Platform as a Service (PaaS) Market to Reach USD 22780 Million by 2026 at CAGR 18.5% - Valuates Reports
Platform as a Service (PaaS) Market is Segmented
by Type (Public Cloud, Private Cloud, Hybrid Cloud),
by Application (Banking, Financial Services and Insurance (BFSI), Consumer Goods and Retail, Education, Government and Public Sector, Healthcare and Life Sciences, Manufacturing, Media and Entertainment, Telecommunication and Information Technology Enabled Services (ITES), Others). The report covers global opportunity analysis and industry forecast from 2021 to 2026. It is published on
Valuates Reports in the
Software & Services Category.
The global Platform as a Service (PaaS) market size is projected to reach USD 22780 Million by 2026, from USD 6750.2 Million in 2019, at a CAGR of 18.5% during the forecast period 2021-2026.
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DUBLIN, April 20, 2021 /PRNewswire/ The
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The global PaaS market size is estimated to grow from USD 56.2 billion in 2020 to USD 164.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 19.6% during the forecast period.
Key factors that are expected to drive the growth of the market are the increasing need to reduce time to market and cost of application development and focus on streamlining application management. However, cloud washing hindering the growth of PaaS, and security concerns related to the adoption of public cloud are expected to limit the market growth. Apart from drivers and restraints, there are a few lucrative opportunities for PaaS providers in the market. The rapid development of the mobile app ecosystem and the emergence of video communication PaaS are some of the opportunities for vendors in the PaaS market. These opportunities are expected to present new market growth prospects for PaaS vendors.