Platform Engineering Services Market Statistics, 2032
The global platform engineering services market was valued at $4.9 billion in 2022, and is projected to reach $41.2 billion by 2032, growing at a CAGR of 24.2% from 2023 to 2032.
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.
Platform engineering services are a new movement that aims to modernize the supply of enterprise software, especially for digital transformation. A dedicated product team develops and maintains the engineering platform, which is made to support the requirements of software developers and others by offering standard, reusable tools and capabilities and interacting with complicated infrastructure. In reaction to the growing complexity of contemporary software architectures, platform engineering services are gaining popularity. In the modern world, non-expert end users are frequently asked to handle a collection of intricate services.
Furthermore, an engineering platform's specific capabilities are solely determined by the demands of its end users. The platform engineering service is provided to clients who may be developers, data scientists, or end users. These services are created by a committed team of professionals. Platform teams must first comprehend the requirements of their user groups, set priorities for their work, and then create platforms that will be helpful to their intended users. A company that offers product engineering services prioritizes cutting down on Time-to-Market (TTM), redesigning products, and lowering the total cost of ownership for innovative solutions. Moreover, organizations must overcome the challenges of a small staff and tight financial resources to speed up the time to market for their products.
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.
Top Impacting Factors
Rise in the Demand for Advanced Technologies
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.
Government Initiatives
Government initiatives play a significant role in the platform engineering services market. This includes initiatives such as building robust communication networks, expanding broadband access, and developing data centers. These infrastructure developments provide the necessary foundation for platform engineering companies to operate effectively and deliver their services. Government initiatives in creating and enforcing these regulations help foster trust and confidence in the platform engineering ecosystem, which is crucial for its growth and sustainability.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the platform engineering services market analysis from 2022 to 2032 to identify the prevailing platform engineering services market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the platform engineering services market forecast assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global platform engineering services market trends, key players, market segments, application areas, and market growth strategies.
Platform Engineering Services Market Report Highlights
| Aspects | Details |
 Market Size By 2032 | USD 41.2 billion |
 Growth Rate | CAGR of 24.2% |
 Forecast period | 2022 - 2032 |
 Report Pages | 317 |
 By Service Type |
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 By Deployment Mode |
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 By Enterprise Size |
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 By Industry Vertical |
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 By Region |
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 Key Market Players | Accenture, International Business Machines Corporation, HCL Technologies Limited, Microsoft Corporation, Salesforce Inc., ServiceNow, Inc., Oracle Corporation, Intel Corporation, Cisco Systems, Inc., Amazon Web Services, Inc. |
Analyst Review
According to CXO's of the leading market players, every industry is being impacted by the platform economy, which is disrupting conventional business structures and altering the value chain of the commercial world. The only way to ensure the organization's future is to reimagine it using a platform- centered business model. Platform engineering services assist in navigating the new environment using cutting-edge technology, specialist knowledge, and best practices to hasten the platform's journey. Additionally, a new wave of platform thinking is giving businesses chances to accelerate value generation and reinvention. Platform-centered business models make it easier to engage, share information and experiences within and outside of the organization, and foster client loyalty. They allow businesses to swiftly create and deploy new services for consumer use, reuse models that are flexible and open across the organization, and scale more quickly and widely.??
Furthermore, new platforms that enable constant innovation and flexibility are built on the foundation of ever-evolving technology. Platforms that are built upon and activate opportunities throughout the Cloud Continuum, spanning data, AI, and Edge, rely on the cloud as both their basis and their facilitator. Modern, ecosystem-focused platforms make it possible to integrate developing technologies and create new collaborations, expanding the range of possibilities. The development of the market is fueled by these new cutting-edge technologies and competitiveness to survive in an environment that is constantly changing.?
Rise in the demand for advanced technologies and surge in demand for continuous and fast application are the upcoming trends for platform engineering services market.
More smart city projects are being undertaken and are the leading application for platform engineering services market.
North America is the largest regional market for Platform Engineering Services Market
The Platform Engineering Services Market valued for $4,851.76 million in 2022 and is estimated to reach $41,241.56 million by 2032, exhibiting a CAGR of 24.2% from 2023 to 2032.
Market players operating in the platform engineering services market include 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. Furthermore, it highlights the strategies of the key players to improve the market share and sustain competition.
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