The Platform as a Service (PaaS) market was valued at USD 55,998.97 Million in 2020, and it is expected to reach a value of USD 166,312.53 million by 2027, at a CAGR of 19.50% over the forecast period (2020 - 2027).

Platform-as-a-Service (PaaS) is a category of cloud computing services that offers a comprehensive collection of cloud-based application infrastructure and middleware (AIM) services. On its infrastructure, a PaaS provider hosts hardware and software. As a result, PaaS eliminates developers of the need to install on-premises hardware and software to develop or execute a new application.

Platform-as-a-service (PaaS) reduces costs and improves operational efficiency for companies and developers by delivering templates and app development tools as a utility, allowing for simple and inventive application development and delivery. Increased enterprise engagement at the appliance level, fueled by rising mobile penetration, is expected to fuel PaaS growth in the region. Many large cloud providers have entered the PaaS area in recent years, indicating the growing popularity of the service.

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Top Players Company Profiles

  • AWS (US)
  • Microsoft (US)
  • Alibaba Cloud (China)
  • IBM (US)
  • Salesforce (US)
  • Google (US)
  • Oracle (US)
  • SAP (Germany)

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Recent Developments

In January 2021, Microsoft released a new Wisely blockchain-enabled cPaaS platform to help organizations, mobile carriers, OTT providers, marketers, and industry regulators improve their service quality.

 In September 2020, Oracle will expand its security portfolio with new cloud services meant to automatically assist safeguard cloud workloads and data from cyber-attacks. Oracle data safe, Oracle cloud guard, and Oracle maximum security zones are three new cloud services that offer centralized security setup as well as automatic enforcement of security measures.

 In June 2020, IBM and Wipro will collaborate to drive the cloud transformation. Wipro will create hybrid cloud products to assist businesses in transferring, managing, and transforming across public and private clouds as part of this collaboration.

Global PaaS Key Market Trends

  • The mobile ecosystem is rapidly expanding, and app development is emerging as a critical component powering its expansion. Because of the emergence of digital enterprises, the creation of corporate mobile apps is becoming a major concern for businesses. According to a 451 Research report, 50% of IT businesses aim to implement at least ten mobile apps during the next two years. The COVID-19 outbreak has caused a surge in demand for several mobile applications.
  • 5G and cloud computing technologies have accelerated the development of these mobile applications. PaaS suppliers provide a specific set of capabilities for tablet, mobile, and online platforms, ranging from data recovery, backups, and security to licensing formalities, support, and maintenance, as well as server-based scaling. Developers can focus on improving application development while PaaS providers handle the rest. This factor is going to drive the market over the forecasted period.

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