Global PaaS Market

 

The Global Platform as a Service (PaaS) Market was valued at USD 67.12 Billion in 2021, and it is expected to reach a value of USD 241.92 Billion by 2028, at a CAGR of 35.3% over the forecast period (2022-2028).

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)
  • Mendix (US)
  • Zoho Corporation (India)

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Global PaaS Market Dynamics

Driver

  • Companies' technology landscapes are evolving at an alarming rate, including how infrastructure is constructed and maintained, as well as how software applications are produced and distributed. Time to Market (TTM) is the time it takes a company to offer a product or feature; it is an important aspect in determining an organization's performance, along with the development cost of its products. It is easier to introduce a product when you have more control over the development process. Almost all businesses value TTM and strive to enhance it, however, the majority of businesses fail to achieve the required TTM due to inefficiencies in the whole digital landscape.

 

  • The key to empowering developers and improving customer engagement and experiences is digital transformation. Companies want to launch the product as quickly as possible because it is projected that the first software product to hit the market would capture up to 70% of the market share. Companies will incur financial damages if their TTM targets are not met. It has been discovered that introducing a product six months later to the market results in a 33% decrease in profit over five years. On the other hand, if a product is launched on time but is 50% over budget, the profit will be lowered by about 4%.

About Us-

SkyQuest Technology Group is a Global Market Intelligence, Innovation Management & Commercialization organization that connects innovation to new markets, networks & collaborators for achieving Sustainable Development Goals.

 

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