Kenneth Research, in its repository of market research reports, have recently added a report on Global Platform as a Service (PaaS) Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Platform as a Service (PaaS) Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further.
Global Platform as a Service (PaaS) Market is valued approximately USD 46.99 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 19.60 % over the forecast period 2020-2027. Platform as a service, also known as application platform as a service, is a cloud computing service category. PaaS provides consumers with a computing network as well as different solutions or tools for developing applications which facilitates the creation of applications or services by removing the complexity of provisioning hosting facilities as well as the expense of maintaining and purchasing the underlying software and hardware. PaaS offers low initial costs, resource sharing, incremental costs as the service use grows, management services, automated implementation, reuse, and life-cycle management, among other benefits. The increase in internet users and growing demand for better time complexity, agility and portability during software development and cheap internet rates has led the adoption of Platform as a Service (PaaS) across the forecast period.
For instance, according to the Office for National Statistics (ONS), 92 percent of all UK adults have been online in 2021, up from 91 percent in 2019. Almost all adults aged 16 to 44 were online (99 percent), and 54% of those aged 75 and up had recently used the internet, with the number of elderly people using the internet nearly doubling since 2013. However, lack of awareness for the products, high fragmentation of market, and various companies offering such services may impede the growth of the market over the forecast period of 2022-2031. Also, with the combining use of IaaS and PaaS prevalence increasing demand for BaaS and PaaS, the adoption & demand for Platform as a Service (PaaS) is likely to increase the market growth during the forecast period.
The regional analysis of global Platform as a Service (PaaS) market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Europe is the leading region across the world in terms of market share owing to the growing internet user population and promptness with the well-established digital infrastructure. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate over the forecast period 2022-2031. Factors such as increasing COVID19 cases and improving digital infrastructure would create lucrative growth prospects for the Platform as a Service (PaaS) market across Asia-Pacific region.
Major market player included in this report are:
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Application Platform As A Service
Infrastructure Platform As A Service
Database Platform As A Service
By Organization Size
Small and Medium-sized Enterprises
Banking, Financial Services, and Insurance
Consumer Goods and Retail
Information Technology and Information Technology-enabled Services
Healthcare and Life Sciences
Energy and Utility
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Platform as a Service (PaaS) Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
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