Research Nester released a report titled “Platform as a Service (PaaS) Market: Global Demand Analysis & Opportunity Outlook 2035” which delivers detailed overview of the global platform as a service (PaaS) market in terms of market segmentation by type, vertical, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
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The global platform as a service (PaaS) market is projected to grow with a significant CAGR of 30% during the forecast period, i.e., 2023-2035, owing to the increasing need to decrease time to market (TTM) cost and reduce the cost of application development. Furthermore, PaaS can deploy the complete infrastructure over the internet that is required to develop, test, run, and set up programs. As a result of this, organizations are able to re-direct a chief percentage of their budgets in developing programs and specialize in software information, which in turn is expected to drive market growth in the coming years.
The market is segmented by type into application PaaS, integration PaaS, database PaaS, and others. Among these segments, the application PaaS (APaaS) segment is anticipated to garner the largest market share over the forecast period owing to the increasing implementation of A PaaS applications among various government organizations, and in IT and telecommunication industries.
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On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which, the market in Asia Pacific region is anticipated to grow at the highest CAGR over the forecast period ascribing to the growing investments by companies in ICT sector. Furthermore, the market in North America is evaluated to hold the largest share, which can be attributed to the rising budget allocation for cloud services among enterprises and well-established sectors including, telecommunication, BFSI, IT, government, and public sector.
