Platform as a service (PaaS) Market:
WiseGuyReports.com adds “Platform as a service (PaaS) Global Market Report 2022” reports to its database.
The Platform as a Service (PaaS) market consists of sales from 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. There are four different types of PaaS which can be classified as computing platforms, web applications, business application and social applications. The global revenue of this industry is the cumulative revenue of all the companies engaged in providing any of the above services. Some of the Paas providers are Salesforce, Heroku, Amazon Web Service (AWS), Elastic Beanstalk and Microsoft Azure etc.
The global platform as a service (paas) market was valued at about $29.58 billion in 2018 and is expected to grow to $52.4 billion at a CAGR of 15.4% through 2022.
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The platform as a service market has been geographically segmented into North America, Western Europe, APAC, Eastern Europe, South America and Middle East & Africa. The North American market is the largest market for platform as a service and is expected to continue to be the largest market during the forecast period.
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. In January 2018, according to Annual State of the Cloud Survey, conducted by RightScale, a company, 29% of the companies face security as a significant challenge and 25% on governance and control. 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. According to a report on Market Watch, the global hybrid cloud market is expected to grow from $44.60billion in 2018 to $97.64 billion by 2023 at an annual growth rate of 17%.
In May 25, 2018, European Union has implemented a regulation called GDPR to impact platform as a service market with principles on data protection, data minimization, data retention, and confidentiality. This regulation emphasizing on securing and safeguarding the consumer data, allows only minimum amount of personal data and restricts the access to extract complete data. It ensures that the companies in the industry should follow strict rules in how they collect, protect and share the personal data of the customers, particularly in the European Union. The rules on the areas of storage limitation, data minimization might affect the PaaS market in taking significant measures on the analysis and accuracy.
On October 1, 2018, Siemens, a German technology Company, acquired Mendix for $600 million. Mendix was a low-code application development platform headquartered in Boston, United States. Under the terms of agreement, Mendix continued operating as usual under its own name but Siemens also utilized Mendix’s technology to accelerate its own cloud. With the help of this acquisition, Siemens entered the low-code application development market to increase its market size and build a strong position in the rapidly growing market in order to survive intense competition.
Major players in the market are Amazon web service, Salesforce Platform, IBM Cloud Foundry, Microsoft Azure and Google Cloud Function.
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