Global Microservices Architecture Market set To Register Double-Digit CAGR during the Forecast Period 2017 to 2023 (SARS-CoV-2, Covid-19 Analysis)

Microservices Architecture Market

Market Research Future (MRFR) has revealed in its recently published report that the global microservices architecture market is projected to reach a valuation of USD 33 Bn by the end of 2023. The microservices architecture market is estimated to register a CAGR of 17% during the forecast period 2017 to 2023. The application of the technology across different industry verticals such as BFSI, retail, healthcare, IT & telecommunication, etc. is expected to drive the demand for microservices architecture over the next couple of years.

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Cloud-based services offer availability, scalability and cost efficiency. The adoption of a cloud-based solution such as software as a service (SaaS) and platform as a service (PaaS) has been favoring the acceleration of revenue creation for market players for years. The trend is poised to perpetuate over the next few years. Furthermore, the penetration of connected devices such as the smartphones, drones, wearable devices, tablets, laptops, etc. have paved the way for growth opportunities of the microservices architecture market, which is likely to complement market expansion during the assessment period. Other factors responsible for catalyzing market proliferation include an accessible platform for new developers, improvement in fault isolation system, eradication of long-term commitment on a single technology, etc.

Regional Analysis:

By region, the global microservices architecture market has been segmented into Asia Pacific, North America, Europe and Rest of the World. North America is likely to retain a dominant position globally during the forecast period. The growth is attributable to the growth strategies being implemented by the key players in the region. The constant innovation in technology and investments in its adoption are fueling the microservices architecture market growth in the region. Asia Pacific is poised to exhibit a relatively higher CAGR owing to the large-scale adoption of the technology in the region. The presence of emerging markets such as India and China is likely to accelerate the adoption of the technology. Europe is anticipated to remain a significant growth pocket over the next couple of years. Meanwhile, the Rest of the World is estimated to exhibit sluggish growth owing to limited technological penetration in some parts of the region.

Worldwide Microservices Architecture Market – Segments

For the convenience of the report and enhanced understanding; the report is segmented in to 4 key dynamics:-

By Vertical : Comprises IT & Telecommunication, Energy & Utilities, BFSI, Government, Healthcare, Manufacturing, Media& Entertainment, Retail, among other.

By Deployment : On Cloud & On-Premise.

By Service : Inventory Microservice, Shipping Microservice, and Accounting Microservice among other.

By Regions : Europe, North America, APAC and Rest of the World.

The Scenario of Microservices Architecture Market

In the extensive Microservices Architecture Market Research Report, cloud-based solutions like software as a service (SaaS) and platform as a service (PaaS) is motivating the market. Various connected devices such as tablets, smartphones, wearable, drones, smart home appliances, and fitness trackers are also impacting the microservices architecture market to a great extent. In fact, the rising trends majorly affecting the market further include deployment, loose coupling, and domain-driven design. In the last, as microservices operates on simple and smaller services, there is a rise in demand for a cloud solution, which is portrayed as one of the important factors impacting the global market of microservices architecture.

Worldwide Microservices Architecture Market – Competitive Landscape

The market appears to be highly competitive characterized by the presence of well-established players. These players incorporate collaboration, acquisition, expansion, partnership, and product launch. By acquiring promising companies in the fast-growing markets; Vendors expand their presence & are increasingly focusing on improving their market performance.

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Industry/ Innovation/ Related News:

February 13, 2018 – Accenture, a techno giant announced that it has joined AT&T‘s multi-year Microservices Supplier Program. The partnership is expected to help the company to migrate legacy operations to models using DevOps and microservices. As per the deal, with consulting expertise of Accenture, the duo companies will work towards the development of microservices that business will use to get AT&T products and services including security and fiber services.

January 30, 2018 – Cisco Systems Inc. (US) announced that company’s video product include a considerable 20 microservices helpful in saving a whole of resources of users.

Other Related Market Research Reports:

IT Service Management Market Research Report - Forecast till 2023

https://www.marketresearchfuture.com/reports/microservices-architecture-market-3149

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