Platform engineering services Market to reach $41.2 billion, Globally, by 2032 at 24.2% CAGR: Allied Market Research

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Jun 15, 2023, 10:10 ET

Rise in the demand for advanced technologies and Surge in demand for continuous and fast application, drives the growth of the global platform engineering services market.

PORTLAND, Ore., June 15, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Platform Engineering Services Market by Service Type (Design and Architecture, Development and Implementation, Integration and Migration, Support and Maintenance, Optimization and Performance Tuning, and Others), Deployment Mode (On-premise and Cloud), Enterprise Size (Large Enterprise and Small and Medium-sized Enterprise), Industry Vertical (IT and Telecom, BFSI, Manufacturing, Retail and E-commerce, Healthcare, Government, and Others), and Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2032" According to the report, the global generated $4.9 billion in 2022, and is estimated to reach $41.2 billion by 2032, witnessing a CAGR of 24.2% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

Drivers, Restraints, and Opportunities

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.

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Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$4,851.76 Million
Market Size in 2032	$41,241.56 Million
CAGR	24.2 %
No. of Pages in Report	441
Segments covered	Service Type, Deployment Mode, Enterprise Size, Industry Vertical, and Region.
Drivers	Rise in the demand for advanced technologies Surge in demand for continuous and fast application delivery
Opportunities	More smart city projects are being undertaken
Restraints	Expensive initial investments and lack of awareness for new product engineering services

Covid-19 scenario

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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The design and architecture segment to rule the market

By service type, the design and architecture segment held the major share in 2022, garnering nearly two-third of the global platform engineering services market revenue, 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 CAGR of 28.5% 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.

The on-premise segment to maintain its dominance during the forecast period

By deployment mode, the on-premise segment contributed to the highest share in 2022, accounting around one-third of the global platform engineering services market revenue, owing to optimizing the performance of on-premises platforms is crucial to ensure efficient resource utilization and responsiveness. Moreover, the on-premises segment in platform engineering service also conducts performance assessments, identify bottlenecks, and implements optimizations, such as tuning database queries, optimizing code, or fine-tuning hardware configurations. The cloud segment would also showcase the fastest CAGR of 26.3% throughout the forecast period, owing to cloud robust security measures including physical security, network security, and infrastructure protection to engineering services from unauthorized access or attacks.

The large enterprise segment to maintain its dominance during the forecast period

By enterprise size, the large enterprise segment contributed to the highest share in 2022, accounting around one-third of the global platform engineering services market revenue, owing to massive flows of goods and materials throughout their multi-location company footprints. Numerous businesses provide platform services to meet the needs of end user industries in the global market for platform engineering services. The small and medium-sized enterprise segment would also showcase the fastest CAGR of 26.1% throughout the forecast period, owing to increased awareness of cost-cutting techniques and workflow modernization among small and medium-sized businesses using the latest energy and space-saving equipment.

The IT and telecom segment to dominate by 2032

By industry vertical, the IT and telecom segment accounted for nearly two-fifth of the global platform engineering services market share in 2022, and is expected to rule the boost by 2032, owing structuring and aligning the numerous assets as per business demands because different solutions rarely operate in silos. There are various approaches that can be taken to every process in an organization. The manufacturing segment would also display the fastest CAGR of 29.2% throughout the forecast period, owing to use of intelligent machinery and factories, informed data makes it possible to manufacture items more productively and efficiently along the whole value chain. With more options, manufacturers can leverage mass customization to more effectively meet customer demands and ultimately aim for maximum efficiency with, in many cases, a lot size of one.  

Asia-Pacific garnered the major share in 2022

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.

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Leading Market Players-

International Business Machines Corporation
Accenture
HCL Technologies Limited
Intel Corporation
ServiceNow, Inc.
Oracle Corporation
Salesforce Inc.
Amazon Web Services, Inc.
Microsoft Corporation
Cisco Systems, Inc.

The report analyzes these key players in the global platform engineering services market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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