A new Transparency Market Research report predicts that the global platform-as-a-service market will achieve a compound annual growth rate of 25.7 percent through 2020 to reach a market value of $7.98 billion.
The firm said Tuesday that the growth is due to companies adopting PaaS to lower capital expenses while allowing increased operational expenses.
It added that other perceived benefits to PaaS include scalability, flexibility, agility and efficiency.
TMR presented its analysis in the report based on PaaS implementation types, solution types, chief end users and regional markets.
Public cloud had the highest market share in 2013 compared to private and hybrid cloud and will continue to do so over the forecast period, the firm said.
Other aspects covered in the report are application areas such as healthcare and life sciences, education and banking, as well as PaaS types like business intelligence platforms and database management systems.