BANGALORE, India, July 7, 2020 /PRNewswire/ -- Serverless architectures are applications designed using functions that utilize third-party hosting services, thereby eliminating the need for infrastructure management tasks such as server or cluster provisioning, patching, operating system maintenance, and capacity provisioning. In the Serverless Architecture, applications are split into individual functions that can be invoked and scaled individually.
The global serverless architecture market size was valued at USD 3,105.64 Million in 2017 and is projected to reach USD 21,988.07 Million by 2025, registering a CAGR of 27.8% from 2018 to 2025.
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TRENDS INFLUENCING THE SERVERLESS ARCHITECTURE MARKET SIZE
Growth of global serverless architecture market size is driven by the rapid development of apps, rising need to eliminate server management, and shifting from DevOps to serverless computing. Additionally, several advantages, such as scalability and cost-efficiency propel, enhanced serverless architecture market growth.
Continuous growth in cloud adoption and the increasing IoT environment is expected to further fuel the growth of serverless architecture market size. Serverless computing can be used to run batch processing, access external APIs, and route data through just HTTP requests from the user's device, reducing the load from the hardware.
Increasing demand for useful apps in various platforms like Android and iOS has created business opportunities for app developers. Moreover, an increase in the number of smartphones and an increase in the adoption of BYOD have resulted in a significant increase in the demand for technologies suitable for app development. Serverless architecture is considered one of the ideal solutions for agile apps building, testing, and releasing cycles, thus increasing the productivity of developers. Additionally, the serverless approach enables developers to deliver massively scalable and event-driven applications without any underlying infrastructure issues like server management, storage systems, networking, and others. As a result of the aforementioned benefits, large numbers of companies and their developers are embracing serverless architecture, thus driving the serverless architecture market size.
However, third party API issues such as lock-in problems, compliance, security concerns, and vendor dependence can affect serverless architecture market growth.
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SERVERLESS ARCHITECTURE MARKET SHARE ANALYSIS
Large enterprises segment is expected to hold a significant market share during the forecast period. This dominance of large enterprises is due to the ever-increasing demand for cloud automation,
The monitoring services segment is estimated to record the highest growth rate during the forecast period. Monitoring services give a complete picture of the serverless infrastructure's health by providing visibility across different cloud deployments and key network metrics. Furthermore, these tools help to reduce blind spots by detecting issues with containers, load balancers, disconnected hosts, and third party providers.
Based on the region, North America held the largest serverless architecture market share during 2017. This dominance of North America is due to the well-established cloud industry, growth in the software development sector, and serverless architecture adoption for IoT applications.
Due to factors such as increased IT modernization in well-established telecommunications industries in countries such as China, India, and Japan, Asia-Pacific is expected to experience the highest growth rate during the forecast period. In addition, a rise in the adoption of IoT-based devices in countries such as Taiwan & South Korea is expected during the forecast period to provide remunerative opportunities for serverless architecture market expansion.
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By Deployment Model
- Private Cloud
- Public Cloud.
By Application
- Real-time file/stream processing
- Web Application Development
- IoT Backend
- Others.
By Organization Size
- Large Enterprises
- SMEs.
By Industry Vertical
- BFSI
- IT & telecom
- Healthcare
- Manufacturing
- Media & entertainment
- Public sector
- Retail & ecommerce
- Others.
KEY COMPANIES
- Alibaba Group
- Amazon Web Services
- Google LLC
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- Platform9 Systems, Inc.
- Rackspace Inc.
- Tibco Software
- Twilio
- Others.
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