What is the global market size of PaaS Market?

PaaS Market size was valued at USD 60.12 billion in 2021 and is poised to grow from USD 71.72 billion in 2022 to USD 351.09 billion by 2030, growing at a CAGR of 19.3% in the forecast period (2023-2030).

PaaS Market Size, Share, Growth Analysis, By Type(Software, Service), By Services(Consulting, Implementing, Training), By Deployment(Cloud, On-Premises), By Organization(Large Enterprises, Small, Medium Enterprises (SMEs)), By Region - Industry Forecast 2024-2031

Q: Which region accounted for the largest share in Global PaaS Market?

The Global PaaS Market is divided into five primary geographic regions: North America, Asia Pacific (APAC), Europe, the Middle East and Africa (MEA), and Latin America. For major verticals such as IT, BFSI, and telecoms, North America is projected to be the most potential market. The growing budget allocation for cloud services among organizations is likely to boost the market in North America even further. North America is expected to be the most potential market for main verticals such as telecommunications, information technology, and information technology-enabled services (ITeS), business and financial services (BFSI), and government and public sector. The North American PaaS market is likely to increase steadily throughout the forecast period, as organizations use innovative application development technologies at various levels as part of their plan to remain competitive.

Report ID: SQMIG45D2040 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 115 | Figures: 75

PaaS Market Insights

PaaS Market size was valued at USD 60.12 billion in 2019 and is poised to grow from USD 71.72 billion in 2023 to USD 351.09 billion by 2031, growing at a CAGR of 19.3% in the forecast period (2024-2031).

Platform-as-a-Service (PaaS) is a category of cloud computing services that offers a comprehensive collection of cloud-based application infrastructure and middleware (AIM) services. On its infrastructure, a PaaS provider hosts hardware and software. As a result, PaaS eliminates developers of the need to install on-premises hardware and software to develop or execute a new application.

Platform-as-a-service (PaaS) reduces costs and improves operational efficiency for companies and developers by delivering templates and app development tools as a utility, allowing for simple and inventive application development and delivery. Increased enterprise engagement at the appliance level, fueled by rising mobile penetration, is expected to fuel PaaS growth in the region. Many large cloud providers have entered the PaaS area in recent years, indicating the growing popularity of the service.

US PaaS Market is poised to grow at a sustainable CAGR for the next forecast year.

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In today's highly competitive industry, increasing work agility and providing better client experiences have become critical. PaaS is being used by businesses in the BFSI, healthcare, IT and Telecom, and other industries to boost productivity and efficiency while lowering labor costs for repetitive operations. 'AWS', 'Microsoft', 'Alibaba Cloud', 'Mendix', 'Salesforce.com, Inc.', 'IBM Corporation', 'Google LLC', 'Red Hat, Inc.', 'Oracle Corporation', 'SAP SE', 'Pivotal Software, Inc.', 'Heroku (Salesforce)', 'Engine Yard, Inc.', 'CloudBees, Inc.', 'OpenShift (Red Hat)', 'Cloud Foundry Foundation', 'Docker, Inc.', 'Cloud66 Ltd.'

Companies' technology landscapes are evolving at an alarming rate, including how infrastructure is constructed and maintained, as well as how software applications are produced and distributed. Time to Market (TTM) is the time it takes a company to offer a product or feature; it is an important aspect in determining an organization's performance, along with the development cost of its products. It is easier to introduce a product when you have more control over the development process. Almost all businesses value TTM and strive to enhance it, however, the majority of businesses fail to achieve the required TTM due to inefficiencies in the whole digital landscape.

The mobile ecosystem is rapidly expanding, and app development is emerging as a critical component powering its expansion. Because of the emergence of digital enterprises, the creation of corporate mobile apps is becoming a major concern for businesses. According to a 451 Research report, 50% of IT businesses aim to implement at least ten mobile apps during the next two years. The COVID-19 outbreak has caused a surge in demand for several mobile applications.

The PaaS Market is divided into five primary geographic regions: North America, Asia Pacific (APAC), Europe, the Middle East and Africa (MEA), and Latin America. For major verticals such as IT, BFSI, and telecoms, North America is projected to be the most potential market. The growing budget allocation for cloud services among organizations is likely to boost the market in North America even further. North America is expected to be the most potential market for main verticals such as telecommunications, information technology, and information technology-enabled services (ITeS), business and financial services (BFSI), and government and public sector. The North American PaaS market is likely to increase steadily throughout the forecast period, as organizations use innovative application development technologies at various levels as part of their plan to remain competitive.

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PaaS Market Size, Share, Growth Analysis, By Type(Software, Service), By Services(Consulting, Implementing, Training), By Deployment(Cloud, On-Premises), By Organization(Large Enterprises, Small, Medium Enterprises (SMEs)), By Region - Industry Forecast 2024-2031

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