Meticulous Research®—a leading global market research company, published a research report titled, ‘Platform-as-a-Service Market by Type (Application PaaS, Integration PaaS, Database PaaS), Deployment Mode (Private, Public, Hybrid), Sector (IT & Telecom, Retail & E-commerce, Healthcare, BFSI, Manufacturing, Energy & Utility) - Global Forecast to 2030.’
According to this latest publication from Meticulous Research®, the Platform-as-a-Service market is projected to reach $227.5 billion by 2030, at a CAGR of 16.8% from 2023 to 2030. The growth of this market is driven by the increasing adoption of cloud computing technology, the growing implementation of IoT technology, and the rising need to reduce time to market and application development costs. However, data security & privacy concerns restrain the growth of this market. The increasing penetration of Artificial Intelligence (AI) and Machine Learning (ML) technologies and the growing demand for video PaaS are expected to create growth opportunities for the stakeholders in this market. However, cloud migration and vendor lock-in are major challenges for market growth.
The Platform-as-a-Service market is segmented based on type, deployment mode, organization size, sector, and geography. The study also evaluates industry competitors and analyses the market at the country level.
Based on type, the Platform-as-a-Service market is segmented into application PaaS (aPaaS), integration PaaS (iPaaS), database PaaS (dbPaaS), and other PaaS such as Communication PaaS, Mobile PaaS, Open PaaS, AIPaaS. In 2023, the database PaaS segment is expected to account for the largest share of the global PaaS market. The large market share of this segment is attributed to the growing application of databases for digitalizing services in end-use industries and the high demand for supporting the large-scale storage requirements of clients.
Based on deployment mode, the market is segmented into private PaaS, public PaaS, and hybrid PaaS. In 2023, the hybrid PaaS segment is expected to account for the largest share of the global PaaS market. The large market share of this segment is attributed to the possibility of organizations deploying and managing applications on public and private cloud infrastructure and the benefits of both deployment models, private and public. Further, this segment is also projected to register the highest CAGR during the forecast period.
Based on organization size, the market is segmented into large enterprises and small & medium enterprises (SMEs). In 2023, the large enterprises segment is expected to account for the largest share of the global PaaS market. The large market share of this segment is attributed to the higher capital availability to invest in cloud computing and the rapid adoption of cloud computing by large enterprises. However, the SMEs segment is projected to register the highest growth rate during the forecast period. The impact of COVID-19 and the benefits of customized pricing models such as pay-per-use, spot pricing, reserved instance pricing, and volume discount (Tier-based pricing) are expected to drive the demand for PaaS from SMEs.
Based on sector, the market is segmented into BFSI, retail & e-commerce, IT & telecom, manufacturing, healthcare, energy & utility, government & defense, and other sectors. In 2023, the IT & telecom sector is expected to account for the largest share of the global PaaS market. The large market share of this segment is attributed to the increasing adoption of PaaS by IT enterprises to develop applications, as well as the expansion of 5G networks. Further, the same sector is projected to register the highest CAGR during the forecast period due to the rapid adoption of cloud technologies and the growing need for modernizing IT & telecom applications, 5G networks, and improving customer interactions.
Based on geography, the global PaaS market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa (MEA), with a further analysis of major countries in these regions. In 2023, North America is expected to account for the largest share of the global PaaS market. The large share of this market is mainly attributed to the large number of cloud service providers in the region and the growing adoption of cloud services among the regional industries. However, Asia-Pacific is slated to register the highest CAGR during the forecast period. The rapid growth of IT infrastructure across countries like India, China, and South Korea, the growing adoption of advanced application technology, and the awareness about the importance of PaaS among SMEs are creating huge opportunities for the PaaS market in Asia-Pacific.
The key players operating in the global PaaS market are Microsoft Corporation (U.S.), Oracle Corporation (U.S.), Salesforce, Inc. (U.S.), SAP SE (Germany), Amazon Web Services, Inc. (U.S.), Google LLC (U.S.), Mendix Technology BV (Netherlands), Zoho Corporation Pvt. Ltd. (India), VMware, Inc. (U.S.), ServiceNow, Inc. (U.S.), Alibaba Group Holding Limited (China), Software AG (Germany), Cisco Systems, Inc. (U.S.), Atos SE (France), and IBM Corporation (U.S.), among others.
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