DUBLIN--(BUSINESS WIRE)--The "Application Platform Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Application Platform Market was valued at USD 9.18 billion in 2019, and it is expected to reach USD 12.45 billion by 2026, registering a CAGR of 7.5% during the forecast period, 2020 to 2025.
In the current demand for advanced technologies, every modern application relies on a suite of software offerings such as operating systems, database management, and cloud solutions to function optimally. The whole suite of software comprises to form an application platform. The COVID-19 pandemic had a positive impact on the industry as it fueled its growth rate to satisfy the sudden boom in application development.
Traditionally, application platforms offered restricted services, platforms such as IBM mainframe offered CICS, and desktop PC only offered basic operating system. Today, both the software and hardware environments have expanded significantly, and developers often have many options. Similarly, application platforms are now broad and support all kinds of applications. They also provide a consistent experience across by enabling the same tools and skills to create different applications on diverse hardware.
Application platforms play a vital role in modern computing environments. These platforms leverage other applications and data to provide all the value that information technology brings, and also virtually every other application depends on an application platform. Since most organizations today rely on applications, there's a clear connection between the business value and application platforms. This instance vows to be one of the primary drivers for the growth of the market.
Also, cloud-based application platforms are gaining traction in the software industry. Pure cloud platform vendors such as Workday, Salesforce, and ServiceNow have been reporting significant growth. These platforms allow for the faster deployment of applications leveraging and embedding technological advancements such as AI, automation, and analytics.
Further, owing to the success of these next-generation platforms, the software industry is under pressure. For instance, application vendors such as Oracle, SAP, and Microsoft have been continuously investing in these generation platforms as they aim to provide state-of-the-art application platforms to help retain their existing customers and also further attack new customer segments.
Additionally, amidst the COVID-19 situation, businesses across industries have fast-tracked their digital transformation initiatives. The projects that were scoped to occur over months and years are now aimed to take place in a matter of days, and the ability to build, scale, and ship applications fast have become imperative. Thereby, there is a growing need for tools and platforms that streamline processes and eliminate time-consuming tasks.
Key Market Trends
aPaaS to Grow Significantly Over the Forecast Period
- Enterprises are gradually shifting their focus on reducing their overall capital expenditure by utilizing modern technologies. SMEs are adopting cloud-based services such as aPaaS solutions for leveraging key benefits offered, including reduced setup and labor cost and minimized expansion cost. Also, cloud-based solutions enable enterprises to use a single, all-purpose development framework as pay-per-need and pay-per-use.
- Moreover, the Information Technology industry is undergoing unprecedented change with the growing demand for intuitive customer-facing applications. Further, owing to the ever-increasing demand, there is an increase in the competition, and speed to the market has become a critical factor for many businesses. For instance, according to IBM, 80% of leading companies leverage citizen developers, i.e., non-coders with access to application development tools to drive innovations and ship software faster.
- Capgemini indicates a significant step-change in enterprise cloud adoption through the increased use of cloud-native applications such as applications and services built to perform optimally in the cloud, leveraging Platform as a Service (PaaS). Cloud-native applications can empower IT to better contribute to business agility and innovation, and 15% of new enterprise applications are cloud-native currently with adoption set to increase rapidly in the next three years, jumping to 32% by the end of 2020.
- Over time, many software solutions have been transformed from on-premises into the cloud, evidenced by the shift towards application programming interfaces (APIs) and Microservices. As technology stacks evolved, there is growth in the emergence of PaaS. These services offer both application development and deployment as compared to traditional Paas solutions that focus on middleware.
- aPaaS platforms provide developers access to all the necessary tools that are required to iterate the projects. Some platforms also offer intuitive features such as drag and drag, hot reloading, and other 3rd path integrations like operating systems, databases, and vulnerability management, making the development easier. Further, the Platform also offers horizontal and vertical scalability. Thus, providing businesses an opportunity to additionally add and upgrade their databases.
The Application Platform Market is moderately consolidated with the presence of prominent vendors, including among others. The prominent vendors in the market are leveraging the customer's existing application investments towards the transition to emerging architectures and programming paradigms. Further, the vendors are embracing acquisitions and product enhancements to maintain their competitive position in the market.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.3 COVID-19 Impact on the Market
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growing Popularity of Cloud-based Services
5.2 Market Restraints
5.2.1 Low Skillset in Emerging Economies
6 MARKET SEGMENTATION
6.1 By Type
6.2 By Organization Size
6.2.1 Small and Medium-Sized Enterprises
6.2.2 Large Enterprises
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 International Business Machines Corporation
7.1.2 Microsoft Corporation
7.1.3 Oracle Corporation
7.1.4 Salesforce.com Inc.
7.1.5 BMC Software Inc.
7.1.6 Google LLC (Alphabet Inc)
7.1.7 Micro Focus International Plc
7.1.8 GigaSpaces Technologies Ltd.
7.1.9 SAP SE
8 INVESTMENT ANALYSIS
9 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/kyc4pw