Market Research Future (MRFR)’s latest study reveals that the global platform as a service market is projected to grow saliently at a CAGR of 26% during the forecast period 2016 to 2022. The market is expected to reach a value over USD 12 Bn by the end of the assessment period.
The increased penetration of software technology has accelerated revenue creation for the participants of the platform as a service market. PaaS models enable the users to create software applications easily by using tools delivered by the cloud provider. The increasing need for the integration of software applications for profit making in business is likely to propel demand in the platform as a service market.
Platform as a Service (PaaS) Market ensures cost effectiveness by cutting down costs related to purchasing of a server, software licenses, and additional hardware for developing and managing applications. This, in turn, is projected to catapult the platform as a service market on an upward trajectory.
Other factors responsible for the growth of the market include increasing adoption of cloud-based services and IoT technology among SMEs, technological advancements, growing demand for application development, etc. However, factors such as data security, customer captivity, and limited flexibility are set to hold the market expansion across the review period.
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Major Key Players:
- com (U.S.)
- Apprenda Inc. (U.S.)
- Google, Inc.(U.S.)
- com, Inc. (U.S.)
- Microsoft Corporation (U.S.)
- SAP SE (Germany)
- Oracle Corporation (U.S.)
- Engine Yard, Inc. (U.S.)
- Fujitsu Ltd. (Japan)
- Red Hat, Inc.(U.S.)
Global Platform as Service Market has been segmented on the Basis of Deployment, Type, End-User and Industry. The Deployment includes Public, Private and Hybrid Cloud. Type has been identified as Application, Integration, and Data Management among others.
By End User the market has been segmented as Small and Medium Enterprises among others, whereas Industry consist of Banking & Financial Sector, Government & Public Sector, Healthcare & Life Sciences, Education, Consumer Goods & Retail, Telecommunications & IT among others.
North America is dominating the market of Platform as Service Market due to the high-adoption rate of cloud-based services by various enterprises and businesses in this region. Major cloud service provider are such as Google, Inc. (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), are based in North America thus supporting the platform as a service market.
Asia-Pacific is expected to show major growth in the market of Platform as Service Market due to the high growth in Cloud services & big data, telecom and IT sectors in this region.
Europe is expected to registering healthy growth in the Platform as Service Market due to increased adoption of cloud services by many SMEs & VSMs with higher enterprise engagement at the application level is supporting the market of platform as a service model.
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