The elimination of the need to manage servers for reducing infrastructure costs and easing deployment, management, and execution is expected to drive the growth of the serverless architecture market
The serverless architecture 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 that are 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. The serverless architecture market has been demonstrating considerable growth, but the lack of security and strict compliances may restrain the growth of the market.
Among service types, the monitoring services segment is expected to grow at the highest CAGR during the forecast period
The monitoring services segment is expected to grow at the highest CAGR during the forecast period, due to the increasing adoption of microservices across verticals. Monitoring services give a complete picture of the health of the serverless infrastructure by providing visibility across various cloud deployments and key network metrics. These services help reduce blind spots by detecting issues with containers, load balancers, disconnected hosts, and third-party providers. The monitoring services play a crucial role when more than 2 functions are deployed by different Cloud Service Providers (CSPs).
The Banking, Financial Services, and Insurance (BFSI) vertical is estimated to account for the largest market share in 2018
The BFSI vertical is estimated to account for the largest market share in 2018. This industry vertical is one of the early adopters that has leveraged the benefits of serverless architecture. It is constantly evolving and characterized by intense competition, worldwide expansion, consolidation, varied regulatory norms, and constantly changing consumer demands. Serverless architecture supports real-time applications and offers a scalable and secure platform for providing real-time information to the BFSI vertical. Hence, the BFSI vertical is expected to offer significant growth opportunities for vendors in the serverless architecture market.
Under regions, Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period
APAC is expected to grow at the highest CAGR during the forecast period. It is expected to be the fastest growing region in the global serverless architecture market, owing to the increasing adoption of new technologies, rising investments for digital transformation, and growing GDP in APAC countries. Major economies of APAC, such as Australia, Singapore, China, Japan, and India, are significantly investing in technology transformation. The increasing adoption of containers and microservices architecture among enterprises is expected to drive the market in APAC. The APAC region demonstrates a combination of high growth, developing economies, and mass adoption of mobile and internet. Hence, it is expected to grow at the highest CAGR during the forecast period.
The break-up profiles of the primary participants are given below:
- By Company: Tier 1 (25%), Tier 2 (35%), and Tier 3 (40%)
- By Designation: Director Level (45%), C-Level (30%), and Others (25%)
- By Region: North America (35%), APAC (30%), Europe (20%), and RoW (15%)
The following key serverless architecture vendors are profiled in the report:
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).
MarketsandMarkets segments the serverless architecture market by service type, deployment model, organization size, vertical, and region. A detailed analysis of regions has been done to provide insights into the potential business opportunities across regions. In addition to this, the strength of services portfolio and business excellence strategies are some of the important analysis included in the report.
Reasons To Buy the Report
The report would help leaders/new entrants in the serverless architecture market in the following ways:
- The report comprehensively segments the serverless architecture market and provides the closest approximations of the revenue numbers for the overall market and its subsegments across different regions.
- The report helps stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
- The report helps stakeholders understand the strategies of their competitors and gain more insights to better their positions in the market.