Platform as a Service (PaaS) Market, By Type (Application PaaS, Integration PaaS, Database PaaS, and Others), By Deployment (Public Cloud, and Private Cloud), By End User (BFSI, IT and Telecommunication, Manufacturing, Healthcare and life sciences, Energy and utility, and Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Jul 2024

Code : CMI4181

Pages :135

Formats :

Excel and PDF

Industry : Information and Communication Technology

Platform as a Service (PaaS) Market Size and Trends

The global Platform as a Service (PaaS) market is estimated to be valued at US$ 69.83 Bn in 2024 and is expected to reach US$ 172.04 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 13.7% from 2024 to 2031.

Platform as a Service (PaaS) Market Key Factors

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PaaS allows developers to build applications and services using programming languages, libraries, services, and tools supported by the provider to deploy onto the cloud infrastructure. It aids in eliminating the need to buy and manage the underlying infrastructure (servers, storage, and networking). This reduces upfront capital costs and provides more flexibility and scalability compared to on-premises software.

The growing adoption of cloud-based platforms and services across enterprises is driving the growth of the Platform as a Service (PaaS) market. PaaS offers organizations a more flexible approach compared to on-premises software and enables them to develop, run, and manage applications without owning the infrastructure.

Rapid adoption of cloud computing

The platform as a service model is gaining tremendous popularity as more and more organizations are shifting toward cloud-based applications and services. The on-demand nature of PaaS solutions allow businesses to focus primarily on developing, testing, and scaling applications without worrying about infrastructure maintenance tasks. Traditional application deployment methods required sizable upfront investments in procuring and maintaining servers, storage, databases, and other backend infrastructure. However, with PaaS, companies can avoid capital expenditure and instead pay only for what they use via an operational expenditure model. This has exponentially increased the appeal of the PaaS model for cost-conscious organizations of all sizes. The ease of getting started on a cloud platform together with the ability to elastically scale resources on demand is spurring the adoption of PaaS worldwide.

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Need for developing complex applications faster

Businesses today need to innovate and bring new applications, features, and services to market at an incredibly rapid pace to stay ahead of competition. At the same time, they are facing constraints around technical talent availability and resource crunch that slow down development cycles. PaaS solutions have emerged as an effective way to streamline and accelerate application development by abstracting away lower-level infrastructure complexities. Developers can leverage pre-built development and deployment tools, continuously integrated environments, databases, analytics services and more on cloud platforms to code, test and deploy apps much more efficiently. This has enabled even non-technical teams to develop sophisticated cloud-native, mobile, and IoT applications. By providing fully managed backend services, PaaS offers an agile and scalable way for organizations to prototype, build and enhance both new and legacy applications much faster to meet dynamic market needs.