The global IaaS and PaaS market is expected to grow at a significant CAGR during the forecast period (2024-2031). The infrastructure as a service (IaaS) business is rapidly expanding and offers numerous options, which makes it a valuable sector. The adoption of IaaS is significantly driven by the growing demand for enterprises to decrease their IT burden and cut expenses of establishing data centers and hiring qualified employees to operate their IT infrastructures. The increasing demand from a growing number of small and medium enterprises, the necessity to deploy enterprise-level computing capabilities to compete in the market, and the expanding digitalization of enterprises and economies are all important areas of opportunity for IaaS.
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In addition, the Platform as a Service (PaaS) market is expected to grow significantly during the forecast period (2024-2031). This is due to PaaS systems’ ability to provide faster time to market for emerging applications, minimize development complexity, and automate application management. Similarly, the growing requirement for communication, especially among geographically dispersed teams, would accelerate the move of software development operations to the PaaS environment. Platform as a Service (PaaS) market expansion is characterized by significant growth of cloud infrastructure and the rising popularity of cloud migration. Furthermore, SMEs’ quick adoption of IoT and other innovative technologies will contribute to the Platform as a Service framework’s appeal in the near future.
These companies’ main endeavors to strengthen their presence in the global market include strategic product launches and mergers and acquisitions. IBM, for example, announced the general release of IBM Cloud for Financial Services in April 2021, which includes support for cloud-native services such as Red Hat OpenShift. The IBM cloud, which includes over 200 API-driven, cloud-native PaaS, was used to create this financial services-ready cloud platform. Microsoft announced Azure Stack (hyper-converged infrastructure) HCI, a new hybrid cloud solution, in February 2021. This software stack combines PaaS and IaaS to provide up-to-date security, feature, and performance updates.
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Market Coverage
- Segment Covered-
o By End-User
- Competitive Landscape: Amazon Web Services, Inc. (AWS), Bluelock, CA Technologies, Cloud Scaling, Datapipe Inc., Rackspace among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global IaaS and PaaS Market – Segmentation
By End-User
- IT & Telecom
- BFSI
- Healthcare
- Retail and E-commerce
- Government & Defense
- Energy & Utilities
- Manufacturing
- Others
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