Platform as a service or PaaS provides solution stack and computing platform as a service. It is one of the most popular categories of cloud computing services. With help of PaaS, consumers can create software programs by using the libraries from the providers, which also gives them access to the configuration and software deployment settings. The global platform as a service market has started gaining momentum with the growing adoption across various industrial verticals. Major investment flows and gradually rising rate of adoption are the strongest drivers for the industry, which is aiming at steady future in terms of revenue and global presence.
Segments in the PaaS Market
Market research experts categorize the global platform as a service market on the basis of the types of solutions, implementation models, uses, end users, industrial applications, and geographic regions. Following are the details of the sub-segments in the PaaS industry:
- Solutions: Raw compute, business application, web application & social application platforms
- Implementation: Private cloud, public cloud and hybrid cloud
- End Users: Small and medium businesses and large enterprises
- Usage: Integration, business process management, application development and maintenance, applications and others
- Industry: BFSI, healthcare, academia, consumer goods, retail, telecom and IT, gaming, logistics, and transportation, government, public sectors, and travel and hospitality
- Geography: Asia Pacific, North America, Middle East and Africa, Latin America and Europe
Drivers, Trends and Forecasts
Platform as a service market provides the customers a computing platform and solution stack. This platform is suitable for the consumers, who want to create software programs and manage their configurations individually. PaaS process is extremely complex, while the market also remained highly underrated with its relatively popular counterparts like software as a service (SaaS) and infrastructure as a service (IaaS). However, over the last few years, the market has shifted gear, with growth in adoption and simplification of the technology and applications of PaaS. Technological advancements and growing demand from various industrial verticals also plays crucial role in the present day scenario of the market.
Changing business needs, investments in IT activities, and high amount of scalability, flexibility, agility, and services like pay-as-you-go based pricing have driven more clientele towards the PaaS market. According to the market research reports, the global platform as a service market is expected to grow at a CAGR of over 32% from 2013 to 2018. Based on these estimated figures, the industry is expected to reach $6.94 billion by the end of the year 2018. In the year 2013, the market was worth $1.28 billion in 2013. Researchers also suggest that the user base of the platform as a service is expected to grow from 3% in 2012 to a whopping 43% in the year 2015.