Albany, NY -- (SBWIRE) -- 06/18/2018 -- The global Platform as a Service market, recently published by Transparency Market Research, states that the market, which stood at a valuation of US$1.60 bn in 2013, will expand at an robust 25.7% CAGR between 2014 and 2020, and rise to a valuation of US$7.98 bn by 2020.

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PaaS, a cloud computing service model, enables the deployment of computer applications without the need for hosting capabilities at the deployment end. This service model thus helps in saving costs incurred for purchasing and managing the hardware and software products required for provisioning hosting capabilities.

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The PaaS model also helps in reducing the incremental cost required to scale-up systems with increase in service usage, and allows resource sharing, reusing, automated deployment, and life-cycle management.

On the basis of implementation type, the market is segmented into public cloud, private cloud, and hybrid cloud. On the basis of PaaS system type, the market is segmented into application infrastructure and middleware (AIM), database management systems (DBMS), business intelligence platform (BIP), and application development.

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Based on end-users of PaaS systems, the market is segmented into banking, financial institutions and services (BFSI), online business, technology, retail, distribution and CPG (Consumer Packaged Goods), electronics, education services, public sector, travel and transport, healthcare and life sciences, energy and utility, manufacturing, professional services, media and entertainment, and telecom.