The global platform as a service market size at a CAGR of over 22%
NEW YORK, June 25, 2019 /PRNewswire/ --
Global Platform as a Service (PaaS) Market:
About this market
Read the full report: https://www.reportlinker.com/p05786726/?utm_source=PRN
Platform-as-a-service (PaaS) is one of the categories of cloud computing service offerings that provide virtualized computing resources over the internet. Technavio's platform as a service market analysis considers the deployment of PaaS in the public cloud, private cloud, and hybrid cloud. Our analysis also considers the deployment of PaaS in APAC, Europe, MEA, North America, and South America. In 2018, the public cloud segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the subscription-based service model offered by cloud vendors are playing a significant role in the public cloud segment to maintain its market position. Also, our global platform as a service market report looks on factors such as a reduction in the cost of application development and time to market, streamlined application management, and ensuring business continuity, simplification of disaster recovery with cloud, and shift toward cloud computing. However, security concerns related to public cloud, issues associated with vendor lock-in, and lack of awareness about the benefits of the adoption of PaaS may hamper the growth of the platform as a service industry over the forecast period.
Global Platform as a Service Market:
Overview
Streamlined application management
The adoption of PaaS approach helps drive organizations' growth as it brings flexibility and efficiency in business operations. Organizations can leverage on the PaaS model to manage all their applications from a central place and reduce IT governance concerns and gain instant access to internal infrastructure. The self-service interface offered by the PaaS model improves network utilization and eliminates needless human configuration tasks. PaaS streamlines the operation and reduces the burden on application developers by eliminating time-consuming operations and offers a user-friendly plug-and-play interface. Owing to such benefits, organizations are increasingly adopting PaaS solutions. This is expected to drive the growth of the global platform as a service market size at a CAGR of over 22%. However, the market's momentum will decelerate in the coming years because of the decrease in year-over-year growth.
Lack of awareness
Only fewer organizations and developers are aware of the advantages of PaaS solutions. Moreover, the IaaS model is infringing the use of PaaS model due to the lack of knowledge among organizations about different cloud models. These factors are expected to hinder the growth of the global platform as a service market size.
For the detailed list of factors that will drive the global platform as a service market size during the forecast period 2019-2023, click here.
Competitive Landscape
With the presence of a few players, the global PaaS market is highly concentrated. Technavio's robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several platform as a service providers, that include Amazon Web Services Inc., Google LLC, Microsoft Corp., Oracle Corp., and Salesforce.com Inc.
Also, the platform as a service market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
Read the full report: https://www.reportlinker.com/p05786726/?utm_source=PRN
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