Albany, NY -- (SBWIRE) -- 08/07/2018 -- 'Platform as a Service' (PaaS) in combination with IaaS and SaaS is a cloud computing service model. The global Platform as a Service (PaaS) market was valued at USD 1.60 billion in 2013 and is forecast to grow at a CAGR of 25.7% from 2014 to 2020. PaaS, due to its service model, allows for low capital investment. It enables the deployment of applications without the need for provisioning hosting capabilities.

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The flexibility, agility, scalability and efficiency offered by PaaS solutions are key factors which attract the small, medium as well as large enterprises to switch to PaaS solutions. In addition, the rising focus of enterprises in reducing capital expenditure (CAPEX) and diverting the spending to operational expenditure (OPEX) can also be served by PaaS solutions.

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The high efficiency, scalability, agility, and pay-per-use features offered by the public PaaS model led to the segments' dominance in 2013. The expected monetizing of public PaaS functionalities owing to the rapid advances taking place in the mobile, social, and real-time applications sector is a factor which will sustain the segments dominance during the forecast period 2014 to 2020.

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The global PaaS market is envisioned to increase growth on the back of the advantage of low capital investment because of the nature of the service model. PaaS cancels the need for provisioning hosting capabilities for the deployment of applications. As a result, it helps to save costs related to the purchase and management of required software and hardware products. Additional cost of upgrading systems to match up with increase in service usage could also be reduced with the help of PaaS.