NEW YORK, April 1, 2021 /PRNewswire/ -- Due to the rising penetration of the internet and smartphones, companies around the world are digitally transforming themselves. As a result, the globalapplication 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, according to the market research study published by P&S Intelligence.
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.
Key Findings of Global aPaaS Market Report
Popularity of aPaaS solutions booming during COVID-19 pandemic
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.
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.
Major global aPaaS market players are Microsoft Corporation, IBM Corporation, Alphabet Inc., Alibaba Group Holding Limited, Software AG, Amazon Web Services (AWS) Inc., SAP SE, Mendix Technology B.V., Salesforce.com Inc., Shanghai Wanqi Mingdao Software Co. Ltd., Zoho Corporation Pvt. Ltd., and Shenzhen Aozhe Network Technology Co. Ltd.
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.