The new report by Expert Market Research titled, ‘Global Serverless Architecture Market Report and Forecast 2023-2028’, gives in-depth analysis of the global serverless architecture market, assessing the market based on its segments like deployment model, organisation size, end-use, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028):
- Historical Market Size (2022): USD 6.76 billion
- Forecast CAGR (2023-2028): 30%
- Forecast Market Size (2028): USD 27.04 billion
Over the forecast period, the global serverless architecture market is projected to expand at a rapid pace. The cloud is used by serverless architecture to provide scalable IT infrastructure for businesses of all sizes. Serverless architecture, which is mainly used in enterprise IT, is in high demand due to the many advantages it provides users. One of the most important demand factors is the increased need to control and optimise infrastructure costs.
Industry Definition and Major Segments
Serverless architecture is a software design pattern in which an application is hosted by a third-party service, eliminating the need for the developer to control the server. Developers may use backend services on a flexible pay-as-you-go basis with this technology since they are only paid depending on their computation and pay for a set amount of bandwidth.
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The serverless architecture market is divided based on the deployment model into:
- Private Cloud
- Public Cloud
The serverless architecture market is segmented based on organisation size into:
- Small and Medium-Sized Enterprises
- Large Enterprises
On the basis of end-use, the serverless architecture market is divided into:
- Banking, Financial Services, and Insurance
- Telecommunications and IT
- Retail and Ecommerce
- Healthcare
- Manufacturing
- Media and Entertainment
- Others
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Based on region, the market is segmented into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
The serverless architecture market has grown in revenue as cloud computing has become more widely adopted. The use of enterprise IT has revolutionised operational productivity. The need for costly physical infrastructure is eliminated with serverless architecture. Serverless architecture makes it simple to deploy and managed services and other items like software and functions, resulting in increased development. Adoption has been aided by increased knowledge of cloud technologies and serverless architecture. Furthermore, because of the high scalability of serverless architecture, small and medium businesses can now use IT services that were previously only available to large businesses. Because of its well-established cloud industry, the app development market, and widespread acceptance of serverless architecture for IoT applications, North America dominated the overall serverless architecture market share in terms of revenue. However, due to factors such as increased IT modernization in well-established telecommunication industries in countries such as China, India, and Japan, Asia-Pacific is expected to expand at the fastest pace during the market forecast era. Furthermore, an increase in the adoption of IoT-based devices in countries like Taiwan and South Korea is expected to provide lucrative opportunities for serverless architecture market expansion during the forecast period.
Key Market Players
The major players in the market are Alibaba Group [NYSE: BABA], Amazon Web Services, Inc, Google LLC, IBM Corporation, Microsoft Corporation, Oracle Corporation, Platform9 Systems, Inc., Rackspace Inc., CA Technologies, TIBCO Software Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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