The Platform as a Service (PaaS) Market is anticipated to reach USD 191 billion by the end of 2027, growing at a CAGR of 23.4% over the forecast period (2020-2027).
The factors driving the growth of Platform as a Service (PaaS) Market includes growing emphasis on streamlining application management, increasing number of mobile applications, digitization of the banking services and growing demand for online shopping models. As per the data available at Statista, the revenue generated by the mobile application were estimated around USD 318 billion in 2020 and is further projected to reach USD 613 billion by the end of 2025, which is expected to boost the Paas Market Growth in the approaching years. Moreover, the increasing adoption of cloud-based services by the major corporations, integration of Artificial Intelligence (AI) and Internet of Things, rising focus on reducing IT infrastructure costs and growing investments by the mega cloud vendors such as Microsoft and Oracle on research and development, are some of the additional factors supplementing the Paas Market share. In addition, the increasing use of Video communication PaaS by businesses and healthcare providers, rapid urbanization, increasing disposable incomes and growing population growth rates, are further contributing to the Paas Market size.
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However, the growth of Platform as a Service (PaaS) Market is hindered due to inadequate knowledge about cloud-based technology.
The major players operating in the market are Rackspace Inc., Adobe, Inc., Verizon, Amazon Web Service, Microsoft Corporation, Salesforce.com, Inc., Google LLC, SAP SE, Alibaba Cloud, Oracle Corporation and VMware, Inc., among others.
Implementation model: Segment Analysis
Based on implementation model, the hybrid cloud segment is predicted expand at a remarkable CAGR over the forecast period. The increasing adoption of hybrid cloud solutions by the major corporations because it helps in reducing IT infrastructure costs and improves the agility, are propelling the segment’s growth.
Vertical: Segment Analysis
As per the Paas Market Trends, the Banking, Financial Services & Insurance (BFSI)segment is expected to capture a sizeable market share during the forecast period. The rising trend of digitalization and Paas capabilities to enhance the customer experience and improve the data security, are some of the key factors responsible for the growth of the segment.
Regional: Segment Analysis
Based on region, the Asia-pacific is estimated to capture the largest market share over the forecast period. The increasing adoption of cloud computing by the major IT companies, availability of cheap skilled labor, rapid industrialization, high population growth rates, growing focus on digitalization by Governments and rising disposable incomes, are some of the factors influencing the market growth in Asia Pacific.
Global Platform-as-a-Service (PaaS) Market by Solution
- Business Application Platforms
- Raw Computing Platforms
- Social Application Platforms
- Web Application Platforms
Global Platform-as-a-Service (PaaS) Market by Application
- Application Development and Management PaaS (ADM PaaS)
- Business Process Management PaaS (BPM PaaS)
- Application PaaS (APaaS)
- Integration PaaS (IPaaS)
- Other PaaS
Global Platform-as-a-Service (PaaS) Market by Implementation Models
- Public Cloud
- Private Cloud
- Hybrid Cloud
Global Platform-as-a-Service (PaaS) Market by End-User
- Small & Medium Businesses (SMB)
Global Platform-as-a-Service (PaaS) Market by Industry
- Banking, Financial Services & Insurance (BFSI)
- Consumer Goods & Retail
- Logistics & Transportation
- Public Sector & Government
- Telecommunications & IT
- Travel & Hospitality
Global Platform-as-a-Service (PaaS) Market by Region
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
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