Microservices Architecture Market Is Anticipated To Grow USD 21.61 billion at a 18.66% CAGR by 2030- Report by Market Research Future (MRFR)
Research Reports
Feb 16, 2023
Microservices Architecture Market Growth Boost by Increasing Use of Connected Devices and Technology Adaptations 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 21.61 billion at an 18.66% 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).
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Microservices Architecture Market Report Scope:
| Parameter | Details |
| Revenue Forecast in 2030: | USD 21.61 Billion |
| Growth Rate: | CAGR of 18.66% from 2022 to 2030 |
| Forecast Period: | 2022 -2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Key Players
Eminent industry players profiled in the global microservices architecture market report include,
- 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) and Others.
Opportunities
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.
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.
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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.
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.
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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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