Research and Markets has projected that the Platform-as-a-Service (PaaS) market will reach $227.5 billion by 2030, with a compound annual growth rate (CAGR) of 16.8% during the forecast period of 2023-2030. The report attributes the growth of this market to the increasing adoption of cloud computing technology, the growing implementation of IoT technology, and the rising need to reduce time to market and application development costs. However, data security & privacy concerns restrain the growth of this market.
The report also highlights that the increasing penetration of Artificial Intelligence (AI) and Machine Learning (ML) technologies and the growing demand for video PaaS are expected to create growth opportunities for the stakeholders in this market. However, cloud migration and vendor lock-in are major challenges for market growth.
In 2023, the database PaaS segment is expected to account for the largest share of the global PaaS market. This segment is also expected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the benefits of dbPaaS, such as improved database management processes, reduced cost and complexity of building and maintaining databases, and accelerated time to market. It can also help organizations enhance the scalability and reliability of their databases by providing access to cloud-based infrastructure and advanced features.
In 2023, the hybrid PaaS segment is expected to account for the largest share of the global PaaS market. The large market share of this segment is attributed to the possibility of organizations deploying and managing applications on public and private cloud infrastructure and the benefits of both deployment models, private and public.
In 2023, the large enterprises segment is expected to account for the largest share of the global PaaS market. The large market share of this segment is attributed to the higher capital availability to invest in cloud computing and the rapid adoption of cloud computing by large enterprises. However, the SMEs segment is projected to register the highest growth rate during the forecast period. The impact of COVID-19 and the benefits of customized pricing models such as pay-per-use, spot pricing, reserved instance pricing, and volume discount (Tier-based pricing) are expected to drive the demand for PaaS from SMEs.
In 2023, the IT & telecom sector is expected to account for the largest share of the global PaaS market. The large market share of this segment is attributed to the increasing adoption of PaaS by IT enterprises to develop applications, as well as the expansion of 5G networks.
Source: GlobeNewswire
