Rise in demand for advanced technologies and Surge in demand for continuous & fast application, drives growth of the platform engineering services market.
PORTLAND, PORTLAND, OR, UNITED STATE, July 4, 2023/EINPresswire.com/ — Allied Market Research published a new report, titled, ” The Platform Engineering Services Market Reach to USD 41.2 Billion by 2032 | Top Players Such as – ServiceNow, AWS and Cisco.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global platform engineering services market was valued at USD 4.9 billion in 2022, and is projected to reach USD 41.2 billion by 2032, growing at a CAGR of 24.2% from 2023 to 2032.
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Factors such as the rise in the demand for advanced technologies and Surge in demand for continuous and fast application delivery primarily drive the growth of the platform engineering services market. However, expensive initial investments and lack of awareness for new product engineering services hamper market growth to some extent. Moreover, more smart city projects are being undertaken and are expected to provide lucrative opportunities for market growth during the forecast period.
The platform engineering services market is segmented on the basis of service type, deployment mode, enterprise size, industry vertical, and region. On the basis of service type, it is segregated into design and architecture, development and implementation, integration and migration, support and maintenance, optimization and performance tuning and others. On the basis of deployment mode, it is segregated into on-premise and cloud. On the basis of enterprise size, it is segregated into large enterprises and small and medium-sized enterprise. On the basis of industry vertical, it is divided into IT and telecom, BFSI, manufacturing, retail and e-commerce, healthcare, and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of deployment mode, the global platform engineering services market share was dominated by the cloud segment in 2022 and is expected to maintain its dominance in the upcoming years owing to the cloud services that ensures the integrity, confidentiality, and availability of platform engineering services.
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Region-wise, North America garnered the highest share in 2022, holding nearly one-third of the global Platform engineering services market revenue in 2022, and is projected to retain its dominance by 2032, owing to the rising adoption of cloud and other emerging technologies in varied industries has led to a considerable rise in demand for platform engineering services. The Asia-Pacific region would also portray the fastest CAGR of 27.8% during the forecast period, owing to growing on account of evolving digital landscape, the growth of e-commerce and start-ups, cloud adoption, and the increasing importance of data-driven decision making.
The market players operating in the platform engineering services industry are International Business Machine Corporation, Accenture, HCL Technologies Limited, Intel Corporation, ServiceNow, Inc., Oracle Corporation, Salesforce Inc., Amazon Web Services, Inc., Microsoft Corporation, and Cisco Systems, Inc.
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● The COVID-19 outbreak has had a significant impact on the market for platform engineering services because rising smartphone usage, connected device adoption, and a booming e-commerce sector offered lucrative opportunities for the market’s expansion.
● Throughout 2020, COVID has produced crises in the social, economic, and energy sectors as well as in the medical community. On many facets of society, this crisis had several direct and indirect repercussions.
● During the first half of 2020, the platform engineering services market witnessed unfavorable growth. Business outlets, various offices, and the production divisions have all temporarily shut down due to the restrictions imposed by the global lockdown.
● Due to the desire for scalable and customized platform, it is projected that the platform engineering services market will continue to grow over the next years.
● Due to the COVID-19 epidemic, more organizations will realize the advantages of platform engineering services and it is believed that this aspect will support market expansion.
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