According to a new market research report "Serverless Architecture Market by Service type (Automation and Integration, Monitoring, API Management, Security, Support & Maintenance, and Training & Consulting), Deployment Model, Organization Size, Verticals, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market size is estimated to be USD 4.25 billion in 2018 and expected to reach USD 14.93 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 28.6% during the forecast period.
The major factors expected to drive the growth of the Serverless Architecture Market include the elimination of the need to manage servers for reducing infrastructure costs and easing deployment, management, and execution, shift from the DevOps to the serverless computing, and proliferation of microservices architecture.
Under service types, the automation and integration services segment is estimated to account for the largest market sharein 2018
The automation and integration services segment is estimated to account for the largest market share in 2018. Automation and integration services play a fundamental role in the deployment of serverless architecture. Automation services help efficiently manage microservices, which are deployed on hybrid IT platforms, to provide faster response along with optimum resource utilization. Integration services combine and consolidate the data and function of multiple micro-services. These services have gained importance, and are often required for distributed microservice applications. Moreover, they act as a catalyst for the complex issues faced during the implementation of serverless architecture in organizations.
The Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher CAGR during the forecast period
SMEs are rapidly moving their traditional on-premises solutions to cloud. This change significantly reduces operational costs and helps achieve profits. Competitive pricing opens up numerous options to choose from various cloud service providers and makes it affordable for the SMEs to incorporate cloud services. As the SMEs have limited expertise, moving toward cloud would enable them to reduce their infrastructure costs.
Among verticals, the media and entertainment vertical is expected to grow at the highest CAGR during the forecast period
The media and entertainment is one of the fastest growing verticals in the Serverless Architecture Market during the forecast period. In the past, media and entertainment companies faced the challenge of managing and supporting complex workflows, and new data formats with uncertain revenue and monetization. To manage the enormous volume of digital media and data generated across applications, serverless architecture offers an attractive solution. It enables the media and entertainment companies to manage their processes and workflows in an efficient, scalable, flexible, and reliable manner. By using serverless architecture, they are developing new and better ways to enhance their digital supply chain while reducing operating expenses.
In regions, North America is expected to account for the largest market share during the forecast period
North America is expected to account for the largest market share during the forecast period. It is home to 2 developed economies, the US and Canada, which contribute heavily to the growth of the regional market. One of the key reasons for the region's growth is the early adoption of technologies and globalization of cloud. The strong financial position of the US and Canada enables them to invest heavily in the leading services of the Serverless Architecture Market. North America is the most developed market in terms of cloud adoption, due to various factors such as standard regulations, advanced IT infrastructure, the presence of a large number of enterprises, and availability of technical expertise.
The major vendors covered in the Serverless Architecture Market include Google (US), AWS (US), IBM (US), Microsoft (US), Oracle (US), CA Technologies (US), Rackspace (US), Alibaba (China), TIBCO (US), Platform9 (US), Syncano (US), NTT Data (Japan), Joyent (US), Iron.io (US), StdLib, Realm (US), Galactic Fog (US), ModuBiz (US), Tarams (US), Snyk (UK), Dynatrace (US), Fiorano Software (US), Manjrasoft (Australia), SixSq (Switzerland), and Twistlock (US).
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