According to the report published by Allied Market Research, the global platform as a service (PaaS) market garnered $44 billion in 2020, and is estimated to reach $319 billion by 2030, witnessing a CAGR of 22.0% from 2021 to 2030.
Ease in scalability of PaaS and rise complexity of modern-day businesses drive the growth of the global platform as a service market.
However, data safety and privacy issues restrain the market growth. On the other hand, advancements in the field of cloud computing create new opportunities in the coming years.
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The report offers detailed segmentation of the global platform as a service market based on type, deployment mode, organization size, industry vertical, and region.
Based on deployment mode, the public segment accounted for the highest share in 2020, contributing to more than four-fifths of the total share, and is estimated to continue its leadership status throughout the forecast period. However, the private segment is projected to witness the fastest CAGR of 23.8% from 2021 to 2030.
Based on industry vertical, the IT and ITeS segment held the highest share in 2020, accounting for nearly one-fifth of the global platform as a service market, and is projected to maintain its dominance during the forecast period.
Moreover, this segment is expected to manifest the largest CAGR of 22.6% from 2021 to 2030. The research also analyzes the segments including BFSI, consumer goods & retail, telecommunication, manufacturing, healthcare & life sciences, energy & utility, and others.
Based on region, North America contributed to the largest share in 2020, holding nearly two-fifths of the total share, and is expected to continue its lead position in terms of revenue by 2030. However, LAMEA is projected to grow at the highest CAGR of 27.4% during the forecast period.
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Impact of Covid-19 on Platform-as-a-Service Market
- The demand for platform-as-a-service (PaaS) solutions increased during the Covid-19 pandemic with adoption of the “work from home” culture in organizations and high dependency on cloud resources.
- In addition, online shopping increased during the pandemic to ensure safety and prevent cross-contamination that may take place in visits to physical stores. This led to adoption of PaaS solutions to scale up cloud presence by small and medium level enterprises.
- Many organizations have been planning to use domestic, cross-border, and regional payment solutions through a single interface and manage complexities and difficulties regarding moving funds. This resulted in PaaS adoption.
Leading players of the global platform as a service market analyzed in the research include AWS, Alibaba Cloud, Microsoft, Salesforce, IBM, Oracle, Google, Zoho Corporation, SAP, and Mendix.
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