As per the research, the global platform as a service market is expected to grow from USD 55.9 billion in 2020 and reach USD 256.85 billion by 2028, growing at a CAGR of 21% during the forecast period 2021-2028.
The platform as a service market is witnessing significant growth in the past years. This growth is attributed to advanced integration service propelling the Platform as a service market. The increasing need to diminish time to market & cost of application development that aims at streamlining application management. The rising requirement of the advanced system to develop the overall process of managing, deploying, and developing enterprise applications across the globe is fuelling the market growth of platform as a service (PaaS). The advancement in cloud computing, the Internet of Things, and big data in organization operations has caused a surge in PaaS.
Platform as a service in the cloud computing offering where a specialist co-op provides a stage to the user to create, run and oversee business applications without the requirement to assemble the framework. Platform as service permits to avoid the complexity and expense of managing software licenses. The benefit of the platform as a service is its ability to improve a designer’s efficiency. Platform as a service business provides direct assistance for business spryness by empowering improvement with faster & more successive conveyance of usefulness. The platform as a service is commonly working in security & information insurance highlights to replicate and reinforce. Platform as a service exempts developers from installing in-house software and hardware to improve or run a new application. Platform as a service tends to not wholly replace an organization’s entire IT infrastructure for software development.
The rise in the need for big data analytics and cloud computing has caused Platform as a service in many regions. The innovations in the platform as a service technology to increase compatibility in several applications have driven market growth. The rise in manufacturing regions and industrialization in developing economies are the significant drivers of the platform as a service market. The rapid increase in demand for industrial automation has caused a surge in the market. The shift of the workload to the cloud environment and the rise in demand for advanced integration service has propelled the Platform as a service market. These are the factors driving the global Platform as a service market. Factors such as the cloud wash tend to decouple application code from run-time infrastructure information, facilitate distributed interaction, and increase application density, challenging the global market growth of Platform as a service.
Some of the notable players in the market are Microsoft, AWS, Alibaba Cloud, Salesforce, IBM, Google, SAP, Oracle, Mendix, Engine Yard, Zofo Corporation, VMware, Apprenda, and Plesk. To gain a significant market share in the global platform as a service market, the key players now focus on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Microsoft and IBM are some of the key manufacturers operating in the platform as a service market.
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The PaaS segment dominated the market and held the largest market share of 43.1% in the year 2020
On the basis of type, the global platform as a service market is segmented into IPaaS, PaaS, and DBPaaS. The PaaS segment dominated the market and held the largest market share of 43.1% in the year 2020. This growth is attributed to a hike in investments made in application development for mobile, web, and enterprise as it improves resource sharing across various projects by facilitating high employee productivity in organizations.
The large enterprise segment dominated the market and held the largest market share of 62.8% in the year 2020
On the basis of organization size, the global platform as a service market is segmented into SMEs and large enterprises. The large enterprise segment dominated the market and held the largest market share of 62.8% in the year 2020. This growth is attributed to the significant utilization of platforms as a service in the IT sector as they are indulged in complex operations. Large enterprises tend to invest in Platform as a Service to run the business effectively.
The manufacturing segment dominated the market and held the largest market share of 48.1% in the year 2020
On the basis of application, the global platform as a service market is segmented into BSFI, manufacturing, consumer goods, and retail. The manufacturing segment dominated the market and held the largest market share of 48.1% in the year 2020. This growth is attributed to the need for fast delivery and heightened production in order to meet the increased demands.
