Vendors offering application platform software and associated services provide a reliable platform for development, deployment, and management of mobile, web, and enterprise applications. Application platform vendors offer both paid and free open-source software to their commercial customers in the market. Hence, both the paid and open-source software are expected to play a significant role in the overall growth of the application platform market.
The global application platform market size is expected to grow from USD 8.99 billion in 2018 to USD 11.69 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 5.4% during the forecast period. The rising adoption of Application Platform-as-a-Service (aPaaS) is a major driving factor for the application platform market.
The application platform market is expected to gain traction, as vendors and open-source communities offer user-friendly, reliable, innovative, and specialized platforms to support the modern and real-time application requirements. These platforms offer various advantages, such as enabling rapid application building, deploying applications in minutes, offering reliability and scalability, and enabling platforms to integrate with a multitude of other applications seamlessly.
The services segment is expected to show the fastest growth rate in the application platform market during the forecast period
Services are evolving as an important aspect, as application platform vendors’ offer integrated services packages, along with application software packages to their commercial customers. Enterprises opt for application platform services to manage their existing applications, regardless of the size of the company and the nature of the business. Application platform services simplify deployment, monitoring, and management of enterprises applications, thereby helping businesses streamline their business processes. These services have been completely essential for ensuring easy coordination of application platforms’ functionalities and Application Lifecycle Management (ALM), which assist in building and managing several enterprises applications.
The small and medium-sized enterprises segment is expected to grow at a higher CAGR during the forecast period
The small and medium-sized enterprises (SMEs) segment is rapidly adopting application software and associated services to develop, deploy, monitor, and manage its business-critical applications. SMEs are majorly benefitting by deploying application platform software. Moreover, this software empowers SMEs to take advantage of the user-friendly application platforms for developing and managing business-critical applications. Furthermore, the deployed application platforms help SMEs enhance their employees’ productivity and boost their business operations.
