Serverless PaaS Market is Predicted to Reach USD 52 Billion with a CAGR of 22%

BOSTON - Aug. 20, 2024 - PRLog -- The serverless PaaS market also known as platform as a service market involves the utilization of cloud services that empower businesses to develop, deploy, and manage applications without the burden of infrastructure management. This approach allows companies to focus resources directly on enhancing application functionality and user experience, rather than on backend maintenance.

Key Growth Drivers:

• Cost Efficiency: Serverless PaaS reduces infrastructure management costs, allowing businesses to pay only for the compute time they use, driving its adoption.
• Scalability: Automatic scaling capabilities allow businesses to handle varying workloads without the need for manual intervention, making serverless PaaS attractive for dynamic applications.
• Developer Productivity: Serverless architecture simplifies the development process by abstracting server management, enabling developers to focus on writing code and deploying applications faster.
• Rapid Application Deployment: Serverless PaaS enables quicker deployment cycles, supporting agile methodologies and faster time-to-market for new features and services

Market Restraints:

• Security Concerns: Serverless environments introduce new security challenges, such as managing permissions and securing communication between functions, which may hinder adoption.
• Vendor Lock-in: Reliance on specific cloud providers for serverless solutions can lead to vendor lock-in, limiting flexibility and potentially increasing long-term costs.

Regional Insights:
North America holds the dominating share of serverless PaaS industry trends during the forecast period. On the other hand, Asia-Pacific is considered fastest growing region in the serverless PaaS industry owing to the growing implementation of digital technology including cloud enterprise resource planning (ERP) in their platform solution is further driving the market expansion.

Competitive Landscape:
Various key players in the serverless PaaS industry includes Google LLC, IBM Corporation, Amazon Web Services, Inc, Microsoft Corporation, Oracle Corporation, Salesforce, Inc, Alibaba Group, Zoho Corporation Pvt. Ltd, VMware, Inc, Mendix Technology BV and others.

Access full report: https://www.nextmsc.com/report/serverless-paas-market