PUBLISHER: Allied Market Research | PRODUCT CODE: 1344567
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344567
According to a new report published by Allied Market Research, titled, "Platform Engineering Services Market," The platform engineering services market was valued at $4.9 billion in 2022, and is estimated to reach $41.2 billion by 2032, growing at a CAGR of 24.2% from 2023 to 2032.
Furthermore, factors such as the rise in the demand for advanced technologies and surge in demand for continuous and fast application delivery primarily drive the platform engineering services market growth. However, expensive initial investments and lack of awareness for new product engineering services hamper the market growth to some extent. Moreover, more smart city projects are being undertaken and are expected to provide lucrative opportunities for the 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.
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. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the platform engineering services industry globally.
Depending on service type, the design and architecture segment dominated the global platform engineering services market share, owing to designing platforms that are adaptable to emerging technologies and market trends. This enables businesses to leverage new technologies and easily incorporate new features and functionalities into their platforms as they become available. The optimization and performance tuning segment would also showcase the fastest growth during the forecast period, owing to monitoring tools and technologies to collect real-time performance data, track key metrics, and detect performance anomalies. Real-time monitoring enables proactive identification of performance issues, immediate alerting, and prompt action to address potential performance bottlenecks, ensuring optimal platform performance and availability.
Region-wise, North America garnered the highest share for global platform engineering services market size 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 growth 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.
All industries require custom and high-grade components. Innovation is necessary in every industry, including automotive, aircraft, electrical connectors, and chemical processes. Progressive manufacturing is made feasible by many new and developing technologies. The majority of profits from advanced manufacturing are invested in R&D to enhance production processes. Traditional manufacturing often invests in higher output at a cheaper cost rather than innovation. As a result, they typically buy more manufacturing equipment and space rather than inventing new machinery. Advanced technology is described as a new or emerging IT innovation that has few users today but has the potential to have a big impact in the future. While this market is distinct from advanced manufacturing and manufacturing technology, they are nonetheless related. To enhance supply chain operations and product quality, advanced manufacturing uses cutting-edge technology and manufacturing equipment. This rise in demand for new innovative technologies is the key driver for the platform engineering service market.
Surge in demand for continuous and fast application delivery
The platform engineering industry is experiencing significant growth since the past few years as it helps organizations to bridge the gap between strategic goals and the day to day management of work. With increased visibility and alignment, organizations have the insights to support an outcome-driven approach to software development. Moreover, platform engineering solutions are enabling integration and deployment of code without delays which in turn is improving the frequency and quality of software delivery. Furthermore, platform engineering services are cutting the development time from months or weeks to days or even hours as application changes are done faster and frequently reach the production environment. Therefore, accelerating the prototype development cycle and reducing deployment time.