The global off-premises cloud services market is set to more than double between 2018 and 2023, as enterprise adoption grows to improve application performance and increase scalability. Global off-premises cloud services revenue will expand to $407 billion in 2023, up from $188 billion in 2018, according to the latest Cloud & Colocation Services for IT Infrastructure and Applications Market Tracker from IHS Markit Technology, now a part of Informa Tech. Within the off-premises cloud services market, the platform-as-a-service (PaaS) segment is where artificial intelligence (AI) and machine learning (ML) techniques are most heavily used. AI and ML equip developers with pre-built deep-learning application components that allow them to focus on creating the business-specific portions of their apps and reduce their time to market. In the first half of 2019, PaaS generated the second-highest year-over-year (YoY) growth rate of any segment of the off-premises cloud services market, with a 41 percent increase. It also yielded the second-highest compound annual growth rate (CAGR) from 2018 through 2023, at 23 percent.