Platform as a service (PaaS) Market Commodities, High Growth Opportunities, Segmentation, Market Trends By 2024-2033|Amazon Web Services Inc., Salesforce Inc., International Business Machines Corporation, Microsoft Corporation, Google LLC

The Platform as a service (PaaS) Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2011-2022) and extends its insights into a ten-year forecast period (2024-2033).

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According to The Business Research Company’s Platform as a service (PaaS) Global Market Report 2024, The platform as a service (paas) market size has grown strongly in recent years. It will grow from $60.26 billion in 2023 to $63.37 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to cloud computing adoption, developer productivity, cost efficiency, innovation and agility.

The platform as a service (paas) market size is expected to see strong growth in the next few years. It will grow to $87.48 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to digital transformation, hybrid and multi-cloud strategies, edge computing, ai and machine learning. Major trends in the forecast period include hybrid and multi-cloud paas, serverless computing, kubernetes and container orchestration, artificial intelligence (ai) and machine learning (ml) tools.

The increasing internet penetration is expected to drive the growth of the platform as a service (PaaS) market. With an increase in accessible technology, broadband internet is accessible for many consumers. The increased internet penetration increases consumption and usage of different applications over the internet, driving demand for PaaS providers. For example, in October 2022, according to DataReportal, a Singapore-based online reference library, 5.07 billion people around the world were using the internet equivalent to 63.5% of the world’s total population. Internet users continue to grow too, with the data, indicating that the world’s connected population grew by more than 170 million in the past 12 months. Additionally, in July 2022, according to Livemint, an India-based financial daily newspaper, there were 692 million active internet users in India, including 351 million from rural India and 341 from urban India. The report estimates that there will be 900 million internet users in India by 2025. Therefore, the increasing internet penetration is expected to drive the growth of the platform as a service (PaaS) market.

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The platform as a service (paas) market covered in this report is segmented –

1) By Type: Application Infrastructure and Middleware (AIM); Database Management Systems (DBMS); Business intelligence platform (BIP); Application development on Cloud

2) By Deployment: Public Cloud; Private Cloud; Hybrid Cloud

3) By End User: Financial Institutions and Services (BFSI); Technology;; Retail; Distribution; Education services;; Travel and transport; Healthcare and life sciences; Other End-Users

The platform as a service (paas) market report table of contents includes: