The size of the global platform as a service market, which was estimated to be worth $44 billion in 2020, is expected to increase to $319 billion by 2030, growing at a CAGR of 22.0% between 2021 and 2030.
Consumer preferences for online stores where they can buy goods and services are changing. During the COVID-19 epidemic, the world saw an increase in consumer online buying. E-commerce merchants expanded by over 15% in the United States. Additionally, from 2019 to 2020, internet retail sales in European nations climbed by more than 30%. The demand for platform as a service market increased due to the surge in internet shopping trends driven by several organizations and businesses, as well as investments in technologies like edge computing and specialized cloud services.
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In 2019, the global platform as a service market share was dominated by the application PaaS segment, and is expected to maintain its dominance in the upcoming years. The growing capital investment on application development for mobile, web and enterprise promises significant growth opportunity for application PaaS market. Technology advancements in PaaS services such as AI capabilities are estimated to expand the application platform as a service market. Furthermore, rise in popularity of cloud-based services is further expected to propel application platform as a service industry growth during the projected period.
Organizations are increasingly embracing multi-cloud strategies, utilizing PaaS offerings from multiple cloud providers. This trend enhances flexibility, mitigates vendor lock-in, and allows businesses to choose the best-fit cloud services for their specific needs, ultimately driving PaaS market growth. The adoption of containerization technologies, particularly Kubernetes, is on the rise within the PaaS ecosystem. PaaS providers are integrating container orchestration tools, simplifying application deployment and management. This trend streamlines the development process and fosters scalability and portability.
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Low-code and no-code development platforms are gaining traction within the PaaS market. These platforms enable organizations to create applications with minimal coding efforts, making application development accessible to a broader range of users. This democratization of app development accelerates innovation and reduces development time.
With the increasing importance of data security and regulatory compliance, PaaS providers are enhancing their security features. Encryption, identity management, and compliance tools are becoming integral parts of PaaS offerings. As data privacy concerns grow, this trend is crucial for building trust with customers.
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The global COVID pandemic has been favorable to the global platform-as-a-service industry, which is projected to grow post the COVID-19 pandemic. This growth in the platform-as-a-service market trend was owing to a sudden boom in digitalization of businesses across the globe, as the spread of COVID was at an incline and social distancing measures for the safety of people encouraged governments to enforce policies that heavily impacted brick and mortar stores and led to an increase in demands for platform-as-a-service solutions during the period helping businesses to achieve efficient and optimized operations.
Some of the key companies mentioned within the report are AWS, Microsoft, Alibaba Cloud, IBM, Salesforce, Google, Oracle, SAP, Zoho Corporation and Mendix.
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