North America held a major share in the Platform as a Service market in 2018 and is anticipated to maintain the dominant share over the forecast timeline. The market growth is attributed to the presence of prominent market players in the region. Additionally, the enterprises present in the region are highly digitized and are increasingly using cloud-based services. The government in the region is investing heavily in the cloud and other infrastructure to support the growth of the PaaS market.
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Based on Application, Platform as a Service Market in the application segment is estimated to grow at a significant CAGR over the forecast timeline due to the increasing capital investments in the application development for web, enterprises, and mobile. Additionally, it enhances resource sharing across several projects, facilitating higher employee productivity in enterprises. Application Platform as a Service reduces the time-to-market by condensing the project duration by more than half and improving operational efficiency. The rising need to support the enterprise level of applications & related projects, which include technical support, data security, access to external services, and disaster recovery is proliferating the Application Platform as a Service market.
Players in the SaaS market are acquiring capital-efficient startups and collaborating with prominent cloud service providers to enter the Platform as a Service market. For instance, in December 2018, HubSpot partnered with AWS for three years to help the startups grow better. HubSpot is anticipated to leverage AWS services to expand its platform and offer added benefits to members of the Connect and HubSpot for Startups programs. Additionally, some SaaS market players are launching definitive Platform as a Service strategies and innovative business models to disrupt the platform as a service market.
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The rising needs of IT solutions such as agility, scalability, Pay-per-use based pricing, and reduced cost & time is driving the Platform as a Service market growth. Additionally, PaaS also caters to the growing demand for affordable and sophisticated analytic tools, business intelligence, and development software. PaaS development tools help SMEs and startups with pre-coded application components built into the platform such as directory services, workflow, search, and security.
Methodology used in the Report –
Our researchers and domain experts use a unique blend of primary and secondary research, with validation and iterations at every stage, in order to minimize deviation and present the most accurate analysis of the industry. The research process begins with extensive data mining, using authentic sources such as trade magazines, technical publications, independent studies along with paid avenues such as ICIS, Hoovers, etc. Primary objectives of data mining include:
- Definition and scope of research
- Market dynamics, growth drivers and industry pitfalls
- Regulatory and political guidelines for the industry
- Demographics and statistical data
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