Market Overview:
The Public Cloud Platform as a Service (PaaS) market estimated at USD 80.66 Billion in the year 2022, is projected to reach a revised size of USD 342.2 Billion by 2030, growing at a CAGR of 19.8% over the analysis period 2023-2030.
A public cloud platform is an IT model using the standard cloud computing model in which reports are provided by third-party providers through the internet and it is shared by individuals and organizations who want to buy them. Some cloud computing platforms may be free or sold on demand pricing schemes like a pay-per-usage model or through a variety of subscriptions. The cloud-based services like platform as a service (PaaS), infrastructure as a service (IaaS), and software as a service (Saas) are provided by public cloud service providers. The public cloud platforms offer various benefits such as it decreases the need for organizations to maintain and invest in their own on-premises IT resources, and owing to this model customers can pay for what they use and thus less wasted resources.
Top Key Players in Public Cloud Platform as a Service (PaaS) Market:
Engine Yard, Google Inc, IBM, Microsoft Corporation, DXC Technology, Pega, Amazon Web Services Inc., and Other Major Players.
Market Dynamics and Factors for the Public Cloud Platform as a Service (PaaS) Market:
Drivers:
The increase in complexity of modern-day businesses
Modern-day business models are becoming complex every day, owing to the presence of variables to process, data to be handled, and tasks to be completed. Platform-as-a-Service eases the load on organizations by focusing on the development and business end of the organization rather than dedicating crucial and expensive IT resources to the organizations. PaaS can help extend the capabilities of development teams while eliminating the need to hire additional trained staff for certain operations.
Opportunities:
Opportunity in the Growing Trend of Bring Your Own Devices (BYOD) Among the Enterprises
The adoption of advanced technologies such as Artificial Intelligence (AI) and the Internet of Things (IoT) presents a significant opportunity for the evolution and expansion of Procurement as a Service (PaaS). As organizations strive to enhance the efficiency and effectiveness of their procurement processes, AI and IoT offer transformative capabilities that can be harnessed through PaaS solutions. AI-powered algorithms can analyze vast amounts of procurement data, enabling more accurate demand forecasting, optimized inventory management, and intelligent supplier selection. T
Segmentation Analysis of the Public Cloud Platform as a Service (PaaS) Market:
By Type, Cloud application platforms are dominating as these are software platforms designed to help organizations build, deploy, and manage cloud-native applications. They provide a wide range of pre-built services and tools that allow developers to quickly develop and deploy applications without the need to manage the underlying infrastructure.
By Application, Public cloud platform as a service (PaaS) in the banking and financial sector (BFSI) helps to create new business models, optimize existing processes, improve customer experience, and increase revenue opportunities. And it also helps to build innovative customer-facing applications.
Regional Analysis of the Public Cloud Platform as a Service (PaaS) Market:
North America is expected to be the most promising region for major verticals, such as IT, BFSI, and telecommunications. The increasing budget allocation for cloud services among enterprises is further expected to drive the market in North America. North America is expected to be the most promising region for major verticals, such as telecommunications, IT and ITeS, BFSI, and the government and public sector.
Key Industry Development:
In June 2022, Oracle established Oracle cloud infrastructure for the Indian market to provide public cloud services to customers on their premises. This innovation helps customers to meet latency, data sovereignty, and data residency.
