New York, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Platform as a service (PaaS) Global Market Report 2023" - https://www.reportlinker.com/p04442304/?utm_source=GNW
, Software AG, VMware Inc., Cloud Foundry, EMC Corporation and AT&T Inc.
The global platform as a service (paas) market will grow from $55.94 billion in 2022 to $61.42 billion in 2023 at a compound annual growth rate (CAGR) of 9.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The platform as a service (PaaS) market is expected to grow to $85.92 billion in 2027 at a CAGR of 8.8%.
The platform as a service (PaaS) market includes revenues earned by entities by providing cloud based platform services.PaaS is a cloud computing model that provides a platform to the customers to develop, run and manage applications over the internet.
Revenue in the market is generated by the companies by way of subscriptions and licenses from web/software developers or other business households.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Platform-as-a-Service (PaaS) refers to a cloud computing model that provides a platform for cloud providers to build apps for developers.
North America was the largest region in the Platform as a Service (PaaS) market in 2022.Western Europe was the second largest region in the Platform as a Service (PaaS) market.
The regions covered in the Platform as a Service (PaaS) market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of Platform as a Service (PaaS) are application infrastructure and middleware (AIM), database management systems (DBMS), business intelligence platform (BIP), and application development on cloud.A business intelligence platform (BIP) is a software that assists businesses in gathering, understanding, and visualizing data.
It is the foundation of a company’s business intelligence strategy, which is how the company uses data to make better decisions. The platform services are deployed through public cloud, private cloud, hybrid cloud by various end users such as financial institutions and services (BFSI), technology, retail, distribution, education services, travel and transport, healthcare and life sciences and others.
Many companies are outsourcing application and webhosting to third party managed hosting services companies to reduce the IT infrastructure costs. Procurement of servers, storage devices and other software applications and hire professionals to develop and maintain websites and host applications are much more expensive for businesses than outsourcing these functions to third-party managed services companies.
PaaS being an online platform face risks and security threats that might act as a restraint to the market.Companies in the industry consider security perspectives like privacy, access control and service continuity, to protect both the service provider and the user.
According to cyber security statistics by PurpleSec, ransomware attacks are estimated to cost $6 trillion annually by 2021.PaaS services are often subject to certain vulnerabilities such as lax default application configuration and holes in secure socket layers (SSL) protocols.
For instance, some of the common risk issues experienced in Microsoft Azure are misplaced or lost Linux updates, lost third party patches and unavailability of Microsoft updates.
Companies in the industry are increasingly preferring hybrid cloud solutions to increase efficiency, innovation, and reduce costs.Hybrid Cloud refers to a cloud infrastructure environment that is a mixture of private cloud, on-premises computing and public cloud solutions.
Platform as a service providing companies in the industry are leveraging this technology to enhance their agility, capability, increase development & deployment speed, and reduce IT costs.For instance, Amazon Web Service, a cloud computing platform, has developed a set of hybrid capabilities in the industry to capitalize on the global market.
Some of the major hybrid cloud providers are Amazon, Microsoft, and VMWare, followed by other technology companies IBM, Apple, Google, Cisco, Hewlett-Packard, Dell, Oracle, and Rackspace.
In October 2021, Microsoft Corporation, an American technology company, acquired Clear Software for an undisclosed amount.With this acquisition, Microsoft intends to improve Power Platform connectivity to external systems.
Clear Software is a US-based integration platform-as-a-service (iPaaS) provider.
The countries covered in the Platform as a Service (PaaS) market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The platform as a service (PaaS) market research report is one of a series of new reports that provides platform as a service (PaaS) market statistics, including platform as a service (PaaS) industry global market size, regional shares, competitors with a platform as a service (PaaS) market share, detailed platform as a service (PaaS) market segments, market trends and opportunities, and any further data you may need to thrive in the platform as a service (PaaS) industry. This platform as a service (PaaS) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p04442304/?utm_source=GNW
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