2 minute read
Research Methodology
Platform as a Service Market Overview
The Platform as a Service (PaaS) Market is expected to grow from USD 56.2 billion in 2020 to USD 164.3 billion by 2026 at a CAGR of 19.6% from 2020 to 2026.
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Platform as a service (PaaS) is similar to the cloud computing offering wherein a specialist co-op provides a stage to customers, allowing them to create, run and oversee business applications without the requirement to assemble and keep up the framework such programming advancement measures typically needed. One of the key benefits of Platform as a service (PaaS) is its ability to improve a designer's efficiency. Platform as a Service (PaaS) Business provides direct help for business spryness by empowering rapid improvement with faster and more successive conveyance of usefulness. Developing, running and deployment of on premise applications is complicate, expensive and slow. All these applications need hardware, database, middleware, web services, operating system (OS) and other software. Moreover, a team of database, system and network management experts are also needed to keep everything functioning. PaaS offers the entire infrastructure over the Internet, needed to develop, test, run and deploy applications. The users can access custom applications built in the cloud, while independent software vendors (ISVs) and IT departments can now emphasize on innovation instead of on dealing with complex infrastructure. Therefore, by leveraging PaaS, the organizations can now re-direct a significant share of their budgets in creating applications and emphasizing on application expertise which offers high business value, rather managing complex software and hardware infrastructures. Hence, these factors are expected to propel growth of the global platform as a service (PaaS) market over the forecast period. In addition, the platform as a service offers subscribers pay-per-use features where the user is needed to pay a subscription fee, based upon the business needs. This is highly beneficial as the subscribers can use the platforms to develop, run, test, and employ the applications including scale the number of users of the application as per the requirement. Thus, platform as a service simplifies application development management, deployment and scaling, therefore facilitating higher developer productivity and innovation. Thereby, these factors are anticipated to accelerate the global platform as a service (PaaS) market growth over the forecast period. Apart from this, the higher initial installation, limited customization and complicate network management strategies will limit the market growth.
