According to this latest publication from Meticulous Research®, the global Platform as a service market is projected to reach $193.3 billion by 2030, at a CAGR of 15.1% from 2023 to 2030.The growth of this market is driven by the increasing adoption of cloud computing services, the rising need to reduce the time and cost of application development, and the increasing adoption of AI, MI, and IoT technologies.
However, data security & privacy concerns may restrain the market growth to some extent. The rising government initiatives for cloud adoption and rapid development of the mobile app ecosystem are expected to offer significant growth opportunities for the platform as a service market.
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Furthermore, the cloud migration for companies seeking digital transformation is expected to pose challenges to the growth of the platform as a service market. The latest trends in the global platform as a service market are the rise in cloud gaming and serverless computing.
The global platform as a service market is segmented by type (application PaaS, integration PaaS, database PaaS and other types), deployment mode (public cloud, private cloud, and hybrid cloud), organization size (large enterprises, small & medium-sized enterprises), sector (BFSI, retail & e-commerce, IT & telecommunications, manufacturing, healthcare, energy & utility, government & defense, and other sectors). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on geography, the global platform as a service market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the global platform as a service market.
The large market share of North America is attributed to the presence of prominent Platform-as-a-Service companies such as Microsoft Corporation (U.S.), IBM Corporation (U.S.), and Oracle Corporation (U.S.). In addition, the high adoption rate of cloud computing solutions to enhance IT infrastructure and leverage the benefits of new technologies, such as AI, contributes to the growth of this regional market.
However, Asia-Pacific is projected to register the highest CAGR during the forecast period. The high market growth in Asia-Pacific is driven by the rapid growth rate of developing economies, rapidly developing data centers, and the growing awareness about the importance of Platform-as-a-Service among small & medium-sized organizations.
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The key players operating in the global platform as a service market are Microsoft Corporation (U.S.), IBM Corporation (U.S.), Oracle Corporation (U.S.), Amazon Web Services, Inc. (U.S.), SAP SE (Germany), Google LLC (U.S.), Salesforce, Inc. (U.S.), Alibaba Group Holding Limited (China), VMware, Inc. (U.S.), Salesforce, Inc. (U.S.), Mendix Technology BV (Netherlands), Zoho Corporation Pvt. Ltd. (India), ServiceNow, Inc. (U.S.).
Scope of the Report:
Platform as a Service Market, by Type
Platform as a Service Market, by Deployment Mode
Platform as a Service Market, by Organization Size
Small & Medium Enterprises
Platform as a Service Market, by Sector
Retail & E-commerce
IT & Telecommunications
Energy & Utility
Government & Defense
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Key questions answered in the report:
Which are the high-growth market segments in terms of type, deployment mode, organization size, and sector?
What is the historical market size for Platform-as-a-Service across the globe?
What are the market forecasts and estimates for 2023–2030?
What are the major drivers, restraints, opportunities, challenges, and trends in the global platform as a service market?
Who are the major players in the global platform as a service market, and what are their market shares?
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