The Global Platform as a Service (PaaS) Market was valued at US$ 10,243.5 Million in 2021 and is expected to surpass US$ 101,168.9 Million by 2030, registering a CAGR of 29.2% during the forecast period (2022-2030), according to the Global Platform as a Service (PaaS) Market, By Implementation Type (Public Cloud, Private Cloud and Hybrid Cloud), By Type (Application Development, AIM, Business Intelligence Platform and Database Management Systems), by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), published by Coherent Market Insights.
Platform as a service (PaaS) is a complete development and deployment solution in the cloud that enables users from simple cloud-based apps to sophisticated, cloud-enabled enterprise solutions. PaaS provides low initial cost, management services, automated deployment, life-cycle management, reuse, and many more applications.
The global platform as a service (PaaS) market is estimated to account for US$ 101,168.9 Mn in terms of value by the end of 2030.
Key Developments
In April 2022, Red hat, a software company, launched new hybrid cloud services to improve the delivery of cloud-native apps. Through this customers’ choice for open hybrid cloud computing is increased with fully hosted and managed cloud services, minimizing complexity and IT costs.
Platform as a Service Market - Impact of Coronavirus (Covid-19) Pandemic:
Due to the Covid-19 pandemic, many industries witnessed a significant shift in their business. There was a significant impact on the platform as a service (PaaS) market, as most of the consumer product and retail industries were now upgrading their IT infrastructure with cloud computing in order to increase overall productivity. In addition, most retailers were moving their business to an e-commerce platform as online shopping gained traction during the pandemic as major of the population is strictly following lockdown and isolated at home, which positively impacted the platform as a service (PaaS) market.
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https://www.coherentmarketinsights.com/market-insight/platform-as-a-service-market-4181
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Key Trends and Analysis of the Global Platform as a Service (PaaS) Market:
- Earlier PaaS was the middle layer between SaaS and IaaS, in the cloud chain. However, with the maturity in cloud deployment platforms, there has been simultaneous maturity in PaaS. PaaS has evolved to meet the growing needs of enterprises and is now recognized as one of the strategic means of innovation. PaaS has now gained importance as a separate layer in the cloud stack, albeit SaaS and IaaS can be extended to resemble some form of PaaS. PaaS solutions are cost-effective and less complex than IaaS solutions and this helps in simplifying the efforts of IT departments as they evolve to modern ways of developing and deploying applications.
- Major players operating in the global platform as a service (PaaS) market are ActiveState Software Inc., AT&T Inc., Salesforce.com, Inc., VMware Inc., Amazon.com, Inc., Software AG, Google, Inc., EMC Corporation, Microsoft Corporation, SAP SE, IBM Corporation, Red Hat, Inc., and Oracle Corporation.
