Platform as a Service (PaaS) Market Share and Growth Factors Covid-19 Impact Analysis 2021–2027 | VMware (US), ServiceNow (US), Plesk, Render, CircleCI &Tray.io

  


During the projected period, the global Platform as a Service (PaaS) Market is estimated to increase from USD 56.2 billion in 2020 to USD 164.3 billion in 2026, with a Compound Annual Growth Rate (CAGR) of 19.6%. The increasing need to minimise time to market and cost of application development, as well as a focus on streamlining application management, are projected to fuel market expansion. Throughout the paper, the influence of the COVID-19 pandemic on the market has been discussed. The pandemic has contributed to the expansion of the Platform as a Service (PaaS) Market.

A surge in demand for cloud-based business continuity tools and services, high reliance on public cloud services to satisfy near-term corporate goals, and increasing investment in cloud services by major industries due to COVID-19 are the main reasons for the market's favourable impact. Reduced industrial spending as a result of COVID-19, on the other hand, is projected to have an influence on the uptake of PaaS solutions. Companies' technology landscapes are rapidly changing, including how infrastructure is constructed and managed, as well as how software applications are produced and distributed.

it is a critical component in determining an organization's performance, as well as the cost of developing its products. It's easier to launch a product when you have more control over the development process. Almost every company places a premium on TTM and strives to increase it.

The key to empowering developers and improving customer engagement and experiences is digital transformation. Companies want to launch the product as quickly as feasible because the first software product to hit the Platform as a Service (PaaS) Market is expected to capture up to 70% of the market share. If companies fail to fulfil their TTM targets, they will suffer financial losses. It has been calculated that if a product is presented six months later to the market, it will generate 33% less profit over five years. On the other hand, if a product is launched on time but costs 50% more than expected, the profit will be cut by about 4%.

When marketing teams label their programme to make it more appealing, they use the term cloud washing. PaaS systems that are cloud-washed differ from those that are cloud-native. PaaS products that have been cloud-washed have comparable architecture and programming approaches. These solutions only provide incremental progress and have limited cloud capabilities. End users are frequently unable to tell whether a PaaS is cloud-washed or cloud-native in many cases. Cloud-washed solutions use a lot of system resources (such as CPU and memory) and require a lot of administration. As a result, cloud-washed solutions are projected to stifle industry growth.

The mobile ecosystem is rapidly expanding, and app development has emerged as a critical component in this expansion. The creation of enterprise mobile apps is becoming a key concern for firms as a result of the growth of digital enterprises. According to 451 Research research, 50% of IT businesses aim to implement at least ten mobile apps in the next two years. The COVID-19 outbreak has resulted in an unexpected increase in demand for several mobile applications. Mobile application development has accelerated thanks to advancements in technology such as 5G and cloud computing.

North America, Asia Pacific (APAC), Europe, Middle East & Africa (MEA), and Latin America is the five key geographic regions covered by the worldwide PaaS market. For major industries like IT, BFSI, and telecoms, North America is predicted to be the most promising market. The Platform as a Service (PaaS) Market market is likely to be further fueled by organisations' rising budget allocation for cloud services. For important verticals including telecommunications, IT and ITeS, BFSI, and government and public sector, North America is predicted to be the most promising market. The PaaS market is likely to grow gradually in North America throughout the forecast period, as businesses use innovative application development technologies at various levels as part of their plan to stay competitive.

AWS (US), Microsoft (US), Alibaba Cloud (China), IBM (US), Salesforce (US), Google (US), Oracle (US), SAP (Germany), Mendix (US), Zoho Corporation (India), Engine Yard (US), Apprenda (US), VMware (US), ServiceNow (US), Plesk (Switzerland), Render (US), CircleCI (US), Tray.io (US) are the major vendors offering PaaS solutions and services globally (US),

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