Platform as a Service (PaaS) Market is expected to reach USD 290.2 billion by 2030, growing at a 21.16% CAGR – Report by Market Research Future (MRFR)

According to a comprehensive research report by Market Research Future (MRFR) Platform as a Service (PaaS) Market By Deployment, Type, End User Forecast Till 2030 Rapid Application Development Activities Drive the PaaS Market The platform as a service (PaaS) market is likely to witness rapid revenue growth in the following years.

The market is vastly led by the growing adoption of PaaS in a number of organizations to develop their own SaaS to create cross-platform applications for devices as they migrate to the cloud. The growing use of customized applications in various production processes across industry verticals offers robust opportunities.

With larger enterprises across BFSI and healthcare & life sciences sectors, the market is expected to perceive a much higher demand. According to Market Research Future (MRFR), the platform as a service (PaaS) market is poised to reach USD 290.2 Billion by 2030, growing at an 21.16% CAGR throughout the review period (2023-2030). Platform as a service (PaaS) enables businesses to develop and test their own apps.

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Platform as a Service (PaaS) Market Report Scope:

PaaS enables companies to accelerate software development without worrying about maintaining basic infrastructure. Today, several organizations are considering investing in analyzing their data and accessing business process management (BPM) platforms for communication applications and maintaining databases. PaaS provides developers with tools as a service to build enterprise applications rapidly.

PaaS allows developers to create various software and apps without administration, maintenance, and security issues like any other cloud computing solution. With growing technological advances, PaaS is evolving rapidly. Leading cloud service providers are now offering AI-platform-as-a-service (AIPaaS) to deliver AI applications. As cloud computing is becoming the norm, cloud-native design in new architecture is commonly used.

In the future, PaaS would include pre-trained machine learning models that companies can use as it is or personalize with APIs to integrate specific AI capabilities into an application. With growing PaaS adoption in small businesses and startups across industries, the future of PaaS appears promising. In coming years, businesses can plan for growth and save time & energy without worrying about monitoring, maintaining, and updating a development platform. 

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Industry Trends

The proliferation of cloud computing predominantly boosts the market size. Increased funding support from government and private organizations accelerates market shares. Moreover, rapid digital transformation in SMEs and large organizations substantiates the market size, increasing the adoption of cloud platforms and critical cloud applications. Additionally, the growing demand for platforms as a service boosts market revenues.

Increasing cloud applications and analytics create substantial demand for PaaS. With powerful PaaS tools, the chances of developing efficient applications are fairly higher. Even though adopting PaaS platforms can benefit companies greatly, the market still needs to catch up. The major among them is the need for proper expertise, policies, guidelines, and principles that make adopting PaaS platforms challenging. 

Conversely, compatibilities in PaaS applications in conjunction with other development platforms are major concerns the market faces. Also, the risk of compromised security of the applications, even with the secured infrastructure and platform, impedes the PaaS market growth. Nevertheless, growing application developments would majorly contribute to the adoption of PaaS development platforms.

Segments

The PaaS market is segmented into types, deployments, end-users, and regions. The type segment is sub-segmented into application, integration, and data management. The deployment segment is sub-segmented into on-premise and cloud-based. The end-user segment is sub-segmented into banking & financial, healthcare & life sciences, and other sectors. The region segment is sub-segmented into the APAC, Americas, Europe, and rest-of-the-world.

The advantages of PaaS are immense, especially for small businesses and startup companies, in terms of cost-efficiency and advanced resources. Using PaaS, smaller organizations can access state-of-the-art resources cost-effectively. With PaaS implementation, these companies can build robust development environments on-premises. 

Other advantages of PaaS include cost-effectiveness, time-saving, speed to market, dynamically scaled custom solutions, and access to futuristic data centers, hardware, and operating systems, with increased security and flexibility. PaaS providers invest colossally in security technology and expertise. Customers can deploy PaaS in the private, public, or hybrid cloud.

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Platform as a Service (PaaS) Market Competitive Analysis

Players leading the global PaaS market include:

• Red Hat, Inc. (US)
• com (US)
• Google, Inc.(US
• Oracle Corporation (US)
• Microsoft Corporation (US)
• Fujitsu Ltd. (Japan)
• com, Inc. (US)
• Apprenda Inc. (US)
• SAP SE (Germany)
• Engine Yard, Inc. (US)

Regional Analysis

North America dominates the global platform as a service market. The region offers a favorable platform for PaaS solutions and services to evolve further with its vast technological advancements. The increasing adoption of PaaS to accelerate software development and robust development environments on-premises boost the market size. Besides, the early adoption of PAAS and rising cloud security infrastructures in enterprises of all sizes drive market growth.  

The strong presence of key technology providers like Salesforce.com, Inc., Microsoft Corporation, and Oracle Corporation, alongside the rapidly growing BFSI and IT & telecom sectors in this region, boost the market size. Moreover, developments in cloud security measures and authentication frauds foster the implementation of PaaS solutions across the region.

Competitive Analysis 

The fiercely competitive PaaS market appears fragmented, with many technology providers forming a competitive landscape. They make substantial investments to transform the future business landscape. Also, they incorporate strategic initiatives such as collaboration, mergers & acquisitions, expansion, and product & technology launches to gain a larger competitive share. 

For instance, on Nov. 02, 2022, DGTL Holdings Inc., a leading provider of digital media software & managed service business lines and a fully commercialized enterprise-level PaaS specialist, announced that its wholly owned subsidiary, Engagement Labs Inc. has signed a new annual PaaS licensing contract with a global leader in media & entertainment technology, following a successful digital advertising performance measurement study in Oct. 2022.

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This global, diverse technologies provider has signed an annual PaaS licensing contract worth over CAD 290,000. Renewing and onboarding a full PaaS license is an effective strategy for revenue growth. This new PaaS licensing contract signifies DGTL’s deeper and longer-term commitment and demonstrates the effectiveness of the TotalSocial platform in providing clients with a comprehensive understanding of consumer engagement.

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