The platform-as-a-service (PaaS) market is entering an interesting period.
According to Gartner, currently, there are more than 360 vendors across 21 market segments delivering in total more than 550 PaaS offerings.
It's certainly a diverse market, as a whopping 90 percent of these vendors only operate in a single segment, while not a single one has a foothold across all 21 PaaS segments.
Cloud is gradually permeating these segments too, as Gartner says 48 percent of these offerings are now cloud-only.
“Business and technology leaders are shifting to strategic investment in cloud computing,” says Gartner research vice president and distinguished analyst Yefim Natis.
“Cloud computing is one of the key disruptive forces in IT markets that is gaining mainstream trust.
According to the latest forecast from Gartner, the PaaS market revenue in aggregate will reach US$20 billion this year, and will go on to surpass $34 billion in 2022.
In this shift to cloud, database and application platform services represent the largest market segments, with blockchain, digital experience, serverless and artificial intelligence/machine learning (AI/ML) platform services as the newest.
Enterprise IT spending for cloud-based offerings will surpass spending for non-cloud IT offerings by 2022, according to Gartner.
“Although many organisations anticipate a long-term retention of on-premises computing, the vendors of nearly half of the cloud platform offerings bet on the prevailing growth of cloud deployments and chose the more modern and more efficient cloud-only delivery of their capabilities,” concludes Natis.