- Rise in digital transformations, proliferation of connected devices, and increase in adoption of cloud-based solutions fuel the growth of the global microservices architecture market
PORTLAND, Oregon, March 23, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Microservices Architecture Market by Component (Solutions and Services), Deployment Mode (On-premise and Cloud), Organization Size (Large Enterprises and Small & Medium Enterprises), and Industry Vertical (BFSI, Manufacturing, Retail & Ecommerce, IT & Telecom, Healthcare, Government, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global microservices architecture industry was pegged at $2.07 billion in 2018 and is expected to hit $8.07 billion by 2026, registering a CAGR of 18.6% from 2019 to 2026.
Drivers, restraints and opportunities
Rise in digital transformations, proliferation of connected devices, and surge in adoption of cloud-based solutions drive the growth of the global microservices architecture market. On the other hand, security and several compliance issues impede the growth to some extent. Nevertheless, rise in implementation of virtualized infrastructure is expected to create multiple opportunities for the key players in the industry.
Based on component, the solution segment held the largest share in 2018, garnering nearly two-thirds of the global microservices architecture market in 2018, and is expected to retain its dominance throughout the forecast period. This is attributed to the widespread adoption of microservices architecture among enterprises. The services segment, on the other hand, would portray the fastest CAGR of 20.1% during 2019–2026. Increase in adoption of these platforms and software has driven the growth of the segment.
The on-premise segment to dominate during the estimated period
Based on deployment mode, the on-premise segment accounted for around three-fifths of the global microservices architecture market revenue in 2018, and is expected to lead the trail by 2026. The fact that organizations in regulated industries rely on on-premise model to a significant extent has propelled the segment growth. At the same time, the cloud segment would manifest the fastest CAGR of 21.2% through 2026. Adoption of hybrid cloud across various end-user industries has driven the growth of the segment.
Based on region, North America contributed to more than half of the global microservices architecture market share in 2018, and is projected to maintain its top status till 2026, owing to the presence of developed economies such as the U.S. and Canada. Simultaneously, the region across Asia-Pacific would register the fastest CAGR of 23.4% from 2019 to 2026. This is due to increase in adoption of microservices architecture in telecom applications, development of data centers, and surge in penetration rate of connected devices in this province.
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