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PaaS is a complete cloud development and implementation platform with resources that enable the user to produce it all from basic cloud-based application to complex, cloud-enabled business systems. Users pay as they go with the services they want from a cloud service provider and access those via a secured Internet connection. It provides platform to develop, run and manage the business applications without constructing and maintaining the infrastructure that requires by such software development necessarily.
The rapid adoption of digitization across the globe is changing the business environment. For instance, banking consumers can now access real-time banking and financial information services on any device due to digital technologies, could be one of the opportunity for PaaS service providers.
The rising popularity of smartphones is encouraging the development of new apps. Enterprises are rapidly adopting cloud-based services and IoT technologies as a result application development organization’s embrace of PaaS solutions and services to quickly and easily build these applications because they provide data agility, enterprise cloud services, support for every device.
Key Market Driver -
• Increasing adoption of could-based services by SMEs can drive the growth of PaaS market. • Increasing demand of cost and time reduction for an application development and making application management simple and efficient. • PaaS provides pay-per-use option along with high efficiency which can be major factor for driving the growth.
Key Market Restraint -
• Cloud washing, and security issues associated with public cloud usage can restraint the growth in the market.
Some of the major key players operating already in the market are AT&T Inc., ActiveState Software Inc., VMware Inc., Salesforce Inc., Software AG, Amazon Inc., Nutanix, EMC Corporation, Google, Inc., SAP SE, Microsoft Corporation, Red Hat Inc., Oracle Corporation, and IBM Corporation among others. In September 2020 Nutanix has launched Kubernetes Platform-as-a-Service for the Multicloud Era which could be a significant milestone by providing a simple and standardized application lifecycle management and security platform for IT operations teams.
North America is expected to lead the growth of the Platform as a service (PaaS) market for the forecasted period 2021-2028 owing to the early adoption of the technology and current domination in the market across the globe. Also the increasing demands for IT solutions like as agility, scalability, pay-per-use pricing, and cost and time reduction could be the driving factor for the region. Europe is at second region currently holding the largest market share and is expected to show steady growth during the forecasted period owing to the growing popularity of cloud-based application within the enterprises as the European government is taking initiatives to spread awareness regarding adoption of cloud usage in enterprises along with that the service providers.
Asia Pacific is going witness highest CAGR for the forecasted period in the PaaS market owing to the increasing focus on business scalability, improved performance, security, and operational optimization to provide business survivability and control infrastructure costs. The presence of the two major economies across the globe India and China and enterprises in these regions are spending huge amount on cloud infrastructure services aggressively.
Middle East is expected to show significant growth in the market during the forecasted period as the government’s initiative in the region such as Smart Dubai, Smart Abu Dhabi, Israel’s cloud strategy has increased the adoption of cloud adoption within the enterprises along with the as security concerns grow, organizations are increasingly shifting their applications and workloads to the public cloud. Similarly, the South America region is also expected to grow steadily during the forecasted period as the boost in adoption of cloud-based service in the region like Brazil, Argentina, Chile and Mexico is attracting the vendors which would lead to new investments in data centers.
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