According to the report by Expert Market Research (EMR), the global platform as a service (PaaS) market is projected to grow at a CAGR of 21% between 2023 and 2028. Aided by the increasing need for efficient and scalable application development platforms and the expanding utilisation of PaaS across a variety of sectors, the market is expected to grow significantly by 2028.
Platform as a Service (PaaS) is a cloud computing model that provides developers with a platform and environment to build applications and services over the internet. PaaS services are hosted in the cloud and accessed by users simply through their web browser. PaaS platforms provide a wealth of features including development tools, database management, business intelligence (BI) services, and more. They play an integral role in accelerating application development, testing, and maintenance, while offering high scalability.
The growing need for efficient and scalable application development frameworks is driving the global platform as a service market growth. With the proliferation of digital transformation and businesses’ increasing reliance on cloud-based solutions, there has been a significant shift towards the adoption of PaaS solutions. Moreover, the ongoing trend of remote working has further promoted the popularity of PaaS, as it enables teams to collaborate and work on application development regardless of their geographical locations.
The broadening applications of PaaS in various sectors also significantly contribute to the platform as a service (PaaS) market expansion. In the IT industry, PaaS is used for developing, testing, and deploying various types of software applications. The healthcare sector employs PaaS solutions for developing healthcare apps that can efficiently manage patient data and provide various remote consultation and diagnostic services. Moreover, PaaS is also extensively used in the e-commerce industry for the development and scaling of e-commerce applications and services, increasing the platform as a service (PaaS) market demand.
Furthermore, the growing demand for efficient big data solutions in the information technology and telecommunications industry has led to an increased focus on PaaS as an efficient platform for data analytics. With the explosion of data generated from various digital platforms and the increasing need for actionable insights, PaaS has emerged as a pivotal component for big data and analytics, thereby accelerating the platform as a service (PaaS) market development.
The increasing adoption of Artificial Intelligence (AI) and Machine Learning (ML) technologies in the software development process is another key factor propelling the market growth. PaaS platforms equipped with AI and ML capabilities help in automating the development process and offer predictive analytics for efficient application performance, thereby adding a stimulus to the platform as a service (PaaS) market expansion.
Market Segmentation
The market can be divided based on deployment, solution, application, industry, end use, and region.
Market Breakup by Deployment
- Public Cloud
- Private Cloud
- Hybrid Cloud
Market Breakup by Solution
- Business Application Platforms
- Raw Computing Platforms
- Social Application Platforms
- Web Application Platforms
Market Breakup by Application
- Application Development and Management PaaS (ADM PaaS)
- Business Process Management PaaS (BPM PaaS)
- Application PaaS (APaaS)
- Integration Paas (IPaaS)
- Other PaaS
Market Breakup by Industry
- Banking, Financial Services & Insurance (BFSI)
- Consumer Goods & Retail
- Education
- Gaming
- Healthcare
- Logistics and Transportation
- Public Sector and Government
- Telecommunications and IT
- Travel and Hospitality
- Others
Market Breakup by End Use
- Enterprises
- Small and Medium Businesses (SMB)
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global automotive wlectric water pump companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Amazon Web Services, Inc.
- Microsoft Corp.
- Google LLC
- Oracle Corp.
- com, Inc.
- Others
