PORTLAND, Oregon, June 18, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Serverless Architecture Market by Deployment Model (Public Cloud and Private Cloud), Application (Real-time File/Stream Processing, Web Application Development, IoT Backend, and Others), Organization Size (Large Enterprises and SMEs), and Industry Vertical (BFSI, IT & Telecom, Healthcare, Manufacturing, Media & Entertainment, Public Sector, Retail & E-Commerce, and Others): Global Opportunity Analysis and Industry Forecast, 2018–2025." According to the report, the global serverless architecture market generated $3.01 billion in 2017, and is estimated to reach $21.99 Billion by 2025, growing at a CAGR of 27.8% from 2018 to 2025.
Surge in number of smartphones, increase in BYOD adoption, rise in number of applications, growing shift from DevOps to serverless computing, and rising need to eliminate server management challenges have led to significant growth of the global serverless architecture market. However, issues associated with third-party APIs restrict the market growth. On the other hand, emergence of serverless architecture applications in growing IoT landscape and growing cloud infrastructure services market would provide lucrative opportunities for the serverless architecture market.
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Public Cloud segment to maintain its leadership status by 2025
The public cloud segment accounted for nearly three-fourths of the total market share in 2017, and is expected to maintain its dominance by 2025. The major factors that drive the growth of this segment include its high availability, cost-efficiency and capabilities to improve the functionality as well as overall development process. However, the private cloud segment is estimated to project the fastest CAGR of 30.0% from 2018 to 2025, owing to its less vendor-locking problems and enhanced security.
Web Application Development segment to maintain its dominance throughout the forecast period
Based on applications, the web application development segment held nearly half of the total market share in 2017, and will maintain its dominance throughout the forecast period. This is due to serverless computing that allows developing and running of an application without the servers. This reduces the complex procedures such as planning capacity of the application, installation of hardware, procurement, and software. However, the IoT backend segment is estimated to register the highest growth rate with a CAGR of 31.7% from 2018 to 2025, owing to growing IoT industry and increasing number of data sets associated with these connected devices.
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Asia-Pacific to grow at the fastest CAGR
Asia-Pacific would grow at the fastest CAGR of 31.0% from 2018 to 2025, owing to factors such as on-going IT modernization in well-established telecommunication industries and increase in adoption of IoT-based devices which are expected to provide remunerative opportunities for market. However, North America contributed to nearly half of the total share in 2017 and is estimated to maintain its dominance during the forecast period. This is due to growth of the app development market, well-established cloud industry, and significant adoption of serverless architecture for media processing and IoT applications.
Frontrunners of the industry
Leading market players analyzed in the research include the Amazon Web Services, Alibaba Group, Google LLC, Oracle Corporation, Microsoft Corporation, IBM Corporation, Platform9 Systems, Inc., Twilio, Rackspace Inc., and Tibco Software.
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The rapid growth in the number of smartphone and tablet users and growth in dependency on IT have led to an increased demand for data center automation technology. In addition, continuous prevalence of cloud technology and the explosion of big data have increased the demand for larger storage capacity, thus raising the need for data center automation.
The need for the scalable servers, need for low cost maintenance, and growth in internet penetration at the workplace drive the market growth. However, factors such as lack of trained workforce and high deployment costs hinder the market growth. Moreover, the rise in the IoT-based applications provide lucrative growth opportunities to the market.
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