Platform-as-a-service (PaaS) is one of the three cloud deployment models, with the other models being infrastructure-as-a-service (IaaS) and software-as-a-service (SaaS). PaaS model provides a framework to develop and deploy software and web applications on the cloud. Developers around the world are increasingly adopting the PaaS deployment model as it offers features such as high-availability, scalability, pay-as-you-go, remote access, multi-tenant capability, and customization. Additionally, this model is preferred by developers because it allows them to manage the application lifecycle stages efficiently including building, testing, deploying, managing, updating, and scaling the application under the existing integrated environment. With PaaS, developers can avoid the complexity and expenses involved in managing and buying of software licenses. The rapid development and adoption of cloud computing and virtualization technologies is the main factor driving growth in the global platform-as-a-service market, which was valued at $5.3 billion in 2018. In line with the surging demand for advanced applications, the global Platform-As-A-Service Market (PaaS) is projected to grow at a CAGR of 22.6% during the forecast period.

 

North America: Leader in the PaaS Market      

The North American region generated the maximum revenues in the platform-as-a-service market, and held a share of 38.2% in 2018. The presence of major key players and the thriving start-up culture in the region are the aspects resulting in the hefty regional share of North America in the global PaaS market. With the strengthened technological development of the Internet and the increased volume of active web and mobile applications, growth in the platform-as-a-service market is certain. This development can be attributed to the early adoption of technically advanced software development tools and similar practices prevailing in the region. Moreover, the region attracts expert professionals, owing to the high pay-scale and additional benefits offered for PaaS developer jobs. Thus, the exceptionally skilled operatives and developers in the region are also one of the major reasons for the prolific demand in the regional platform-as-a-service market.      


Top 5 Application Areas in the Platform-as-a-Service Market

Banking, financial, and insurance (BFSI): The banking, financial, and insurance (BFSI) industry is the key application in the PaaS market. The vertical will see growth at a CAGR of 25.5% through the forecast period. The socio-economic conditions which fluctuate with customer demands, volatility, trust deficit, disruptive technologies, and increasing regulatory controls have influenced the structural changes in the financial sector. Additionally, aggressive expansion of the software industry is encouraging the processes involved in the BFSI towards digitalization. Thus, the above-stated factors are resulting in the strong grip of the BFSI sector in the global platform-as-a-service market. Integration of PaaS in the BFSI segment has positively impacted operations in the vertical with effective solutions such as cash & treasury management, asset life cycle, financial management, financial control & reporting, financial analytics & lease, and procure-to-pay. The complete dependency of BFSI on cloud computing builds the foundation for consistent growth, ethical governance, unified & isolated controls, increased productivity, and reduced costs thereby supporting the platform-as-a-service market growth.


The Automotive Requirements

Automotive is one of the biggest and most profitable segments among end-user verticals of the PaaS market. Penetration and application of software in the automotive industry have significantly enhanced the automotive sector at every stage of the supply chain such as for designing, prototype testing, product testing & manufacturing, delivery, and after-sales services. According to the International Organization of Motor Vehicle Manufacturers (OICA), the production of motorized vehicles surpassed 95 million units in 2018, and the demands and manufacturing of vehicles are consistently increasing. Moreover, the emerging sub-branches namely autonomous vehicle (AV) and electric vehicles (EV) in the automotive sector are employing multiple software and analytical tools for achieving efficiency in the segments so that these verticals can achieve mainstream operability. Implementation of autonomous vehicle (AV) and electric vehicle (EV) is limited because of limited data availability, and the data collected so far needs excellent analytical solution such that the current AV and EV scenario can be expanded. This generates the requirement for optimized analytics software and intelligence tools. According to the International Energy Association (IEA), the number of electric vehicles running on the road will touch 125 million by 2030 which will deliberately employ multiple softwares for supply chain management, and further contributing to the platform-as-a-service market.


Healthcare Applications       

The requirement for customized applications in the healthcare industry is countless. Platform-as-a-service includes a software development kit (SDK) and focuses on customized application development. Integrating PaaS in the healthcare industry allows medical professionals to concentrate on delivering care. The healthcare industry is rigorously deploying mobile-based solutions to mid-sized and large-scale medical centers. According to software MNC Red Hat, 82% of the healthcare organizations in the U.S. are extensively utilizing mobile applications for streamlining medical processes in hospitals. The firm also confirms that nearly 8 in 10 healthcare organizations are witnessing positive returns on investment after implementing mobile-based applications developed in the platform-as-a-service environment. The success of the mobile-based healthcare applications is the result of agile development methodologies and modern API-based architecture that helps developers support the increasing demand for mobile applications, reduce development costs, and enhance efficiency. Following the trail, the demands for interoperable applications in the healthcare industry will certainly induce significant revenues in the global platform-as-a-service market.

 

Demands Arousing from the Consumer Electronics Sector 

The consumer electronics industry is growing at an exponential rate. The manufacturing, and development of electronic products such as mobile, laptops, computers, tablets, and smartwatches have massively grown owing to rapid technological advancements that have lowered manufacturing costs. According to the Global Systems for Mobile Communication (GSMA), the number of unique mobile subscribers surpassed 5 billion units globally in 2018. With such an influx of growing mobile subscribers, the usage of web and mobile-based applications will bolster demand in the platform-as-a-service market.  

 

Demands of Intelligent Applications from the Education Sector

The education sector is also benefiting from the platform-as-a-service application. Globally, educational institutions and organizations are integrating digitalization to enhance teaching processes. The broad usage of smartphones and cloud-based learning platform have propelled growth in the platform-as-a-service market. The segment is also witnessing exuberant investment in the R&D department of learning management systems. Educational organizations are teaming up with software companies to increase the availability of learning materials on the internet through software. According to LMS.org, Germany-based Bertelsmann purchased OnCourse Learning, a digital learning provider for $500m. Considering the growing demand for advanced software in the education sector, opportunities in the global platform-as-a-service market are certain to benefit key players in the market.   

 

Platform-As-A-Service Market: Competitive Landscape

The major companies providing platform-as-a-service are expanding globally by leveraging mergers and acquisitions. Key players are also investing a significant capital for technical advancements and innovation in the global platform-as-a-service market. Some of the major companies impacting the global platform-as-a-service market are Amazon Web Services, IBM Corp., Microsoft, Oracle Corporation, Active State Software Inc., Red Hat, SAP SE, EMC Corporation, VMware Inc., Software AG, Salesforce.com, and AT&T Inc.


Talk to one of our sales representative about the full report by providing your details in the link below:

https://www.industryarc.com/support.php?id=500810


Related Reports:

a)      Business Process-As-A-Service Market

https://www.industryarc.com/Report/15272/business-process-as-a-service-bpaas-market.html


Any other custom requirements can be discussed with our team, drop an e-mail to [email protected]  to discuss more about our consulting services.

To request for a quote, provide your details in the below link:

https://www.industryarc.com/reports/request-quote?id=500810


Media Contact:

Mr. Venkat Reddy

Sales Manager          

Email: [email protected]

Contact Sales: +1-614-588-8538 (Ext-101)


About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.