Platform as a service (PaaS) Market Insights, Demand, Analysis, Share, Forecast 2023-2032 | Amazon web service, Salesforce Platform, IBM Cloud Foundry, Microsoft Azure, Google Cloud Function

The Platform as a service (PaaS) Global Market Report 2023 by The Business Research Company, provides platform as a service (PaaS) market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Platform as a service (PaaS) Global Market Report 2023, the global platform as a service (paas) market size will grow from $55.94 billion in 2022 to $61.42 billion in 2023 at a compound annual growth rate (CAGR) of 9.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global platform as a service (PaaS) is expected to grow to $85.92 billion in 2027 at a CAGR of 8.8%.

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.

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The platform as a service (PaaS) market 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

Companies in the industry are increasingly preferring hybrid cloud solutions to increase efficiency, innovation, and reduce costs. Hybrid Cloud refers to a cloud infrastructure environment that is a mixture of private cloud, on-premises computing and public cloud solutions. Platform as a service providing companies in the industry are leveraging this technology to enhance their agility, capability, increase development & deployment speed, and reduce IT costs. For instance, Amazon Web Service, a cloud computing platform, has developed a set of hybrid capabilities in the industry to capitalize on the global market. Some of the major hybrid cloud providers are Amazon, Microsoft, and VMWare, followed by other technology companies IBM, Apple, Google, CisCo., Hewlett-Packard, Dell, Oracle, and Rackspace.

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