Platform-as-a-Service Market to be Worth $227.5 Billion by 2030
The Platform-as-a-Service Market is projected to reach $227.5 billion by 2030, at a CAGR of 16.8% during the forecast period 2023–2030. The growth of this market is driven by the increasing adoption of cloud computing technology, the growing implementation of IoT technology, and the rising need to reduce time to market and application development costs. However, data security & privacy concerns restrain the growth of this market. The increasing penetration of Artificial Intelligence (AI) and Machine Learning (ML) technologies and the growing demand for video PaaS are expected to create growth opportunities for the stakeholders in this market. However, cloud migration and vendor lock-in are major challenges for market growth.
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