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Platform as a Service Market Trends

ID: MRFR//1368-HCR | 110 Pages | Author: Shubham Munde| July 2024

Platform as a Service Market Overview

Platform as a Service Market Size was valued at USD 59.8 Billion in 2022. The Platform as a Service market industry is projected to grow from USD 75.7 Billion in 2023 to USD 290.2 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 21.16% during the forecast period (2023 - 2030). The growing requirement to diminish application development costs and time to market, emphasis on streamlining application administration, and increasing support from IaaS are the main factors boosting the market growth.

Platform as a Service MarketSource: Secondary Research, Primary Research, MRFR Database and Analyst Review

The increased need to reduce application development costs and time to market, as well as the emphasis on streamlining application management, are the primary factors driving market expansion. Rising interest in adaptability, versatility, and competence is required to drive the global Platform as a Service (PaaS) Industry during the time period. Developing, running, and delivering on-premise applications is complex, expensive, and time-consuming. These applications necessitate the use of hardware, middleware, a database, web administrations, an operating system (O.S.), and further programming. Furthermore, the data sets, frameworks, and organizations of a group of board specialists are required to keep everything running. During the COVID-19 epidemic, the interest in Platform as a Service (PaaS) Business was high, particularly in BFSI, Retail, and e-commerce.

Latest Industry News of Platform as a Service Market:

June 2023:

Unqork, the premier Codeless as a Service platform, announced today the launch of the Unqork platform on the Microsoft Azure Marketplace, which provides IT software applications and services built by industry-leading technology firms and optimized for Azure. Unqork helps companies to democratize technology and escape the pitfalls of old code, freeing innovation and accelerating time to market while providing enterprise-grade performance, scale, and security. Customers may now readily access Unqork's Codeless as a Service platform to build and run mission-critical apps faster and at a reduced cost thanks to the listing on the Azure Marketplace.

May 2023:

Nautanix, a hybrid multicloud computing business, unveiled Project Beacon, a multi-year endeavor to deliver a portfolio of data-centric Platform as a Service (PaaS) in May 2023. The idea, according to the business, is to decouple the application and its data from the underlying infrastructure, and Project Beacon seeks to enable developers to write applications once and execute them anywhere. This data-centric platform services suite would have automated mobility, portable licensing, developer self-service, and built-in security and governance for cloud operations teams. The business believes that through these services, developers will have access to a portfolio of data-centric PaaS services in native public cloud, on-premises, and at the edge, while operations teams will retain complete control over data governance, compliance, and data protection.

Platform as a Service Market Trends

Increasing support from IaaS boosts the Market Growth

Rising interest in adaptability, versatility, and skill is required to drive the development of the worldwide Platform as a Service (PaaS) Industry during the time frame. Creating, running, and sending on-premise applications is intricate, costly, and moderate. These applications require equipment, middleware, an information base, web administrations, a working framework (O.S.), and another programming. Moreover, a group of board specialists' data sets, frameworks, and organizations are likewise needed to keep everything working. The interest Platform as a Service (PaaS) Business has been in great demand, especially in BFSI, Retail, and e-commerce, during the COVID-19 pandemic. Consolidated utilization of IaaS with PaaS can present rewarding development openings worldwide as a help (PaaS) market. Among the leading PaaS suppliers, Google and Microsoft have dropped down the worth chain to make and give IaaS contributions. IaaS is needed to get a more significant level of acknowledgment while making a more extensive cloud impression. Currently, Platform as a Service (PaaS) Market Trends appropriation is developing, and various SMEs are reluctant to wager on it as long as possible.

Figure 1: IaaS Market (USD Billion)IaaS Market (USD Billion)Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Platform as a Service Market Segment Insight

Platform as a Service End-User Insight

Based on solution type, the Platform as a Service market segmentation includes BFSI, IT & Telecom, Retail & E-Commerce, Healthcare, Transportation & Logistics, Travel & Hospitality, and Others. The IT & Telecom segment leads the market with a share of 28.2% in 2023 and is expected to dominate the market with a CAGR of 20.48% through the forecast period. To connect SMS, video, and location through APIs and address consumer issues more quickly, telecom businesses are using CPaaS solutions. The third-largest telecom provider in the nation, Vodafone Idea (VI), provides cloud telephony solutions to businesses through its B2B division, Vi Business. It is made available by the telecom as a communications platform as a service (CPaaS). Automating numerous procedures using voice and SMS as communication channels allows businesses to concentrate on their primary business activities more efficiently.

Figure 2: Platform as a Service Market, by End-User, 2022 & 2030 (USD Billion)Platform as a Service Market, by End-User, 2022 & 2030 (USD Billion)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

The healthcare segment is expected to grow at the fastest CAGR of 24.26% through the forecast period. This can be due to the increased acceptance of CPaaS by the healthcare industry for numerous use cases such as remote diagnosis, scheduling, virtual patient-doctor encounters, and appointment reminders, among others. For instance, the CPaaS platform is used by NYU Langone Health, a prestigious academic medical center, to reach Billions of patients with data-driven health messaging. Healthcare cloud computing infrastructure is in high demand due to the growing trend of digitalization in the industry, the incorporation of cutting-edge  Artificial Intelligence (AI)  and Machine Learning (ML) algorithms, the cloud deployment of healthcare systems, rising costs, ineffective facility management, and overburdened systems.

February 2023: - A new set of digital identity protection and security services has been introduced by Route Mobile Ltd., a well-known international provider of communication platforms as a service. The TruSense suite will assist in protecting digital transactions while enabling organizations to verify end users accurately.

February 2023: - Microsoft announced the debut of its "Azure Operator Nexus" next-generation hybrid cloud platform for communication service providers. The IT giant believes that contemporary network infrastructure will help its telecommunications partners enhance and monetize their current infrastructure while reducing their total ownership cost.

Platform as a Service by Component Type Insights

The platform as a service market segmentation based on component type includes solutions and services. The solution segment accounted for the largest share of this market, expected to grow at a CAGR of 23.1% through the forecast period. The development of programmable video capabilities that allow for more humanized digital interactions is responsible for the segment's expansion. Additionally, it is anticipated that built-in app video with APIs for integrated workflow will enhance the whole value proposition of CPaaS firms. In addition, businesses in the sector are increasingly favoring hybrid cloud solutions to boost productivity, spur innovation, and cut expenses. A cloud infrastructure architecture known as a hybrid cloud combines private cloud, on-premises computing, and public cloud options.

Furthermore, many companies anticipate that payments will create a cloud-native environment as digitalization grows. They must hire a third-party provider to use local, international, and cross-border payment solutions through a single interface. Additionally, providers intend to handle the complexity and challenges of shifting funds. Thus, the market for platforms as a service is anticipated to benefit from several opportunities that digitalization and online payment with new product introductions would create.

Moreover, the services category is also anticipated to grow at a CAGR of more than 20% through the forecast period. The market demand for professional and managed services is driven by the increasing integration of artificial intelligence and machine learning for agent augmentation, speech recognition, automation, emotion analysis, and call analytics. For instance, banks and other financial organizations use conversational AI platforms combined with APIs to automate customer care interactions and enhance the client experience.

Platform as a Service by Enterprise Type Insights

The platform as a service market segmentation based on enterprise type includes small, medium, and large enterprises. The large enterprise segment accounted for the largest and is expected to grow at a CAGR of 20.9% in the forecast period. For various enterprise communication channels, large businesses from many industries employ CPaaS. Accounting, finance, education, healthcare, insurance, retail, travel & hospitality, transportation & logistics, and other sectors are among the most often using CPaaS solutions. Thus, the significant market share of this sector is due to the substantial spending power of large businesses and the accessibility of qualified IT employees for the administration of cloud platforms.

Conversely, small and medium enterprises are projected to grow at a CAGR of more than 22% during the forecast period. For various use cases, including marketing and sales, customer interaction, customer experience, question management, payments, etc., SMEs are utilizing CPaaS solutions. Owners, tenants, and property managers of multi-family rental communities can connect to Dwelo, Inc.'s smart apartment technology platform via Twilio Wireless to handle home automation.

Platform as a Service Regional Insights

This market has been segmented by region into North America, Europe, Asia-Pacific, and the Rest of the world. The North American region dominated this market with a share of 40.2% and is expected to grow at a CAGR of 19.58% through the forecast period. Due to the existence of top Platform-as-a-Service providers, their increased focus on creating cutting-edge application PaaS technologies, and increased government financing for additional improvements, North America holds a significant market share. The region's market is expanding due to strong R&D spending, a mature telecom service sector, and multiple CPaaS businesses. Also, the area has a sophisticated technological infrastructure, which supports market expansion there.

Figure 3: Platform as a Service Market, by Region, 2022 & 2030 (USD Billion)Platform as a Service Market, by Region, 2022 & 2030Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

The Asia-Pacific is expected to lead the market by the end of the forecast period and is expected to grow at a CAGR of 24.39% through the forecast period. The economy of Asia is making steady progress, and trade has advanced significantly. Although financial market volatility has grown, Asia has adopted an accommodative financial policy that controls inflation in APAC countries. New policies are being implemented in response to the increasing demands of the populations in Asia Pacific's rural, urban, and coastal areas, helping the region's economy flourish.  

Furthermore, modern business models are becoming more complex due to the constant need to handle variables, data, and tasks. Platform-as-a-Service lightens the pressure on businesses by concentrating on their growth and operational needs rather than eating up valuable and expensive IT resources.

Platform as a Service Key Market Players & Competitive Insights

The communication platform as a service market's competitive environment needs to be more cohesive, with many local and international providers. The leading players are implementing strategic efforts such as product launches, expansion, and acquisition.  

Major players in platform as a service market, include, Red Hat, Inc., Route Mobile Ltd, Google, Inc., Microsoft Corporation, Oracle Corporation, Fujitsu Ltd., Apprenda Inc.,, Inc., SAP SE, Engine Yard, Inc., Standstorm and Vodafone.

Key Companies in the Platform as a Service market includes.

Platform as a Service Industry Developments

February 2023: - SANDSTORM, an Innovative Remote Network Monitoring and Smart Device Assurance Solution for Telcos and Businesses, was introduced by Tech Mahindra. Furthermore, SANDSTORM is a state-of-the-art technology that enables service providers to remotely monitor user experiences on any device, including connected cars, VR headsets, smart TVs, and tablets.

February 2023:- By a partnership with esports start-up Gamerji, Vodafone Idea has increased its market shares in the mobile gaming industry and added Esports to its offering. Also, VI has introduced an Esports platform on the Vi App under the banner of Vi Games, which will offer well-known Esports games across numerous genres, such as Battle Royale, Racing, Cricket, Action Role Playing, etc., thanks to the cooperation.

Platform as a Service Market Segmentation

Platform as a Service Component Outlook

  • Solution

  • Services

Platform as a Service Enterprise Outlook

  • Small

  • Medium

  • Large

Platform as a Service End-User Outlook

  • BFSI

  • IT & Telecom

  • Retail & E-Commerce

  • Healthcare

  • Transportation & Logistics

  • Travel & Hospitality

  • Others

Platform as a Service Regional Outlook

  • North America

  • US

  • Canada

  • Europe

  • Germany

  • France

  • UK

  • Italy

  • Spain

  • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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