Reasons Why Platform as a Service Market Will Flourish in the Coming Future

Cloud computing has become an essential part of the business environment. It has changed the general approach towards business applications and has made it fast, simple and effective. Platform as a service (PaaS) is a great solution for running business applications minus the troubles of hardware and software maintenance. This saves potential infrastructural costs and labor involved in getting business proceedings done in offices. This utility is the biggest driver for the global platform as a service market, which is aiming big. The market is breezing fast towards success at a rapid rate, which has increased the business opportunities and applications of this service.

PaaS Market Segmentation and Trends

Segmentation in PaaS market is based on the types of platforms, implementation models, usage, end users and industry verticals. Geographical demands for these services also require special attention to draw accurate market trends and forecasting results. Global market for platform as a service is divided into four major segments, namely, business applications, raw compute, social applications and web applications. Based on the types of implementation models, the market is segmented private, public and hybrid cloud. As far as end users are concerned, PaaS is popularly used by small and medium businesses and large enterprises.

Global Platform as a Service (PaaS) Market Revenue and Y-O-Y growth 2013 – 2018 ($MILLION)

Platform as a service has numerous applications including application development and maintenance, application, integration and business process management. These services are popularly used across variety of industry verticals. the most common businesses utilizing PaaS include banking, finances, travel and tourism, consumer goods and services, transportation and logistics, government, public sector, education, gaming, IT and telecommunication, hospitality and healthcare. Due to this wide range of applications across multiple industries, the market has great trends in terms of revenue and business opportunities. This fact is highlighted in the market research reports for the industry.

Based on the latest marketing research reports, the platform as a service market is estimated to grow at a whopping CAGR of 32.54%. This growth is expected to remain persistent from 2013 to 2018, which will shoot the market worth $6.94 billion in 2018. As of 2013, the market is poised at $1.28 billion. Talking about the market drivers, convenience, user-friendly nature, easy to understand interface, vast application area, ability to match up with the requirement of different business verticals, etc. are some of the brownie points for the PaaS market.

Owing to these facts, researchers feel it is safe to say that the companies in the market for platform as a service can expect to witness revolutionary transformation in the years to come.

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