The global platform as a service (PaaS) market is expected to reach $6.94bn in 2018 from $1.28bn in 2013, according to a report by the MarketsandMarkets.
Factors in application development process such as agility, scalability, limited need for expertise, easy deployment, and reduced cost and development time are expected to drive the PaaS market.
According to the report,North America is expected to continue to be the biggest market for PaaS applications.
PaaS has been the smallest market among the cloud computing segments but the market is now growing faster in terms of revenue.
The PaaS market is segmented into Enterprise PaaS and small and medium sized business (SMB).
Based on the industry segments the PaaS market caters to the Banking & Financial Sector (BFSI), Consumer Goods & Retail, Education, Gaming, Healthcare, Logistics & Transportation, Public Sector & Government, Telecommunications & IT, Travel & Hospitality.