The new report by Expert Market Research titled, ‘Global Serverless Computing Market Report and Forecast 2022-2027’, gives an in-depth analysis of the global serverless computing market, assessing the market based on its segments like services, types, end user industries, 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 analysing 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 (2017-2027)
- Forecast CAGR (2022-2027): 22.2%
The growth of the serverless computing industry is being propelled by the growing demand for cost-effective computing platforms. Various organisations are increasingly adopting serverless computing to lower their capital expenditure owing to its cost-effectiveness, hence driving the market growth. The low maintenance, enhanced reliability, and high security offered by serverless computing are surging their deployment, which is significantly contributing to the market growth. In addition, the increasing demand for the cost-effective and easy development of web applications, mini-programs, and mobile applications, among others, is bolstering the industry growth. As digital competitiveness among organisations is increasing, they are leveraging serverless computing to decrease their standard release time, which is fuelling the market growth.
Industry Definition and Major Segments
Serverless computing refers to an execution model of cloud computing which eliminates maintenance and operational requirements. It provides enhanced flexibility and streamlines the workflow of an organisation. It is a cost-effective, durable, and reliable service, due to which they are increasingly used in various industries like IT, telecommunication, and BFSI, among others.
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Based on services, the market is divided into:
- Professional
- Managed
The major types of serverless computing are:
- Hybrid Cloud
- Multi-Cloud
By end user industries, the market is classified into:
- IT and Telecommunication
- BFSI
- Retail
- Government
- Industrial
- Others
The regional markets of serverless computing are:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
The market for serverless computing is being driven by the growing focus on sustainability, which, in turn, is leading to reduced use of IT hardware. Serverless computing also aids organisations in achieving their sustainability goals, due to which they are increasingly being deployed. As serverless computing is becoming compatible with various program execution methods, the market is witnessing rapid growth. Moreover, the increasing demand for advanced and innovative solutions in web and mobile applications is escalating the use of serverless computing to use microservices and rapidly execute innovative features, therefore augmenting the growth of the market.
Key Market Players
The major players in the market are Amazon Web Services Inc., Microsoft Corp., Google LLC, Alibaba Group Holding Limited, SAP SE, IBM Corp., and Oracle Corp., 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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