DUBLIN, April 6, 2023 /PRNewswire/ -- The "Application Platform Market, By Component, By Operating System, By Application, By Organization Size, By Deployment Type, By End-Use, and By Region Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The market size for global application platforms was valued at USD 10.23 Billion in 2021 and is anticipated to experience a revenue compound annual growth rate (CAGR) of 7.6% throughout the forecast period.

The increasing demand for collaborative application development, the significance of DevOps, and the rising popularity of cloud-based services are some of the primary drivers of revenue growth in this market.

Cloud-based application platforms are gaining popularity in the software industry, with providers such as Salesforce, Workday, and ServiceNow experiencing significant growth. By leveraging technological advancements such as artificial intelligence, automation, and analytics, these platforms enable rapid application deployment.

The application platform facilitates the rapid and iterative creation of applications using graphical, model-driven programming, which can be easily deployed on-premises or in the cloud with a single click. Other benefits include straightforward operations and a pre-made back-end interface, allowing users to collaborate in real-time from any location. Moreover, the service requires minimal initial investment and reduces additional operating costs because new databases do not need to be installed or maintained. In the current context of new technologies, every modern application requires a portfolio of business software, including hardware and software, database administration, and cloud solutions, to function effectively.

In 2020, Capgemini reported that the use of cloud-native applications, which are applications and services created specifically for the cloud and use Platform-as-a-Service (PaaS), has significantly increased, indicating a substantial shift in business cloud adoption. Cloud-native apps accounted for 15% of all new corporate applications and have seen a 32% growth in use in recent years, enabling IT to better support business agility and innovation.

Growing popularity of cloud-based services

The increasing adoption of cloud-based services is a major driving force behind the growth of the global application platform market share. Small and medium-sized enterprises (SMEs) are using Platform-as-a-Service (PaaS) solutions to access resources on demand, such as hardware, middleware, operating systems, software, and other resources. Organizations need significant CAPEX and OPEX expenses to buy, operate, and set up their data centers, and they are turning to cloud platforms to transfer costs from CAPEX to OPEX, reduce setup and personnel expenses, and minimize growth costs. Cloud-based systems can easily integrate any data, facilitating the development of data-centric applications. This feature offers users of the application a higher degree of connectivity and timely access to relevant contextual information. Organizations using cloud-based solutions benefit from using a single, multipurpose framework as needed and only paying for what they use, avoiding reliance on a specific web application development framework. This enables businesses to launch applications or products faster and reduce additional costs associated with building multiple platforms. For example, in November 2022, VMware announced VMware Cloud on Equinix Metal at VMware Explore 2022 Europe in Barcelona. This new distributed cloud service will provide a more effective, secure, and affordable cloud solution to serve corporate applications.

Possibility of vendor lock-in and lack of scalability

The growth of the global application platform market may be hindered by several issues, including the potential for vendor lock-in and limitations in scalability. Vendor lock-in refers to measures taken by service providers to make it difficult for clients to switch away from their platform. This can result in a situation where a client's business becomes reliant on a single vendor's products and services. Application platforms are particularly susceptible to vendor lock-in because companies often utilize services from multiple cloud providers, including IaaS, PaaS, SaaS, and FaaS.

Dependence on a single vendor's products and services can also limit scalability, which can hinder an organization's ability to expand as needed.

Key Takeaways
Component Outlook

The global application platform market is categorized into two segments based on its components: software and services. In 2021, the software segment held the largest revenue share. This segment can be further divided into two sub-segments: application platform software and transaction processing monitor software. The increasing number of internet users worldwide is driving the growth of the application platform software industry. By 2022, the number of internet users globally is expected to reach 4.95 billion, with 62.5% of the world's population already using the internet. As more people use social media, there is a growing need for IT players to create or upgrade software. For example, as of January 2022, there are 4.62 billion social media users globally, accounting for 58.4% of the world's population.

In 2021, the service segment had a moderate revenue share. The service segment can be further segmented into deployment & integration and support & maintenance. Application Platform as a Service (aPaaS) is a type of cloud computing that provides customers with operating systems, hardware, network resources, and storage needed to develop or operate new applications in the cloud. It creates an environment for application services development and deployment. By eliminating the need for users to install hardware and software on their computers, aPaaS offers several benefits, such as reducing development costs, decreasing project duration and time-to-market, enabling improved resource sharing across multiple projects, and enhancing staff productivity.

Operating System Outlook

The global application platform market is categorized based on operating system into android, IOS, windows, and others. In 2021, the android segment accounted for the largest revenue share. Android is an open-source operating system based on the Linux kernel and primarily designed for touchscreen mobile devices. Its user interface is based on touch gestures that mimic real-world actions. The platform's popularity can be attributed to its sophisticated security features, including system-level rights control, disk encryption, application sandboxing, remote locking and wiping, and secure boot procedures that authenticate the system. Google releases monthly security fixes for Android, ensuring ongoing long-term security, particularly in the healthcare industry. Android dominates the smart device market with over 70% global market share and billions of users, making it the most widely used operating system in the world. Therefore, the familiarity of the UI makes it easy for users to operate the gadget without any issues right out of the box.

Application Outlook

The global application platform market has been categorized into various application segments, including database and cloud security, email security, network security, web security, and others. The largest revenue share in 2021 was accounted for by the database and cloud security segment. Database solutions provide a wide range of managed services for data and analytics that cater to the data-intensive needs of IT architects, application developers, and data scientists. These solutions leverage a hybrid, open-source approach. Hybrid databases create a distributed hybrid data cloud that enhances performance, reach, uptime, mobility, and cost-effectiveness.

Organization Size Outlook

The global application platform market is categorized on the basis of organization size into Small and Medium Enterprises (SMEs), and large enterprises. In 2021, the large enterprises segment captured the largest revenue share. High-productivity application platforms are widely used by larger businesses to support various aspects of their operations, ranging from idea generation to manufacturing operation and deployment procedures. These platforms help organizations manage all business processes associated with the product lifecycle and accelerate manufacturing processes.

Deployment Type Outlook

The global application platform market is categorized based on deployment type into cloud and on-premises, where the cloud segment recorded the highest revenue share in 2021. The adoption of Software-as-a-Service (SaaS) programs has allowed Small and Medium Enterprises (SMEs) to have access to on-demand software that can immediately fulfill their departmental requirements, providing them with flexibility and enabling their growth. These are among the reasons why businesses are transitioning to cloud-based SaaS software, contributing to the rapid growth of the application platform market.

End-Use Outlook

The global application platform market is categorized based on end-use into BFSI, healthcare, retail, transportation and logistics, media and entertainment, and others, with the BFSI sector leading the way in terms of revenue share in 2021. The BFSI industry has rapidly adopted digitalization in various applications, such as payments, retailing, and data storage, leading to its dominant position in the market. With changing global regulations, the importance of data and application security has increased significantly, and every business partner seeks the best software development partner to deliver satisfactory results promptly and with the latest technological advancements while maintaining compliance and application security. For instance, PFL Technologies is an IT firm with extensive experience in developing and maintaining advanced BSFI applications, ensuring that they are quick, secure, dependable, and trustworthy. They specialize in software development, quality assurance, and the cloud, and are always ready to tackle complex technological challenges or introduce cutting-edge BSFI products.

Regional Outlook

The global application platform market is segmented based on regional analysis, with North America being the largest revenue contributor in 2021. This can be attributed to the highly developed tech market in the United States, which invests heavily in software and tech services. The US market has the necessary infrastructure, platforms, and bandwidth to support the adoption of application platforms, resulting in a growing demand for quick software service delivery. The promising future of this market is expected to accelerate the adoption of application platforms in the region, driving revenue growth.

Key Topics Covered:

Chapter 1. Market Synopsis

Chapter 2. Executive Summary

Chapter 3. Indicative Metrics

Chapter 4. Application Platform Market Segmentation & Impact Analysis
4.1. Application Platform Market Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Demand for collaborative application development
4.2.2.2. Importance of DevOps
4.2.2.3. Growing popularity of cloud-based services
4.2.2.4. Extensive adoption of smartphones, and the internet leading to a rising trend toward digitization
4.2.3. Market restraints analysis
4.2.3.1. Competition from open-source alternatives
4.2.3.2. Possibility of lock-in and lack of scalability
4.2.3.3. Limited software integration and customization capabilities

Chapter 5. Application Platform Market By Component Insights & Trends

Chapter 6. Application Platform Market By Operating System Insights & Trends

Chapter 7. Application Platform Market By Application Insights & Trends

Chapter 8. Application Platform Market By Organization Size Insights & Trends

Chapter 9. Application Platform Market By Deployment Type Insights & Trends

Chapter 10. Application Platform Market By End-Use Insights & Trends

Chapter 11. Application Platform Market Regional Outlook

Chapter 12. Competitive Landscape

Chapter 13. Company Profiles

Companies Mentioned

• IBM
• SAP
• Oracle
• Adobe
• Microsoft
• NEC Corporation
• Micro Focus
• Fujitsu
• Hitachi
• Ltd.
• Hewlett Packard Enterprise Development LP
• Huawei Technologies Co. Ltd.
• Red Hat Inc.
• Salesforce Inc.
• GigaSpaces
• Google.

For more information about this report visit https://www.researchandmarkets.com/r/rhdrkj

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets 
Laura Wood, Senior Manager 
press@researchandmarkets.com  

For E.S.T Office Hours Call +1-917-300-0470 
For U.S./CAN Toll Free Call +1-800-526-8630 
For GMT Office Hours Call +353-1-416-8900 

U.S. Fax: 646-607-1907 
Fax (outside U.S.): +353-1-481-1716

Logo: http://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets