New York, USA, Sept. 29, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Microservices Architecture MarketBy Deployment, By Service, By Vertical – Forecast 2030”, the market will reach USD 21.67 billion at a CAGR of 18.6% by 2030.
Microservices Architecture Market Drivers
One of the major growth drivers of the microservices architecture market is believed to be the increasing use of connected devices such as smartphones, fitness trackers, tablets, wearables, smart home appliances and drones. This may be because modern business customers expect faster software feature updates. As it has the ability to build, extend, adapt and deploy the various services in the cycle, this architecture is incredibly fast and responsive to all types of market requirements. Contemporary technologies such as virtualization and the Internet of Things (IoT) provide several opportunities for business expansion.
Prominent industry players profiled in the Global Microservices Architecture Market report include,
- Salesforce.Com Inc. (USA)
- Infosys Limited (India)
- Nginx Inc. (USA)
- Cognizant (US)
- Mulesoft (US)
- International Business Machines Corporation (USA)
- Datawire (US)
- Microsoft Corporation (USA)
- Software AG (Germany)
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Growing need for digital transformation to deliver strong opportunities
One of the major drivers of market growth is the growing need for digital transformation to meet business objectives. Compared to conventional monolithic systems, microservices design enhances development by enabling speed, scalability, and efficiency. In addition, they facilitate consumer choice, provide transparency and expand the company’s market. They are therefore increasingly being used by enterprises and a wide range of industry verticals to increase their business agility.
|Market size by 2030||$21.67 billion|
|CAGR during 2021-2030||18.6%|
|Report cover||Revenue forecasts, competitive landscape, growth factors and trends|
|Key market opportunities||The major opportunities in the microservices architecture market are microservices architecture.|
|Key Market Drivers||The major constraints in the microservices architecture market are security and consistency.|
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Constraints and challenges
Security and compliance issues to act as market restriction
Security and compliance issues and possible communication outages/network latency may act as market restraints during the forecast period.
Microservices Architecture Market Segmentation
The global microservices architecture market is divided on the basis of vertical, service and deployment.
Based on deployment, on-premises will lead the market over the forecast period.
By service, the microservices architecture market is segmented into accounting microservice and inventory microservice.
By vertical, the microservices architecture market is segmented BFSI, IT & Telecom, and Energy & Utilities.
Covid-19 Analysis of the Microservices Architecture Market
The use of cloud-based technologies and digital transformation have grown significantly during the COVID-19 outbreak. As a result, the need for microservices architecture has increased. Additionally, the demand for microservices architecture is driven by the significant increase in virtual infrastructure due to the COVID-19 outbreak. Due to the widespread trend of remote working in many enterprises as a result of the coronavirus (COVID-19) outbreak, the need for cloud microservices has increased. Global interest in the cloud has increased since the covid-19 outbreak and as a result, cloud microservices are expected to be severely damaged by the end of 2021. Due to staff shortages and the need for verification and working remotely, interest in cloud administrations is growing. Acceptance of cloud-based management and computerized changes has increased dramatically during the coronavirus outbreak. This has sparked interest in the microservices architecture market. Additionally, the increase in virtual foundation behavior during the coronavirus outbreak has dramatically increased interest in microservices architecture.
Microservices Architecture Market Regional Analysis
North America leads the market in microservices architecture
With a large concentration of well-known organizations like IBM, Microsoft, and others, North America is cited as the most lucrative market for microservices architecture. Most of these vendors are primarily concerned with expanding their product lines using effective tactics like alliances and mergers, among others. Other factors driving growth in the local market include the dramatic expansion in the use of connected devices and the widespread acceptance of cloud-based solutions. Due to its most advanced level of technology adoption, North America dominated the global market in 2018 and is expected to continue to do so during the projection period. Due to the existence of advanced economies like the United States and Canada, which have a strong emphasis on innovations, the region also holds a dominant position in the market.
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The region is gaining considerable market share through increased adoption of advanced technologies. Additionally, the use of microservices designs by North American companies in the finance, e-commerce, and travel industries has increased demand. Microservices architectures enable cost-effective storage of information and data and improve agility, efficiency, and scalability. According to research, cloud microservices are driven by investments in advanced technologies, including cognitive/artificial intelligence (AI) systems, 3D printing, future security, IoT, wearable technology or reality. virtual and robotics. The North America region will gain the largest share during the projection period. The presence of prominent industry players such as Microsoft, IBM, and others is primarily responsible for the growth of the microservices architecture market in this region.
Additionally, a number of North American-based companies are increasing their product and service offerings through strategic alliances. Additionally, as more North American enterprises use MSA in their financial, travel, and e-commerce operations, which improves agility, efficiency, and scalability while enabling cost-effective storage data and information, the demand is increasing.
APAC to See Significant Growth in Microservices Architecture Market
APAC is experiencing the fastest growing global market driven by increasing adoption of microservices architecture by enterprises seeking to improve operational efficiency, reduce overall costs and increase business agility . Moreover, the growing popularity of virtualized infrastructures could constitute a lucrative potential for the local economy in the coming years. Increased deployment of connected devices in various enterprises owing to the rising popularity of Internet of Things (IoT) is expected to improve the growth prospects of microservices architecture in the region. Due to a growth in the adoption of microservices architecture by organizations to increase operational efficiency, achieve better business agility and reduce costs, the Asia-Pacific region is expected to grow at the highest CAGR throughout throughout the projection period.
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Many organizations are implementing a microservices architecture to meet the challenges of modern application development. The forecast period is expected to contain the highest CAGR in Asia-Pacific. The increasing acceptance of this technology by large and small enterprises to meet the demands of modern application development is mainly responsible for the growth of the market in this field.
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