Latest News- Platform-As-A-Service (PaaS) Market: Public cloud is expected to lead the Product segment during 2025-2029

The Platform-As-A-Service (PaaS) Market is being driven by Reduction in cost of application development and time

The Platform-As-A-Service (PaaS) Market is expected to grow at a CAGR of 34.7% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 193222.5 million. In today's business landscape, there is a growing trend towards hybrid cloud solutions, which enable organizations to deploy applications on their on-premises or private cloud infrastructure while accessing additional resources from the public cloud as needed. This flexibility allows businesses to easily adjust their workloads between different clouds, providing them with the freedom to switch cloud service providers according to their specific requirements. The absence of vendor lock-in is a significant advantage for organizations during pricing negotiations for various cloud services. PaaS (Platform-as-a-Service) offerings further enhance this flexibility by allowing businesses to seamlessly transition between cloud providers, ensuring they always have the best solution for their evolving needs. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Public cloud
  • Private cloud
  • Hybrid cloud
• Type
  • Application PaaS
  • Integration PaaS
  • Database PaaS
• End-user
  • Large enterprises
  • SMEs
• Geography
  • North America
    • Canada
    • Mexico
    • US
  • Europe
    • Germany
    • UK
    • France
  • APAC
    • China
    • India
    • Japan
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Reduction in cost of application development and time
• Streamlined application management
• Ensuring business continuity and simplification of disaster recovery with cloud

However, the market also witnesses some limitations, which are as follows:

• Security concerns related to public cloud
• Issues associated with company lock-in
• Lack of awareness

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Market Scope in Platform-As-A-Service (PaaS) Market Research Report

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Research Analysis Overview

The Platform-as-a-Service (PaaS) market encompasses open source and proprietary software solutions that facilitate cloud migration, including hybrid cloud models. Managed services and professional services are offered to assist with application modernization, legacy system integration, and digital transformation. PaaS provides tools for cloud native development, such as serverless functions, API gateways, message queues, and content delivery networks. Data governance, modeling, visualization, predictive analytics, prescriptive analytics, natural language processing, and computer vision are essential data management features. The Internet of Things (IoT), edge computing, virtual private cloud, incident response, vulnerability management, penetration testing, compliance frameworks, service level agreements, resource management, capacity planning, support channels, and knowledge base are other key components of PaaS offerings.

Market Research Overview

The PaaS market is a segment of the larger IT software industry, focusing on the provision of on-demand software and development tools over the internet. This market encompasses serverless computing, microservices architecture, and API management solutions, all built on cloud computing technology. PaaS providers offer businesses the ability to deploy applications without the need for virtual machines or other infrastructure management. Technavio's market analysis calculates the PaaS market size based on the combined revenue of companies specializing in this service model, contributing to the global application software market, which excludes database management and interactive home entertainment software providers.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/