Platform as a Service (PaaS) Market to Reach USD 22780 Million by 2026 at CAGR 18.5% - Valuates Reports

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BANGALORE, India, May 12, 2021 /PRNewswire/ -- The Platform as a Service (PaaS) Market is Segmented by Type (Public Cloud, Private Cloud, Hybrid Cloud), by Application (Banking, Financial Services and Insurance (BFSI), Consumer Goods and Retail, Education, Government and Public Sector, Healthcare and Life Sciences, Manufacturing, Media and Entertainment, Telecommunication and Information Technology Enabled Services (ITES), Others). The report covers global opportunity analysis and industry forecast from 2021 to 2026. It is published on Valuates Reports in the Software & Services Category.

The global Platform as a Service (PaaS) market size is projected to reach USD 22780 Million by 2026, from USD 6750.2 Million in 2019, at a CAGR of 18.5% during the forecast period 2021-2026.

Major factors driving the growth of Platform as a service market are:

• The increasing need to reduce time to market, mature vendors with different support levels, focus on cost reduction of application development and focus on streamlining application management.
• The rising need for advanced integration services and shifting of workload to cloud environments are also driving the demand for PaaS globally.

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TRENDS INFLUENCING THE GROWTH OF PLATFORM AS A SERVICE (PaaS) MARKET SIZE 

The increasing need to reduce time to market is expected to drive the growth of Platform as a service market. PaaS ensures the approach to software product creation be fine-tuned, development wastes are avoided, and good collaboration would be ensured with less time to market and lower application development costs. With PaaS, there's no need to purchase and install the hardware and software that are used to build and maintain an application, and no need for development teams to wait while you do this. PaaS simply taps into the cloud service provider's PaaS resources and begins developing immediately. 

PaaS enables accelerated growth and more frequent delivery of features, which directly supports business agility. Furthermore, PaaS systems usually allow multiple development teams to share resources, eliminating the need for inefficient allocation of multiple assets of the same type in separate silos. Such advantages are expected to fuel the growth of Platform as a service market. 

The Platform-as-a-Service market is expected to benefit from digitalization and an increase in online payments, as well as new product launches. As digitalization and online payments expand, a cloud-native ecosystem will emerge, necessitating the hiring of a third-party vendor capable of integrating domestic, cross-border, and regional payment solutions via a single interface. 

Furthermore, the COVID-19 pandemic has also contributed to the growth of the PaaS sector. A rise in demand for cloud-based business continuity software and services, a strong reliance on public cloud services to achieve near-term business goals, and increased spending on cloud services by major industries due to COVID-19 are the main reasons for the market's positive effects.

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PLATFORM AS A SERVICE (PaaS) MARKET SHARE ANALYSIS

The public cloud segment is expected to be the most lucrative segment as various SMEs have embraced public PaaS. It provides a wide range of data recovery options as well as infrastructures, such as hardware, operating systems, software, and middleware servers, to run applications across multiple platforms. Furthermore, businesses are embracing public cloud services because they are simple to introduce.

The manufacturing industry vertical is expected to be the most lucrative during the forecast period. The need for increased output and faster delivery is increasingly growing. Manufacturing companies may use cloud technologies to help them meet these rising demands. Adapting to global developments in networking and computing is a must for the manufacturing industry. The cloud has made it easier to embrace new technologies like Machine-to-Machine (M2M) connectivity and the Internet of Things (IoT), which have led the manufacturing vertical to digitize and change processes on a wide scale.

Based on region, North America is expected to be the most lucrative segment. The demand in North America is expected to be fueled by enterprises' rising budget allocation for cloud services. 

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PAAS MARKET SEGMENTATION

Platform as a Service (PaaS) Market by Type

• Public Cloud
• Private Cloud
• Hybrid Cloud

Platform as a Service (PaaS) Market by Application

• Banking, Financial Services and Insurance (BFSI)
• Consumer Goods and Retail
• Education
• Government and Public Sector
• Healthcare and Life Sciences
• Manufacturing
• Media and Entertainment
• Telecommunication and Information Technology Enabled Services (ITES)
• Others

Top Major Leaders in the Platform as a Service (PaaS) Market

• Dell Boomi
• Informatica
• Mulesoft
• Snaplogic
• Celigo
• IBM
• Oracle
• Jitterbit
• Scribe Software
• Dbsync
• Flowgear
• SAP
• Others

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SIMILAR REPORTS

-  Increased use of smartphones, tablets, and laptops, as well as public and hybrid cloud adoption and corporate outsourcing, are the major drivers of SaaS market size. The growing use of micro SaaS is another factor driving market growth over the forecast period.

-  The Infrastructure as a service market size was valued at USD 38.94 Billion in 2019, and is projected to reach USD 201.83 Billion by 2027, growing at a CAGR of 23.2% from 2020 to 2027. Increased knowledge of various cloud computing services, such as public, private, and hybrid cloud services, as well as increased internet penetration in emerging economies and demand for cost-effective and scalable computing services, are both driving the market forward. Furthermore, the convergence of artificial intelligence and SMEs' demand for IaaS are expected to open up lucrative opportunities for the infrastructure as a service sector to develop.

-  The cloud services market size was valued at USD 264.80 Billion in 2019, and is projected to reach USD 927.51 Billion by 2027, growing at a CAGR of 16.4% from 2020 to 2027. Because of the cost advantages, emerging countries are expected to embrace cloud technology, which will provide business growth opportunities. The need for ERP as a software solution, which can be used in the health care sector to keep track of patient records, is another opportunity that market participants can capitalise on.

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-  Factory Automation Platform as a Service Market Size, Share, Trends, Growth, Industry Analysis, Forecast 2021 to 2026. The Report contains segmentation By Type (Platform, Service), By Application (Chemical Industry, Manufacturing, Agricultural, Pharmaceutical, Other) and Regional Opportunity Analysis and Industry Forecast.

-  IaaS & PaaS Market Size, Share, Trends, Growth, Industry Analysis, Forecast 2021 to 2026. The Report contains segmentation By Type (Monthly Subscription, Annual Subscription, Others), By Application (Large Enterprises(1000+ Users), Medium-Sized Enterprise(499-1000 Users), Small Enterprises(1-499 Users)) and Regional Opportunity Analysis and Industry Forecast.

To see the full list of related reports on the PaaS

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