Cloud Microservices Market Report 2024: Detailed Insights Into Market Trends, Projections, And Growth Drivers | GitHub Inc., Contino, Kontena, Broadcom

Microservices is an approach to creating applications that are constructed using modular components or services. Every module is designed to assist particular tasks or business goals, employing a straightforward and clearly defined interface like an Application Programming Interface (API) that connects to other groups of services. The microservices framework allows for a more distributed method of software development for developers.

The expansion of the cloud microservices market can be linked to multiple factors, including the widespread adoption of microservices architecture, the increasing demand for cost-effective, secure IT operations, and the heightened awareness of containers and DevOps tools. By enabling quicker development cycles, flexible and scalable systems, and enhancing productivity while lowering costs, the broad implementation of microservices is assisting organizations in optimizing their web application development workflows. Moreover, significant market opportunities exist for creating business strategies via partnerships and cooperation among the main stakeholders in the industry.

The Cloud Microservices Market is Valued USD 1.6 billion in 2024 and projected to reach USD 9.1 billion by 2032, growing at a CAGR of 21.6% During the Forecast period of 2024-2032.

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Cloud Microservices Market Growth Factors:

Microservices architecture has become a popular way to develop software applications among organizations. The microservices architecture consists in breaking an application down into smaller, independent services that are capable of developing, deploying, and scaling on their own instead of building monolithic applications.

Many companies have adopted microservices architecture and are making progress toward a multi cloud strategy, as they continue to rely on cloud solutions. This approach allows businesses to adapt their technology stack in ways that suit their specific needs, and this is often more cost effective than relying on a single cloud provider.

Major Players in Cloud Microservices Markets are:

OpenLegacy, Microsoft, Marlabs Inc., Invision, GitHub Inc., Contino, Kontena, Broadcom, Idexcel Inc., Amazon Web Services, Inc., CA Technologies, Infosys Limited, NGINX Inc., Oracle, Pivotal Software, Inc., Syntel, Inc., Gurock, Marlabs Inc. and IBM among others.

Industry News:

September 2023: Oracle expanded its banking cloud services with comprehensive microservices offerings, including virtual account management and real-time payment processing. These enhancements aimed to improve forecasting, transparency and liquidity control, enabling banking institutions to operate with innovation and agility.

September 2023: Google Cloud and Apollo Hospitals expanded their partnership to enhance healthcare access in India through Apollo 24/7, offering medication delivery and online consultation. Using cloud technologies, including microservices, the collaboration aimed to enhance clinical outcomes and secure data management.

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Global Cloud Microservices Market Segmentation:

By Component
Platform
Services
Consulting services
Integration services
Training, support and maintained services

By Deployment
Public
Hybrid
Private

By Organization Size
Small & Medium Enterprises (SMEs)
Large Enterprises

By Industry Vertical
BFSI
IT and ITeS
Telecommunications
Government
Healthcare
Retail and eCommerce
Media and Entertainment
Transportation and Logistics
Manufacturing
Others (Education, Energy & Utilities, and Travel & Hospitality)

The following areas and countries are covered in the worldwide Cloud Microservices Market file:

North America (US, Canada, Mexico)
Europe (Germany, France, UK, Russia, Italy)
Asia Pacific (China, Japan, South Korea, India, Southeast Asia)
South America (Brazil, Argentina, Colombia, etc.)
Middle East and Africa (Saudi Arabia, UAE), Egypt, Nigeria, and South Korea)

North America held a major cloud microservices market share due to the presence of key players in the region adopting advanced technologies. In addition, growing demand from North American companies is due in part to their adoption of microservices architecture within BFSI, E-commerce, and I.T. It helps save costs, increase flexibility, efficiency, and scalability in the storage of information and data. In June 2022, Canadian company Telus acquired Digital and in Person Health Company Lifeworks for USD 1.77 billion, to strengthen its position as an employer based health service provider for cloud native applications.

Detailed industry forecast-Brief Introduction to the research report:

Additional information on company participants
Customized reports and analyst assistance are available upon request.
Recent market developments and potential future growth opportunities
Personalized regional/country reports upon request
New data sources are being integrated.
Increased focus on data privacy and security
Increased collaboration and co-creation

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Key Features of the Cloud Microservices Market Report: -

Analyze competitive developments such as expansions, deployments, new product launches, and market acquisitions.

Examine the market opportunities for stakeholders by identifying higher growth sections.

To study and analyze the global Cloud Microservices Market industry status and forecast including key regions.

An in-depth analysis of key product segments and application spectrum, providing strategic recommendations to incumbents and new entrants to give them a competitive advantage over others.

It provides a comprehensive analysis of key regions of the industry as well as a SWOT analysis and Porter's Five Forces analysis to provide a deeper understanding of the market.

It helps you make strategic business decisions and investment plans.
Finally, Cloud Microservices Market is a valuable source of guidance for individuals and companies.

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