaaS) reduces costs and improves operational efficiency for businesses and developers by providing templates and app development tools as a utility, allowing for simple and innovative application development and delivery. Increased enterprise engagement at the appliance level, fueled by rising mobile adoption, is expected to fuel PaaS growth in the region. Many major cloud providers have entered the PaaS space in recent years, indicating the region's growing momentum.
Read the market research report, " Global PaaS Market is segmented By Type (Software, Service), By Services (Consulting, Implementing, Training), By Deployment (Cloud, On-Premise), By Organization: Large Enterprises, Small and Medium Enterprises (SMEs)) & By Region- Forecast and Analysis 2020-2027” by SkyQuest
The COVID-19 pandemic is expected to have a significant impact on businesses, stifling innovation, suppressing profitability, and diminishing cash flow and financial reserves. The IT and software development industries have also been impacted by this unexpected outbreak. Although the COVID-19 outcry has resulted in personal, professional, and community life, it has also resulted in business opportunities. As a result, PaaS solutions are designed to help teams learn to collaborate, and businesses will realize they can function effectively without having people in the office. This scenario is estimated to drive Platform as a service (PaaS) market growth. A growing number of businesses across multiple verticals have adopted the work-from-home model to maintain employee well-being and operational efficiency, driving up demand for Platform-as-a-Service (PaaS)-based solutions.
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Modern business models are becoming increasingly complex as a result of the presence of variables to process, data to handle, and tasks to complete. Platform-as-a-Service relieves the burden on organizations by focusing on the development and business end of the organization rather than devoting critical and costly IT resources to the organization. PaaS can help development teams extend their capabilities while eliminating the need to hire additional trained personnel for certain operations. A platform can help organizations reduce costs in the most efficient way possible. For instance, Amazon's AWS Lambda provides Serverless compute services, allowing organizations to run their applications without having to worry about servers and other backend requirements.
To strengthen their market position, key vendors focus on introducing new cloud solutions, services, and workloads, as well as upgrading the capabilities of their existing offerings. Furthermore, vendors engage in mergers and acquisitions to strengthen their market position and improve their cloud capabilities. For instance, in October 2020, SAP SE announced the acquisition of Emarsys, a provider of omnichannel customer engagement platforms. SAP SE was able to incorporate the Emarsys customer engagement platform into SAP S/4HANA and Experience Management technology as a result of the acquisition. SAP Customer Experience solutions would be able to use Emarsys technology to connect commerce signals with the back office and activate the customer's preferred channel with a relevant and consistently personalized message, allowing customers to choose their engagements.
SkyQuest has segmented the Global PaaS Market Based on Type, Service, Deployment, Organization, and Region:
- PaaS Market Type Outlook (Revenue, USD Million, 2020 - 2027)
- Software
- Service
- PaaS Market Service Outlook (Revenue, USD Million, 2020 - 2027)
- Consulting
- Implementing
- Training
- PaaS Market Deployment Outlook (Revenue, USD Million, 2020 - 2027)
- Cloud
- On-Premise
- PaaS Market Organization Outlook (Revenue, USD Million, 2020 - 2027)
- Large Enterprises
- Small and Medium Enterprises (SMEs)
- PaaS Market Regional Outlook (Revenue, USD Million, 2020 - 2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia Pacific
- Central & South America
- Brazil
- Rest of CSA
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
- North America
List of Key Players of the PaaS Market
- AWS (US)
- Microsoft (US)
- Alibaba Cloud (China)
- IBM (US)
- Salesforce (US)
- Google (US)
- Oracle (US)
- SAP (Germany)
- Mendix (US)
- Zoho Corporation (India)
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