Platform as a Service - Worldwide

Worldwide

Revenue in the Platform as a Service market is projected to reach US$171.80bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 17.63%, resulting in a market volume of US$386.90bn by 2029.
The average spend per employee in the Platform as a Service market is projected to reach US$48.25 in 2024.
The global market share of 0 was 0 in 2021.
In global comparison, most revenue will be generated in the United States (US$91,020.00m in 2024).

Key regions: United States, Italy, Australia, Netherlands, Japan

Market

Region

Region comparison

Currency

Analyst Opinion

The Platform as a Service market is experiencing significant growth and development worldwide. This is driven by the increasing demand for scalable and flexible cloud-based solutions, as well as the growing adoption of digital transformation strategies by businesses across various industries.

Customer preferences: Customers are increasingly looking for solutions that can help them streamline their operations, improve efficiency, and reduce costs. Platform as a Service (PaaS) offers these benefits by providing a comprehensive set of tools and services that enable businesses to build, deploy, and manage applications without the need for infrastructure maintenance.

Trends in the market: One of the key trends in the PaaS market is the shift towards multi-cloud and hybrid cloud environments. Businesses are realizing the importance of having flexibility and choice in their cloud infrastructure, and PaaS solutions that support multiple cloud providers are gaining popularity. This allows businesses to leverage the strengths of different cloud platforms and avoid vendor lock-in. Another trend in the market is the increasing focus on low-code and no-code development platforms. These platforms allow users with little or no coding experience to build applications using visual interfaces and pre-built components. This trend is driven by the growing demand for faster application development and the need to bridge the gap between business users and IT departments.

Local special circumstances: In the United States, the PaaS market is driven by the strong presence of major cloud providers and a highly competitive business environment. The country has a large number of tech-savvy businesses that are early adopters of cloud technologies. Additionally, the availability of a skilled workforce and a mature ecosystem of technology partners contribute to the growth of the PaaS market in the country. In Europe, data privacy regulations such as the General Data Protection Regulation (GDPR) have had an impact on the PaaS market. Businesses are increasingly concerned about data security and compliance, which has led to the adoption of PaaS solutions that offer strong data protection measures and comply with local regulations.

Underlying macroeconomic factors: The global economy is experiencing a digital transformation, with businesses across industries investing in technology to stay competitive. The COVID-19 pandemic has further accelerated this trend, as businesses have had to adapt to remote work and digital operations. The need for cloud-based solutions, including PaaS, has increased as businesses seek to enable remote collaboration, improve productivity, and ensure business continuity. Furthermore, the increasing availability of high-speed internet connectivity and the proliferation of mobile devices have contributed to the growth of the PaaS market. Businesses are embracing cloud technologies to support their mobile workforce and enable seamless access to applications and data from anywhere, at any time. In conclusion, the Platform as a Service market is witnessing significant growth and development worldwide. This is driven by customer preferences for scalable and flexible cloud solutions, as well as the adoption of digital transformation strategies. The shift towards multi-cloud and hybrid cloud environments, the focus on low-code and no-code development platforms, and the impact of local special circumstances such as data privacy regulations are shaping the market. The underlying macroeconomic factors, including the digital transformation of the global economy and the need for remote work capabilities, are further driving the growth of the PaaS market.

Methodology

Data coverage:

The data encompasses B2B and B2C enterprises. Figures are based on the money spent at manufacturer price level (excluding VAT).

Modeling approach / Market size:

The segment size is determined through a top-down approach. We use financial statements such as annual reports, quarterly earnings, and expert opinions to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as GDP and level of telecommunications infrastructure.

Forecasts:

We use a variety of forecasting techniques, depending on the behavior of the relevant segment. The main drivers are the GDP and the level of digitization.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.