PaaS is a type of cloud computing service that provides a comprehensive set of cloud-based application infrastructure and middleware (AIM) services. A PaaS provider hosts hardware and software on its infrastructure. As a result, PaaS eliminates the requirement for developers to install on-premises hardware and software to create or run a new application.
Platform-as-a-service (PaaS) lowers costs and increases operational efficiency for businesses and developers by providing templates and app development tools as a utility, enabling simple and innovative application development and delivery. PaaS growth in the area is projected to be supported by more enterprise involvement at the appliance level, fuelled by growing mobile adoption. Many significant cloud providers have joined the PaaS space in recent years, showing the service’s expanding popularity.
The Global PaaS Market is segmented by ‘Type, Services, Deployment, Organisations, Application & Region. Based on Type, the market is segmented into ‘Software & Services. Based on Services, the market is segmented into ‘Consulting, Implementing & Training’. Based on Deployment, the market is segmented into ‘Cloud & On-Premise’. Public cloud deployment holds the largest market size in 2022. The public cloud industry is expanding as more SMEs adopt public PaaS. It provides a broad range of data recovery services as well as infrastructures such as hardware, operating systems, software, and middleware servers for running applications across several platforms. Furthermore, because public cloud services are simple to use, businesses are embracing them. Furthermore, with the use of public cloud solutions, platform solutions such as big data, data analytics, and the Internet of Things become more accessible (IoT). Various enterprises are migrating toward public cloud offerings to meet the growing demand for public cloud solutions. for instance, Red Hat OpenShift is an open-source enterprise PaaS. The company’s public PaaS version of OpenShift is available on Red Hat Enterprise Linux (RHEL).
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Based on Organisations, the market is segmented into ‘Large Enterprises & Small/ Medium Enterprises’. Large enterprises are expected to hold a majority of the market share during the forecast period. Digitalization is becoming increasingly popular among large organisations. Because of the presence of a large workforce, major organisations are seeing increased interconnection of bandwidths and mobility trends. Large organisations have a large corporate network and numerous revenue streams. These firms are likewise ready to invest in new and cutting-edge technologies to run their operations more efficiently. The PaaS market has a stronghold in large organisations, as IT infrastructure in large enterprises becomes more complicated than in SMEs. The increased demand for employees to access computer resources and apps from any location and at any time has made it difficult for businesses to effectively preserve their data, maintain and manage their data centres, and focus on their core competencies.
Read market research report, “Global PaaS Market segmented by Type (Software & Service), Services (Consulting, Implementing & Training), Deployment (Cloud & On-Premises), Organisations (Large Enterprises & Small and Medium Enterprises (SMEs)), Application and Region- Forecast and Analysis 2021-2028.” by SkyQuest.
Based on Region, the market is segmented into ‘North America, Europe, Asia-Pacific, South America & MEA’. 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 organisations 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 organisations use innovative application development technologies at various levels as part of their plan to remain competitive.
In the 21st century as technology and the internet evolves, companies and organisations demand services and platforms that provide maintenance and strategies for them to stay up to speed with the raging growth of the internet. So naturally, the demand for the global PaaS market has grown to a rise in the past years due to the continuous growth of the internet and constant change in consumer mindsets leading to companies needing guidance and appropriate services helping in technological development. The constant change and development of the internet and consumer needs/ demands have become the PaaS market’s most essential market driver.
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 organisation’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. This is where the platform as a service market steps in to fill in the gaps and make an organisation’s digital landscapes more accurate, efficient, and smarter.
The key to empowering developers and improving customer engagement and experiences is digital transformation. Companies want to launch the product as quickly as possible because it is projected that the first software product to hit the market would capture up to 70% of the market share. Companies will incur financial damages if their TTM targets are not met. It has been discovered that introducing a product six months later to the market results in a 33% decrease in profit over five years. On the other hand, if a product is launched on time but is 50% over budget, the profit will be lowered by about 4%.
Despite the raging demand of the PaaS industry, there are a few knots in this market holding back its growth and valuation. The extravagant use of resources and administration in this sector brings down its value in the eyes of the consumer base hence leading to slower growth over the projection period.
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When marketing teams label their program to make it more appealing, the term cloud washing is used. PaaS systems that have been cloud-washed differ from cloud-native offerings. PaaS systems that have been cloud-washed provide similar architecture and programming approaches. These systems have limited cloud capabilities and provide only incremental improvements. Cloud-native solutions that inject behaviour into the application, on the other hand, divorce application code from run-time infrastructure details, boost application density, and enable dispersed interactions. End users are frequently unable to discern whether a PaaS is cloud-washed or cloud-native. Cloud-washed solutions use a lot of system resources (such as CPU and memory) and require a lot of administration work. As a result, the usage of cloud-washed solutions is projected to stifle industry growth.
Despite the gradual growth of the PaaS market, new developments continue to elevate the market size and major market players carry on their pursuit of building loyal consumer communities and portfolios. For instance, in January 2021, Microsoft released a new Wisely blockchain-enabled PaaS platform to help organisations, mobile carriers, OTT providers, marketers, and industry regulators improve their service quality.
Such industry advantageous developments have turned into major market sales drivers. Apart from internal growth, cross-industry growth and expansion in the technological sector are highly benefiting the PaaS market. The surge in the mobile phone and application industry has tremendously impacted the platform as a service market. 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. 5G and cloud computing technologies have accelerated the development of these mobile applications. PaaS suppliers provide a specific set of capabilities for tablet, mobile, and online platforms, ranging from data recovery, backups, and security to licensing formalities, support, and maintenance, as well as server-based scaling. Developers can focus on improving application development while PaaS providers handle the rest. This factor is going to drive the market over the forecasted period.
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 labour costs for repetitive operations.
By contributing to the delivery of a better client experience, these services have reduced manual intervention. Thereby, the need to automate repeated tasks across business domains, such as tech support, technology, finance, HR, operation, and procurement, is contributing to the market growth exponentially. The increase in the need of PaaS market services especially in the Covid- 19 pandemic has driven the market to be highly competitive- attracting several big fish from the technology services sector to step in and fill in for the rising demands.
In conclusion, the Global PaaS Sector is anticipated to reach its predicted valuation within its market forecast period (2022-2028) and soon grow exponentially as per its rapidly rising demands advancing to soaring market revenue and sales.
Driving factors such as product innovation are expected to uplift the Global PaaS Market value whereas restraining factors such as increasing cost of raw materials are expected to slow down the PaaS market growth over the estimated period. Asia-Pacific is predicted to develop significantly over the forecast period. Hence, developing regions are expected to contribute majorly to the global PaaS market demand by the end of 2028.
Report Findings
- Drivers- Need for optimization and resource utilization
- Restraint- High cost associated with the product
What does this Global PaaS Market Report Deliver?
- PaaS Market Forecast and Estimation for 20+ Countries
- Market scenario by region, sub-region, and country
- Customization on Segments, Regions, and Company Profiles
- 100+ tables, 150+ Figures
- Global, Regional and Country specific PaaS Market Trends
- Comprehensive Mapping of PaaS Industry Parameters
- Attractive Investment Proposition to increase PaaS Market Sale
- Competitive Strategies Adopted by Leading PaaS Market Players
- Drivers, restrictions, opportunities, and the impact on the PaaS Market
- PaaS Market growth rate till 2028
- Regulatory scenario, regional dynamics, and PaaS market insights of leading countries in each region
- PaaS Market Opportunity analysis by region and country
- PaaS Market Segmentation trend analysis, opportunities, and growth
- Porter’s five force analysis to know the market’s condition
- Pricing analysis
- Parent market analysis
- Product portfolio benchmarking
SkyQuest has segmented the Global PaaS Market by Type, Services, Deployment, Organisation, Application, and Region: –
- Global PaaS Market by Type (Revenue, USD Billion, 2021 – 2028)
- Software
- Service
- Global PaaS Market by Service (Revenue, USD Billion, 2021 – 2028)
- Consulting
- Implementing
- Training
- Global PaaS Market by Deployment (Revenue, USD Billion, 2021 – 2028)
- Cloud
- On-Premises
- Global PaaS Market by Organizations (Revenue, USD Billion, 2021 – 2028)
- Large Enterprises
- Small and Medium Enterprises (SMEs)
- Global PaaS Market by Region (Revenue, USD Billion, 2021 – 2028)
- North America
- Europe
- Asia-Pacific
- South America
- MEA
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Top Global PaaS Market Players Company Profiles :
- AWS (US)
- Microsoft (US)
- Alibaba Cloud (China)
- IBM (US)
- Salesforce (US)
- Google (US)
- Oracle (US)
- SAP (Germany)
- Mendix (US)
- Zoho Corporation (India)
About Us-
SkyQuest Technology Group is a Global Market Intelligence, Innovation Management & Commercialization organization that connects innovation to new markets, networks & collaborators for achieving Sustainable Development Goals.
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