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Redding, California - January 13, 2023

Platform as a Service Market Worth $193.3 Billion by 2030

Platform as a Service Market by Type (Application Platform-as-a-Service, Database Platform-as-a-Service), Deployment Mode, Organization Size, Sector (BFSI, IT & Telecommunications, and Healthcare), and Geography - Global Forecast to 2030


Meticulous Research®— a leading global market research company, published a research report titled, Platform as a Service Market by Type (Application Platform-as-a-Service, Database Platform-as-a-Service), Deployment Mode, Organization Size, Sector (BFSI, IT & Telecommunications, and Healthcare), and Geography - Global Forecast to 2030.

According to this latest publication from Meticulous Research®, the global Platform as a service market is projected to reach $193.3 billion by 2030, at a CAGR of 15.1% from 2023 to 2030.The growth of this market is driven by the increasing adoption of cloud computing services, the rising need to reduce the time and cost of application development, and the increasing adoption of AI, MI, and IoT technologies. However, data security & privacy concerns may restrain the market growth to some extent. The rising government initiatives for cloud adoption and rapid development of the mobile app ecosystem are expected to offer significant growth opportunities for the platform as a service market. Furthermore, the cloud migration for companies seeking digital transformation is expected to pose challenges to the growth of the platform as a service market. The latest trends in the global platform as a service market are the rise in cloud gaming and serverless computing.

The global platform as a service market is segmented by type (application PaaS, integration PaaS, database PaaS and other types), deployment mode (public cloud, private cloud, and hybrid cloud), organization size (large enterprises, small & medium-sized enterprises), sector (BFSI, retail & e-commerce, IT & telecommunications, manufacturing, healthcare, energy & utility, government & defense, and other sectors). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on type, the global platform as a service market is segmented into application PaaS, integration PaaS, database PaaS, and other types. In 2023, the application PaaS segment is expected to account for the largest share of the global platform as a service market. The large market share of this segment is attributed to the growing capital investment in application development for mobile and web, the growing need for flexibility and scalability in application development, and the rising demand for cloud computing. In addition, the benefits offered by application PaaS, such as reduction in operation cost, effective scalability, platform maintenance, and easy deployment, further augment the growth of this segment. Also, this segment is projected to register the highest CAGR during the forecast period.

Based on deployment mode, the global platform as a service market is segmented into public cloud, private cloud, and hybrid cloud. In 2023, the public cloud segment is expected to account for the largest share of the global platform as a service market. The rising work-from-home culture and growing reliance on public cloud services among SMEs for effective operational management are expected to drive the growth of this segment. However, the hybrid cloud segment is projected to register the highest CAGR during the forecast period. Hybrid cloud solutions help businesses by providing agility, IT optimization, and scope for innovation with changing business demands.

Based on organization size, the global platform as a service market is segmented into large enterprises and small & medium enterprises. In 2023, the large enterprises segment is expected to account for the larger share of the global platform as a service market. The large market share of this segment is attributed to the high spending capabilities of large enterprises, resulting in the increased adoption of Platform-as-a-Service models and the availability of skilled IT personnel for the management of cloud platforms. Furthermore, large enterprises focus on desired cloud computing channels to retain customers, boost sales, and validate necessary steps to overcome market interruptions. However, the small & medium enterprises segment is slated to register the highest CAGR during the forecast period.

Based on sector, the global platform as a service market is segmented into BFSI. retail & e-commerce, IT & telecommunications, manufacturing, healthcare, energy & utility, government & public sector, and other sectors. In 2023, the BFSI segment is expected to account for the largest share of the global platform as a service market. The large market share of this segment is attributed to the rising penetration of mobile devices, growing adoption of public cloud in the BFSI sector, increase in the reliability of enterprises on web-based solutions, and a growing number of fintech start-ups demanding cloud-based solutions. However, the healthcare sector is slated to register the highest CAGR during the forecast period.

Based on geography, the global platform as a service market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the global platform as a service market. The large market share of North America is attributed to the presence of prominent Platform-as-a-Service companies such as Microsoft Corporation (U.S.), IBM Corporation (U.S.), and Oracle Corporation (U.S.). In addition, the high adoption rate of cloud computing solutions to enhance IT infrastructure and leverage the benefits of new technologies, such as AI, contributes to the growth of this regional market.

However, Asia-Pacific is projected to register the highest CAGR during the forecast period. The high market growth in Asia-Pacific is driven by the rapid growth rate of developing economies, rapidly developing data centers, and the growing awareness about the importance of Platform-as-a-Service among small & medium-sized organizations.

Key Players

The key players operating in the global platform as a service market are Microsoft Corporation (U.S.), IBM Corporation (U.S.), Oracle Corporation (U.S.), Amazon Web Services, Inc. (U.S.), SAP SE (Germany), Google LLC (U.S.), Salesforce, Inc. (U.S.), Alibaba Group Holding Limited (China), VMware, Inc. (U.S.), Salesforce, Inc. (U.S.), Mendix Technology BV (Netherlands), Zoho Corporation Pvt. Ltd. (India), ServiceNow, Inc. (U.S.).

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Key questions answered in the report:

  • Which are the high-growth market segments in terms of type, deployment mode, organization size, and sector?
  • What is the historical market size for Platform-as-a-Service across the globe?
  • What are the market forecasts and estimates for 2023–2030?
  • What are the major drivers, restraints, opportunities, challenges, and trends in the global platform as a service market?
  • Who are the major players in the global platform as a service market, and what are their market shares?
  • How is the competitive landscape?
  • What are the recent developments in the global platform as a service market?
  • What are the different strategies adopted by the major players in the market?
  • What are the geographic trends and high-growth countries?
  • Who are the local emerging players in the global platform as a service market, and how do they compete with other players?

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Platform as a Service Market - Global Opportunity Analysis and Industry Forecast (2023-2030)
Report ID: MRICT - 104760 Pages: 250 Formats*:PDF Category: Information and Communications Technology
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