Northbrook, IL 60062 -- (SBWIRE) -- 08/28/2023 -- The global Platform as a Service Market size is expected to grow from USD 56.2 billion in 2020 to USD 164.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 19.6% during the forecast period, according to research report by MarketsandMarkets™

Key factors that are expected to drive the growth of the market are the increasing need to reduce time to market and cost of application development and focus on streamlining application management. However, cloud washing hindering the growth of PaaS, and security concerns related to the adoption of public cloud are expected to limit the market growth. Apart from drivers and restraints, there are a few lucrative opportunities for PaaS providers in the market. The rapid development of the mobile app ecosystem and the emergence of video communication PaaS are some of the opportunities for vendors in the PaaS market. These opportunities are expected to present new market growth prospects for PaaS vendors.

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Application PaaS segment to hold a larger market size during the forecast period

aPaaS is a service that provides deployment and development environments for application services. The aPaaS allows businesses and IT teams to effectively collaborate and deliver new web and mobile applications faster so that organizations can innovate business practices, differentiate within the market, and streamline operational workflows. This cloud service offers numerous benefits, such as smooth integration of applications with other services, hassle-free application management without building and maintaining the infrastructure, and others. These benefits make aPaaS one of the preferred services among a wide range of end users. aPaaS enables rapid application development and delivery. This form provides high productivity and high control. The coding process for PaaS can slow down delivery, but aPaaS brings automation in the application lifecycle and also offers a fast way to build apps.

SMEs segment to grow at the highest CAGR during the forecast period

SMEs are defined as organizations with an employee strength ranging from 1 to 1,000. SMEs have a low marketing budget and often lack the resources and capabilities for effective marketing orchestration. The majority of SMEs are prone to cyberattacks as compared to large enterprises due to the lack of security infrastructure. According to a survey, nearly 43% of cyberattacks occur in small enterprises. Hence, SMEs need robust infrastructure to fight against cyberattacks and avoid data loss and downtime. In comparison with the large enterprises segment, the SMEs segment is facing various challenges in terms of resources. SMEs focus on reducing the overall cost and adopt enhanced infrastructures. They require a flexible payment model for better cost optimization of their business processes.

Consumer goods and retail industry vertical to grow at the highest CAGR during the forecast period

The consumer goods and retail vertical is one of the fastest-growing verticals with respect to the adoption of advanced technologies, such as cloud computing, big data analytics, DevOps, digital stores, and social networks. The four key areas expected to have positive disruptions in this vertical include sales and marketing, new product and process innovation, manufacturing and supply chain, and forecasting and planning. Retail companies aim at developing new applications that rationalize the existing application portfolios. Advancements in technology have revolutionized the Points of Sale (POS) and of supply, and are expected to create new opportunities and new avenues for revenue and growth.

North America to account for the highest market share during the forecast period

North America is estimated to hold the largest market size in the global PaaS market in 2020, and the trend is expected to continue during the forecast period. The need to streamline application development and reduce the time taken to develop applications are expected to drive the North American market. The US is estimated to hold a larger market share in 2020 in the North American PaaS market, and the trend is expected to continue until 2026. It is a technologically-advanced country, due to the high level of technology awareness and the presence of a large number of CSPs and MSPs. The presence of giant cloud players, such as AWS, Microsoft, Google, and IBM, are headquartered in the US, which contributes to the growth of PaaS in the US.

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The PaaS market comprises major providers, such as AWS (US), Microsoft (US), Alibaba Cloud (China), IBM (US), Salesforce (US), Google (US), Oracle (US), SAP (Germany), Mendix (US), Zoho Corporation (India), Engine Yard (US), Apprenda (US), VMware (US), ServiceNow (US), Plesk (Switzerland), Render (US), CircleCI (US), Tray.io (US), Cloud 66 (UK), AppHarbor (US), Jelastic (US), Platform.sh (France), Scalingo (France), PythonAnywhere (US), and Blazedpath (US). The study includes an in-depth competitive analysis of key players in the PaaS market with their company profiles, recent developments, COVID-19 developments, and key market strategies.

Key Dynamic Factors For Platform as a Service (PaaS) Market:

Cloud adoption and digital transformation: The PaaS industry has been expanding due to the growing use of cloud computing and the requirement for enterprises to go through a digital transformation. PaaS platforms offer the scalable and affordable solutions that businesses need for the development, deployment, and management of applications.

Efficiency and Productivity for Developers: PaaS solutions provide preset development environments, tools, and frameworks that hasten the development of applications. The desire for platforms that increase developer productivity and enable quicker time-to-market for apps has an impact on the market.

Microservices and Containerization: The PaaS market has been impacted by the emergence of microservices architecture and containerization technologies like Docker and Kubernetes. Platforms that can easily handle the deployment and scalability of containerized applications are necessary for business.

Artificial intelligence and machine learning: PaaS companies are integrating AI and machine learning capabilities into their platforms to let developers create AI-powered applications without having to have a lot of AI knowledge. These abilities encourage creativity and increase the variety of potential uses.

Serverless Computing: By utilising PaaS platforms, serverless computing enables developers to concentrate only on writing code without having to worry about managing infrastructure. This movement has changed how applications are managed and deployed, which has an impact on the PaaS market.

Security and compliance: As businesses transfer applications to the cloud, data security and compliance continue to be major concerns for them. To comply with legal obligations, PaaS suppliers must provide strong security features and compliance controls.

Mitigation of Vendor Lock-in: When implementing PaaS solutions, businesses are concerned about vendor lock-in. The creation of technologies that enable seamless application transfer between various PaaS providers and interoperability has an impact on the industry.

Flexibility and Customization: PaaS platforms that provide a good balance between pre-built features and customization choices are chosen. Organisations look for platforms that let them customise apps to meet their specific requirements.

Edge Computing: As edge computing becomes more popular, PaaS solutions are evolving to facilitate the deployment and administration of applications at the network's edge, nearer to where data is produced and consumed.

Open Source and Community Collaboration: A lot of PaaS products are based on open-source technology, and community collaboration significantly contributes to innovation and the growth of these platforms' functionalities.

Hybrid and Multi-Cloud Strategies: To avoid vendor lock-in and improve resource utilisation, businesses frequently use hybrid and multi-cloud strategies. Demand exists for PaaS solutions that support these tactics.

Ecosystem and interaction: Developers favour PaaS systems that provide easy interaction with other cloud services, databases, and APIs because they make it possible to create extensive and interconnected applications.

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Competitive and Segmentation Analysis:

The Platform as a Service (PaaS) market is distinguished by fierce competition and a large range of suppliers offering solutions intended to accelerate the development and deployment of applications. This market is frequently divided into several geographic areas, industry verticals, service kinds, deployment models, and market segments. Businesses of all kinds, from small startups to major corporations, can take advantage of PaaS offers if they're looking for quick and economical ways to create and manage their applications. Public, private, and hybrid PaaS models are included in the segments, giving businesses the option to select platforms that satisfy their needs for security, compliance, and scalability. In addition, a variety of application areas, including development frameworks, databases, analytics, and AI services, are covered by PaaS services.

Along with specialised companies and open-source solutions like Red Hat's OpenShift and Cloud Foundry, established technology heavyweights like Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform are among the major participants in the PaaS market. As providers compete to offer developer-friendly features, integration capabilities, and support for cutting-edge technologies like serverless computing and microservices architecture, the competitive environment fosters innovation. In response to the demands of enterprises undertaking digital transformation and seeking effective, cloud-native development practises across global marketplaces, this dynamic environment drives continuing improvement in PaaS services.

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