There are four stages of growth in the platform growth model.

As the platform business grows, it's important to make the right decisions and pick the right tactics, taking into account how the platform affects each growth model. From a dynamic point of view, this study looked into how to build a platform business in the IT industry. The goal was to find out how the platform growth model helps businesses enter the market and keep growing. This study used 21 case studies to come up with the four stages of the platform growth model: entry, growth, expansion, and maturity. These stages give us a way to think about how to build a community around the platform growth model.

There are four stages in a life cycle and a dynamic method to the platform.

The beginning

Platform businesses are used a lot in both business and academia, so it's clear that they and their strategies have become important topics for study. A lot of academics have looked into platform businesses from an academic point of view [1, 2, 3, 5, 6, 7, 8, 9; 10, 11, 12, 13, 14, 15, 16, 17, 18]. Recently, there have been attempts to do interdisciplinary research studies [13,19,20] to go along with these separate investigations. Platform businesses are becoming more popular because they help the market move forward [21] and allow businesses to respond to sudden changes in the outside world [19]. Indeed, it's impossible to talk about innovation without bringing up platforms, which have become a key way to control a market [7,21,22]. Because platform businesses are structured in difficult ways [5,17,23,24,25,26], you need to know a lot about them to be a good platform provider. Platform strategy needs to be talked about more, companies need to use platforms in their internal and external analyses, and setting up a strategy needs to be given real thought [22].

However, most studies on platforms have assumed that the model for the platform has already been found in the market. 

This means that how platforms appear, grow, spread, and mature in the market has not been well studied [10,27]. Strategies that are already in place have focused on static methods instead of changing ones that help businesses do better over the long term [28]. Platform-serviced businesses have a hard time in the market [22] if they don't carefully look at the key parts of the platform business [22]. So, this study looked at different core elements and strategies for each stage of growth to make sure they fit with the needs of the business setting. Based on the idea that the platform is already part of the market, current studies don't give clear dynamic strategic advice for platform providers. Another important thing that this study adds is that it uses a dynamic approach to show a platform business strategy.

To reach this goal

this study found out how to create a step-by-step business plan using a dynamic method that helps people understand how a platform business helps companies enter a market and keep growing. This study found that platform businesses go through four important stages: entry, growth, development, and maturity. To understand the lifecycle of a platform business, you need to look at the different core elements and tactics that are used at each stage. 

They give you an idea of how to build a platform business when you put them together. Businesses that want to become platform providers need to have a good idea of the parts and business strategies of each stage of the growth model. This study used 21 case studies to come up with the four stages of the platform growth model: entry, growth, expansion, and maturity. These stages give us a way to think about how to build a community around the platform growth model. Through its discussion of the model, this piece shows platform providers how to successfully enter their own markets, achieve long-term growth and innovation, and lower their failure rate.

The way the platform business works is organized

The platform has become a new, powerful way for businesses to bring new ideas to the market and do business in many fields [13]. A platform business is a type of business that makes money by making it easier for two or more people, usually buyers and sellers, to trade. To make it easier for a lot of people to connect with each other, the platform business provides a space and a set of rules and guidelines. It takes advantage of networks that can be reached whenever needed [5, 8, 13]. 

From the point of view of business economics, a platform business is made up of three main ideas:

 a two-sided market [7,17,29], the network effect, and a business environment. These ideas are what make the business systematic [3,6,7,19,30,31,32]. A two-sided market lets businesses in many fields, especially information and communication technologies (ICT), share their goods and services in a certain area. In a two-sided market, transactions create both direct and secondary network effects. This means that the value of a good or service for one user affects the value of that good or service for other users. The network effect says that a product or service is worth more if it has a lot of users. This creates a lot of value and makes it easier for businesses to start up because the platform can self-organize, be independent, and evolve together [22,32,33,34,35]. These factors set up the business environment that supports the platform business and lets it grow on its own [34,35].