New York US, Sept. 29, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Microservices Architecture Market, By Deployment, By Service, By Vertical – Forecast 2030”, the market will touch USD 21.67 billion at an 18.6% CAGR by 2030.
Microservices Architecture Market Drivers
One of the main growth drivers in the microservices architecture market is thought to be the increasing use of connected devices such smartphones, fitness trackers, tablets, wearables, smart home appliances, and drones. This may be because modern business clients expect quicker feature updates in software programs. As it has the capacity to construct, expand, adapt, and deploy the various services within the cycle, this architecture is incredibly quick and responsive to every kind of requirement in the market. There are several chances for business expansion provided by contemporary technologies like virtualization and the Internet of Things (IoT).
Eminent industry players profiled in the global microservices architecture market report include,
- Salesforce.Com Inc. (U.S.)
- Infosys Limited (India)
- Nginx Inc. (U.S.)
- Cognizant (U.S.)
- Mulesoft (U.S.)
- International Business Machines Corporation (U.S)
- Datawire (U.S.)
- Microsoft Corporation (U.S.)
- Software AG (Germany)
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Growing Need for Digital Transformation to offer Robust Opportunities
One of the main drivers of the market’s growth is the growing need for digital transformation to satisfy company objectives. In comparison to conventional monolithic systems, microservices design improves development by enabling speed, scalability, and efficiency. Additionally, they facilitate consumer choice, offer transparency, and broaden the company’s market. They are therefore increasingly being used by businesses and a wide range of industrial verticals to increase their company agility.
|Market Size by 2030||USD 21.67 billion|
|CAGR during 2021-2030||18.6%|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Opportunities||The main microservices architecture market opportunities is microservices architecture.|
|Key Market Drivers||The main restraints of the microservices architecture market are security and consistency.|
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Restraints and Challenges
Security & Compliance Issues to act as Market Restraint
Security and compliance issues and possible communication failures/network latency may act as market restraints over the forecast period.
Microservices Architecture Market Segmentation
The global microservices architecture market is bifurcated based on vertical, service, and deployment.
Based on deployment, on-premises will steer the market over the forecast period.
By service, the microservices architecture market is segmented into accounting microservice and inventory microservice.
By vertical, the microservices architecture market is segmented BFSI, IT and Telecommunication, and energy & utilities.
Covid-19 Analysis of Microservices Architecture Market
The usage of cloud-based technologies and digital transformation has significantly expanded during the COVID-19 outbreak. As a result, the need for microservices architecture increased. Additionally, the demand for microservices architecture is being driven by the significant rise in virtual infrastructure due to the COVID-19 epidemic. Due to the widespread trend of remote working in many enterprises as a result of the coronavirus disease outbreak (COVID-19), the need for cloud microservices has increased. The global interest in the cloud has increased since the covid-19 outbreak, and as a result, cloud microservices are expected to be adversely damaged by the end of 2021. Because of the personnel shortage and need for remote checking and functioning, interest in cloud administrations is growing. The acceptance of cloud-based management and computerized modifications has greatly increased during the coronavirus flare-up. This raised interest in the microservices architecture market. Additionally, the rise in the virtual foundation’s behavior during the coronavirus epidemic has significantly increased interest in microservices architecture.
Microservices Architecture Market Regional Analysis
North America to Head Microservices Architecture Market
With a significant concentration of well-known organizations like IBM, Microsoft, and others, North America is cited as the most lucrative market for the microservices architecture. Most of these suppliers are primarily concerned with expanding their product lines by using successful tactics like alliances and mergers, among others. Additional growth-promoting elements in the local market include the striking expansion of connected device usage and the widespread acceptance of cloud-based solutions. Due to its most advanced level of technological adoption, North America dominated the global market in 2018 and is predicted to continue doing so during the projection period. Due to the existence of advanced economies like the U.S. and Canada, which place a strong emphasis on innovations, the region also has the dominant position in the market.
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The region is obtaining a sizable market share as a result of the increased adoption of cutting-edge technologies. Additionally, the use of microservice designs by North American businesses in the financial, e-commerce, and travel sectors has increased demand. Microservice architectures help store information and data cost-effectively and improve agility, efficiency, and scalability. According to research, cloud microservices are driven by investments in cutting-edge technologies including cognitive/artificial intelligence (AI) systems, 3D printing, future safety, IoT, wearable technology or virtual reality, and robotics. The region of North America will gain the most share over the projection period. The presence of significant industry players like Microsoft, IBM, and others is primarily responsible for the growth of the microservice architecture market in this region.
Additionally, a number of North American-based businesses are increasing their product and service offerings through strategic alliances. Additionally, as more North American businesses use MSA in their financial, travel, and e-commerce operations, which improve agility, efficiency, & scalability while enabling cost-effective data and information storage there is an increase in demand.
APAC to Have Significant Growth in Microservices Architecture Market
APAC is experiencing the greatest growth in the global market thanks to the growing adoption of microservices architecture by businesses looking to improve operational effectiveness, cut costs overall, and increase company agility. In addition, the rising popularity of virtualized infrastructure may be a lucrative potential for the local economy in the next years. Increased deployment of connected devices across a variety of enterprises as a result of the Internet of Things’ (IoT) growing popularity should improve the growth prospects for microservices architecture in the area. Due to a growth in the adoption of microservices architecture by organizations to increase operational effectiveness, achieve better business agility, and cut costs, the Asia-Pacific region is predicted to develop at the greatest CAGR throughout the projection period.
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Many organizations are implementing microservices architecture to deal with the challenges of modern application development. The forecast period is expected to hold the highest CAGR in Asia-Pacific. The increasing acceptance of this technology by both large and small enterprises to satisfy the demands of modern application development is mostly responsible for the market growth in this area.
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