IDC Research indicates that increasing demand for applications and lower information technology costs are driving growth in the platform as a service market, CloudPro reported Monday.

Rene Millman, writes the global public PaaS market will be worth $14 billion by 2017, citing a study by the analysis and advisory firm.

That figure is up 69 percent from $8.3 billion in 2012 and spurred by growing interest in overall application development and deployment worldwide led by the Asia-Pacific region, IDC predicts in its “Worldwide Competitive Public Platform as a Service 2013-2017 Forecast.”

PaaS will see a compound annual growth rate of 30 percent, compared to just 4 percent for overall IT spending, IDC says.

According to IDC, more players are seeking to capture specific industries while partnering with IBM, Microsoft, Salesforce.com and other general Paas vendors at the same time.