Report: Platform as a Service Market To Grow At A CAGR of 25.7% Between 2014 and 2020
Growing at this pace, the global PaaS market, which valued US$1.60 billion in 2014, is expected to reach US$7.98 billion by 2020.
Transparency Market Research has announced the release of a report titled, “Platform as a Service (PaaS) (Public, Private and Hybrid Cloud) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020.” According to the report, the global PaaS market is expected to grow at an extremely healthy CAGR of nearly 25.7% between 2014 and 2020. Growing at this pace, the global PaaS market, which valued US$1.60 billion in 2014, is expected to reach US$7.98 billion by 2020.
The report states that the PaaS market is benefitting increasingly from rising preference of enterprises towards increasing operational expenditures and reducing capital expenditures. Ability of PaaS solutions in catering well to these demands, along with added benefits such as efficiency, agility, flexibility, and scalability provided by these systems are further bolstering demands for such systems in global market. The report segments the global PaaS market based on four major criteria: implementation types of PaaS solutions, types of PaaS solutions, chief end-users of PaaS, and important regional markets for the market.
Amongst the variety of implementation types in the market: private cloud, public cloud and hybrid cloud, the segment public cloud accounted for nearly 60% revenue share of the market in 2013. This market segment is expected to continue its dominance in the market during the forecast as well. Chief application areas of the global PaaS market studied by the report include healthcare & life sciences, distribution & Consumer Packaged Goods, education services, public sector, online business, technology, retail, banking, financial institutions and services, etc. Types of platform-as-a-services models available in the market, studied by the report, include application development, business intelligence platform, database management systems, and application infrastructure and middleware.