DUBLIN–(BUSINESS WIRE)–The “Application Platform as a Service Market Research Report: By Deployment Mode, Enterprise Size, Service – Global Industry Analysis and Demand Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.
Due to the rising penetration of the internet and smartphones, companies around the world are digitally transforming themselves. As a result, the global application platform as a service market value is expected to increase from $6,023.3 million in 2020 to $22,687.3 million by 2030, at a 14.2% CAGR between 2021 and 2030. This is because to digitally transform themselves, businesses need an array of mobile and web applications.
Traditionally, the creation of apps has been a long and expensive process, as computer programmers generally demand high salaries. Thus, the application platform as a service (aPaaS market) is primarily growing as these solutions quicken up the application creation process and make it cost-effective. Cloud-based application platforms offer pre-coded modules, which even those with a relatively low level of programming expertise can use to create the apps.
During the COVID-19 pandemic, the aPaaS market has received a boost because the shutting down of offices has impelled companies to take much of their work online. Similarly, due to the closing down of shopping complexes, even retailers have had to launch their mobile apps to target consumers and keep generating business. In addition, government agencies around the world are using mobile and web apps to provide the latest alerts related to the spread and containment measures for the pandemic.
The fastest growth in the aPaaS market, based on deployment mode, will be witnessed by the private cloud category in the coming years. Application platforms deployed on the private cloud allow companies to create business applications, as well as comply with the government mandates for data safety. Apart from these benefits, private cloud offers higher security, which will make it increasingly popular among enterprises requiring secure network environment.
In the past, the large enterprises dominated the aPaaS market, on the basis of enterprise size. Backed by larger budgets, such companies have been spending hefty sums on cloud computing tools, such as application platforms, in order to offer customers better services and engage with them on a deeper level. Additionally, cloud computing offers high efficiency and business agility, data security, backup recovery, and enhanced communication and collaboration among team members, regardless of where they are.
The implementation & integration category is predicted to hold the largest share in the aPaaS market in the coming years, under the service segment. With the rising demand for aPaaS solutions, the requirement for integration and implementation services is increasing, so that the solutions become reliable and usable. Such services are provided for the integration of on-premises and cloud-based applications and for assimilating the data from the source into the application platform.
Historically, North America generated the highest revenue in the aPaaS market due to the high cloud spending by companies, as they are taking efforts to digitally transform themselves. Moreover, the region is home to numerous established software and technology companies that offer aPaaS solutions for businesses of all sizes.
Asia-Pacific (APAC) will witness the fastest growth in the aPaaS market throughout this decade. Retailers in Australia, China, and India are rapidly adopting cloud services, as are manufacturing companies. Moreover, the demand for aPaaS solutions in the region is rising as a result of the increasing digitization rate and surging need of companies to have mobile and web applications, all because of the escalating penetration of the internet.
Market Dynamics
Trends
Emergence of low-code application platforms Rise in popularity of cloud computing Drivers
Ability to support enterprise level applications Improved product offering coupled with high efficiency Impact analysis of drivers on market forecast Restraints
Vendor lock-in due to loss of business continuity on switching Security concerns related to PaaS architecture Impact analysis of Restraints on market forecast Opportunities
“As a service” – the new paradigm to open new avenues Surging adoption of aPaaS by businesses Companies Mentioned
Microsoft Corporation Alphabet Inc. IBM Corporation Software AG Alibaba Group Holding Limited Amazon Web Services (AWS) Inc. Mendix Technology B.V. SAP SE Salesforce.com Inc. Zoho Corporation Pvt. Ltd. Shanghai Wanqi Mingdao Software Co. Ltd. Shenzhen Aozhe Network Technology Co. Ltd. For more information about this report visit https://www.researchandmarkets.com/r/vuo6mm