Platform as a Service, also known as an application platform as a service, is a cloud computing service category. PaaS provides consumers with a computing network as well as different solutions or tools for developing applications that facilitate the creation of applications or services by removing the complexity of provisioning hosting facilities as well as the expense of maintaining and purchasing the underlying software and hardware. PaaS offers low initial costs, resource sharing, incremental costs as the service use grows, management services, automated implementation, reuse, and life-cycle management, among other benefits. The increase in internet users and growing demand for better time complexity, agility and portability during software development and cheap internet rates has led to the adoption of Platform as a Service (PaaS) across the forecast period. For instance, according to the Office for National Statistics (ONS), 92 percent of all UK adults have been online in 2021, up from 91 percent in 2019. Almost all adults aged 16 to 44 were online (99 percent), and 54% of those aged 75 and up had recently used the internet, with the number of elderly people using the internet nearly doubling since 2013. However, lack of awareness for the products, high fragmentation of the market, and various companies offering such services may impede the growth of the market over the forecast period of 2020-2027. Also, with the combining use of IaaS and PaaS prevalence increasing demand for BaaS and PaaS, the adoption & demand for Platform as a Service (PaaS) is likely to increase the market growth during the forecast period.
Global Platform as a Service (PaaS) Market is valued at approximately USD 46.99 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 19.60 % over the forecast period 2020-2027.
The regional analysis of the global Platform as a Service (PaaS) market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and the Rest of the World. Europe is the leading region across the world in terms of market share owing to the growing internet user population and promptness with the well-established digital infrastructure. Whereas, Asia-Pacific is also anticipated to exhibit the highest growth rate over the forecast period 2020-2027. Factors such as increasing COVID19 cases and improving digital infrastructure would create lucrative growth prospects for the Platform as a Service (PaaS) market across the Asia-Pacific region.
Major market player included in this report are: AWS, Microsoft, Alibaba Cloud, IBM, Salesforce, Google, Oracle, SAP, Mendix, Zoho Corporation
The detailed segments and sub-segment of the market are explained below:
By Type: Application Platform As A Service, Infrastructure Platform As A Service, Database Platform As A Service, Others
By Deployment: Public, Private
By Organization Size: Large Enterprises, Small and Medium-sized Enterprises
By Vertical: Banking, Financial Services, and Insurance, Consumer Goods and Retail, Information Technology and Information Technology-enabled Services, Telecommunications, Manufacturing, Healthcare and Life Sciences, Energy and Utility, Other Verticals
By Region: North America, Europe, Asia Pacific, Latin America, Rest of the World
Furthermore, the years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Platform as a Service (PaaS) Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
Review our report athttp://www.bizwitresearch.com/reports/global-platform-as-a-service-paas-market-to-reach-usd-196-72-billion-by-2027/
To review more reports on Upcoming topics, visit us at http://www.bizwitresearch.com
Data drives better decisions
Bizwit Research & Consulting LLP