Platform as a Service (PaaS) Market Research Report - Forecast 2030

Impact of COVID-19 on the Global Platform-as-a-Service (PaaS) Market

Platform-as-a-service (PaaS) allows consumers to build software applications with ease through the utilization of tools made available by the cloud provider. PaaS offers numerous advantages such as low maintenance and enhanced mobility to software development corporations. Cloud computing has supported the information technology market significantly during recent years. Infrastructure-as-a-service (IaaS) and software-as-a-service (SAAS) are considered as the larger divisions of cloud computing. However, currently, Platform-as-a-Service is estimated to have registered substantial growth due to the increasing focus of key IT players towards the service in emerging countries. During the pandemic, new opportunities in Platform-as-a-service (PaaS) are emerging along with the growth of IT and cloud infrastructure virtualization worldwide.

The demand for PaaS has been on the surge during the COVID-19 pandemic. However, this requirement is anticipated to be hindered by the reduction in IT expenditure budgets due to full/partial lockdowns imposed worldwide, which have also resulted in severe losses to businesses across the globe. The implementation of lockdowns in various countries to suppress the spread of the pandemic has placed restrictions on public gatherings at international events, concerts, theatres, and music festivals, which is, in turn, hampering the growth of the PaaS market. However, government policies are expected to support the PaaS market over the forecast timeframe. Moreover, the market is showing a significant recovery rate, which can be attributed mainly to the adoption of remote working policies by several companies to prevent the spread of COVID-19 at workplaces. The industry is certainly expected to face challenges in the near future, owing to the long-term effects of the pandemic.

Impact Analysis