The Global Cloud Microservices Platform Market size is expected to reach $4 billion by 2029, rising at a market growth of 20.1% CAGR during the forecast period.
A cloud microservices platform is a collection of technologies, tools, and services that enable developers to create, deploy, and maintain microservices-based software. An application is divided into smaller, independent services called "microservices," each with unique features. This technology is essentially a software development methodology. The development and deployment of these services are separate, and they can interact with one another utilizing APIs.
Executives and project managers favor microservices as much as developers do. Given that architectural enthusiasm is normally reserved for software development teams, this is one of the more unique qualities of microservices. This is because the way most business leaders desire to organize and manage their teams as well as development processes is better reflected by microservices. The fact that changing a line of code or adding a new feature to an application no longer necessitates a congressional act may be the single most significant aspect of microservices. This is because the services are independently deployable and smaller.
Organizations might expect an antidote from microservices to the visceral annoyances brought on by modest adjustments taking a long time. Creating cross-functional teams around a service, product, or business issue is a typical emerging organizational approach. Because it allows an organization to build small, cross-functional groups around a single service or a group of services and also has their function agilely, the microservices model fits in well with this trend.
Cloud microservices solutions provide these advantages by offering discrete, modular services that are simple to integrate and expand as needed. Technology providers and suppliers increased their investment during the pandemic in developing cloud-based microservices platforms. The pandemic, however, also forced many enterprises to cut back on spending, which slowed the uptake of new technologies. Other reasons why some businesses might be reluctant to engage in cloud microservices platforms include worries about data privacy and security in the cloud during the post-pandemic period. As a result, the pandemic had an overall favorable impact on the market.
The advantages of cloud microservices platforms for scalability are substantial. Microservices architecture, unlike conventional monolithic systems, offers far better flexibility and scalability by splitting complicated programs into smaller, independent services. Instead of having to expand a complete program at once, businesses can scale single services as needed with microservices. Businesses can also better adapt to changes in usage or demand patterns owing to this scalability. For instance, it is simple and rapid to scale up a service that is seeing a spike in traffic without disrupting other services in the system. Therefore, the increasing demand for scalable programs among industries is propelling the growth of the market throughout the forecast period.
Scalability, agility, cost-effectiveness, adaptability, and DevOps drive the demand for cloud microservices platforms. Such platforms are growing in popularity among businesses as they aid in modernizing their IT infrastructure and promote digital transformation. Speed and agility are essential for firms to remain competitive in the digital economy. Applications can be developed and deployed more quickly with the help of microservices-based architectures, enabling companies to react more quickly to shifting market demands. This method enables developers to work on several program components concurrently, resulting in shorter development cycles. Such factors are boosting the expansion of the market.
Platforms for cloud microservices mainly rely on resource sharing, which, if handled improperly, can lead to vulnerabilities. It may also be challenging to monitor and secure every system component because of its distributed and decentralized nature. Cloud microservices platform companies must put strong security measures in place to solve these issues and guarantee that customer data is safeguarded. These methods should include encryption, access limits, monitoring, and logging techniques. Therefore, during the forecast period, security remains the main reason that is expected to limit market expansion.
Based on component, the cloud microservices platform market is categorized into platform (without services) and services. The platforms (without services) segment garnered the highest revenue share in the cloud microservices platform market in 2022. The expansion of this segment is being driven by the rising demand for scalable and agile software design and deployment solutions. Developers can test, build, and deploy applications more rapidly and effectively owing to the modular architecture provided by cloud microservices platforms.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships & Collaborations.
On the basis of deployment type, the cloud microservices platform market is divided into public, private, and hybrid. The hybrid segment recorded a significant revenue share in the cloud microservices platform market in 2022. The segment is being driven by higher adoption of hybrid clouds across various end-user sectors since many businesses are now at varying levels of cloud adoption. As a result, their ability to experiment with new goods and business strategies is greatly increased by the hybrid cloud. In addition, the demands placed on the data center changed as IT's function expanded.
Based on application, the cloud microservices platform market is segmented into data analytics, database applications, customer relationship management, and others. The data analytics segment witnessed the maximum revenue share in the cloud microservices platform market in 2022. The expansion of the data analytics segment is driven by enterprises' growing need to process and analyze enormous amounts of data in real-time. In addition, data generated by organizations has surged due to the development of digital devices and the Internet of Things (IoT) expansion. Customers, sensors, social media, and other devices are just a few examples of the sources from which this data may flow.
On the basis of end user, the cloud microservices platform market is classified into BFSI, IT & telecommunications, government, healthcare, retail & e-commerce, manufacturing, and others. The manufacturing segment acquired a substantial revenue share in the cloud microservices platform market in 2022. The segment is growing due to the rising demand for cloud-based microservices in manufacturing. For example, pay-as-you-go serverless computing and microservices models from AWS (Amazon Web Services) reduce the cost of operating connected manufacturing facilities or smart product programs with little upfront investment and nearly infinite on-demand capacity.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 1.1 Billion |
| Market size forecast in 2029 | USD 4 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2029 |
| Revenue Growth Rate | CAGR of 20.1% from 2023 to 2029 |
| Number of Pages | 315 |
| Number of Table | 483 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Component, Application, End User, Deployment Mode, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the cloud microservices platform market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment witnessed the largest revenue share in the cloud microservices platform market in 2022. The expansion is due to the region's considerable commercial presence and the increased usage of cutting-edge postal technologies. In addition, businesses are adopting automation due to increased labor costs and a lack of manpower, expanding the market. The region's postal automation industry is growing due to the growing demand for these services from the government, BFSI, and other industries.
Free Valuable Insights: Global Cloud Microservices Platform Market size to reach USD 4 Billion by 2029
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation are the forerunners in the Cloud Microservices Platform Market. Companies such as IBM Corporation, Oracle Corporation, and Cisco Systems, Inc. are some of the key innovators in Cloud Microservices Platform Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Oracle Corporation, IBM Corporation, Infosys Limited, Cisco Systems, Inc., Tata Consultancy Services Ltd., Amazon Web Services, Inc. (Amazon.com, Inc.), SAP SE, Microsoft Corporation, F5 Networks, Inc., and Salesforce, Inc.
By Component
By Deployment Type
By Application
By End User
By Geography
The Market size is projected to reach USD 4 billion by 2029.
Increasing cloud microservices platform digital transformation are driving the market in coming years, however, Security issues with the cloud microservices platform restraints the growth of the market.
Oracle Corporation, IBM Corporation, Infosys Limited, Cisco Systems, Inc., Tata Consultancy Services Ltd., Amazon Web Services, Inc. (Amazon.com, Inc.), SAP SE, Microsoft Corporation, F5 Networks, Inc., and Salesforce, Inc.
The expected CAGR of this market is 20.1% from 2023 to 2029.
The Public segment is leading the Market by Deployment Type in 2022 thereby, achieving a market value of $2.1 billion by 2029.
The North America market dominated the Market by Region in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $1.4 billion by 2029.
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