PaaS Market size is projected to reach USD 206.30 billion by 2028

 PaaS Industry Overview

The global PaaS market size was valued at USD 60.12 billion in 2021 and is anticipated to register a compound annual growth rate (CAGR) of 19.3% from 2022 to 2028.

 

PaaS is a cloud service that provides a virtual environment to the developers for software development. The rising need to reduce the cost and time to market (TTM) of application development across the enterprises is one of the major factors that boost the market growth during the forecast period. Along with this, the rising adoption of cloud services among enterprises across the globe and the growing number of enterprises is fueling the growth of the market. However, the rising number of data breaches increases the privacy and security concerns that are projected to hinder market growth.

 

Gather more insights about the market drivers, restrains and growth of the Global PaaS Market

 

The speedy digitization across the globe results in increasing adoption of the Platform As a Service (PaaS) market, hence contributing to the market growth. Increasing usage of PaaS by enterprises as they are easily operational and cost-efficient and provide development tools and templates are fueling the market growth during the forecast period. The growing number of digital enterprises, combined with increased capital investment in the development of enterprise, web, and mobile applications, is expected to create lucrative opportunities for market growth. Moreover, the advancement of technology, such as AI capabilities and their integration, is further expected to present key opportunities for market expansion.

 

The significant increase in the adoption of cloud-based services for application development among enterprises is further projected to contribute to the growth of the market. It is effectively adopted by IT companies for faster development of applications and further deployment. Additionally, cloud services, such as PaaS, reduce the time and cost of developing software, thereby further encouraging their demand among large enterprises. Moreover, various advantages, such as ease of operation of PaaS, further raise the adoption among developers. For instance, in the PaaS system, the cloud service provider takes responsibility for the installation, configuration, and operation of the application infrastructure.

 

The COVID-19 pandemic positively impacted the PaaS market as many people opted to work from home during the lockdown. The lockdown imposed by the government has led to substantial growth in the adoption of virtual development platform services such as PaaS across various enterprises. The increased use of public cloud services during work from home has reinforced cloud adoption for the virtual development of software and applications. Therefore, the significant increase in the number of users of PaaS across the globe during the pandemic further augmented the market growth.  

 

Browse through Grand View Research's Network Security Industry Research Reports

  • Password Management Market: The global password management market size to be valued at USD 2.05 billion by 2025 and is expected to grow at a compound annual growth rate (CAGR) of 19.4% during the forecast period. 
  • Office Software Market: The global office software market size was valued at USD 23.5 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.9% from 2022 to 2028.

 

Key Companies Profile

Some of the prominent players in the global PaaS market include:

  • Amazon Web Services Inc.
  • Microsoft Corp.
  • Alibaba Cloud
  • IBM Corp.
  • Google LLC
  • Salesforce
  • Oracle Corp.
  • SAP SE
  • Zoho Corp.
  • Vmware Inc.

Order a free sample PDF of PaaS Market Intelligence Study, published by Grand View Research.

 

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