The global PaaS market was valued at almost USD 3 billion in 2016 and is expected to reach around USD 11 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on PaaS for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the PaaS market during the forecast period. Some of the top vendors listed in this industry analysis include AWS, Google, Saleforce.com, Microsoft Corporation, and IBM.
North America led the global PaaS market during 2016, accounting for around 55% of the overall market share. The growth of the market in North America is attributable to rapid technological advancements in the region and the presence of leading market players.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “Service providers in the SaaS market are focusing on enhancing their proprietary offerings to become extensible and support several languages, frameworks, and APIs. This is spurred by the rise in demand for high levels of flexibility and enhanced security in the global market. The increase in enhanced features in proprietary PaaS systems makes it possible to achieve high-level functionalities with the availability of external API.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
IoT adoption driving demand for PaaS platforms
The rise in number of connected devices coupled with the growing need to innovate and develop better interconnection of devices is propelling the adoption of IoT in the global market. The growth of the global IoT market has a direct and positive impact on the global PaaS market owing to factors such as scalability and customizability. A PaaS provides the flexibility for rapid expansion as per requirements and is cost-effective due to a pay-per-use model, enabling seamless management of the large volumes of data being generated.
Growing emphasis on cloud integration
The global market is currently experiencing a surge in the adoption of cloud-based systems as they are more flexible, cost-effective, and dynamically scalable based on evolving business requirements. Organizations across the globe are increasingly transitioning from legacy on-premise systems to cloud-based systems in an attempt to reduce complexities involved in the management of hardware and software implementation.
Rapid growth in application development
The app development industry is experiencing rapid growth, with every industry, from sports to entertainment, developing new applications. The sky-rocketing adoption of smartphones and mobile devices is also ameliorating growth of the application development industry. This is driving the growth of PaaS that helps in reducing development costs and offers developers the flexibility to use various combinations of tools.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global PaaS Market – Procurement Market Intelligence 2017’.
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