The Platform as a Service (PaaS) market has been experiencing significant growth in recent years, with the global market reaching US$ 88.96 billion in 2024. Experts predict that the market is set to expand even further, reaching US$ 445.54 billion by 2032, with a compound annual growth rate (CAGR) of 22.31% during the forecast period 2025-2032.
PaaS is a cloud computing model that offers developers a ready-to-use platform complete with infrastructure, development tools, and a runtime environment to build, test, deploy, and manage applications without the complexities of maintaining underlying hardware and software infrastructure.
Key features of PaaS include pre-configured development frameworks and tools, automatic scalability and load balancing, integrated databases and middleware, as well as reduced coding time and faster deployment. Leading players in the PaaS market include Amazon Web Services, Microsoft Corporation, Google LLC, Salesforce.com, Oracle Corporation, VMware, Rackspace Inc., Adobe Inc., Verizon, and SAP SE.
Recent developments in the PaaS market include Capgemini’s acquisition of Syniti, a leading enterprise data management software and services provider, and Czech Radiokomunikace a.s.’s selection of Netmore Group AB’s IoT-focused Operator Platform-as-a-Service to enhance its commercial IoT services.
The market is projected to grow at a considerable rate during the forecast period, driven by the adoption of strategies by key players. Both primary and secondary data sources have been used in the research process, examining various industry-affecting factors such as governmental regulations, market conditions, competitive levels, technological advancements, and market volatility.
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