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(Hosting-NewsWire.com, May 27, 2020 ) According to a new market research report "Cloud Microservices Market by Component (Platform and Services), Deployment Mode (Public Cloud, Private Cloud, and Hybrid Cloud), Organization Size (Large Enterprises and SMEs), Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the cloud microservices market size expected to grow from $683.2 Million in 2018 to $1,880.0 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 22.4% during the forecast period.
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The growing digital transformation trends, customer oriented businesses, and penetration of microservices among enterprises are some of the major factors driving the cloud microservices market.
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Cloud microservices platform segment is expected to hold a larger market size during the forecast period.
Among the components, the platform segment is expected to hold a larger market size during the forecast period. The segment’s growth can be attributed to the widespread adoption of microservices architecture among enterprises. With the advent of advanced technologies and digital transformation trends, businesses focus more on streamlining application development process. Hence, companies prefer adopting cloud microservices platform to improve agility in the business process and faster Time to market (TTM).
Hybrid deployment mode is expected to be the fastest growing segment during the forecast period.
Under the deployment mode, the hybrid cloud deployment is expected to hold the largest markets size and grow at the highest CAGR during the forecast period. The adoption rate of the hybrid cloud deployment type is expected to grow, due to its wide range of features and functionalities, such as reliability, speed in accessing information, pay-per-usage model, and lower operational costs. Considering the security and privacy aspects in the public cloud deployment mode, businesses are rapidly switching to the hybrid cloud deployment mode.
Information Technology (IT) and IT Enabled Services (ITES) vertical is expected to grow at the highest CAGR during the forecast period.
Among the industry verticals, the IT and ITES vertical is expected to grow at the highest CAGR in the global cloud microservices market. IT and ITES Companies are constantly evolving in terms of technology upgradations. Furthermore, the growing competition in the IT and ITES vertical is shifting the focus on delivering enhanced customer experience and satisfaction.
North America is expected to hold the largest market size; and Asia Pacific (APAC) to grow at the highest CAGR during the forecast period.
Among regions, North America is expected to hold the largest market size in the global cloud microservices market during the forecast period, followed by Europe. North America has been adopting cloud microservices within organizations due to their wide range of features and functionalities.
APAC is expected to register strong growth in the coming years, as organizations in this region are expected to adopt cloud microservices to improve application development process, and meet the demands of dynamic customers.
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Traditional and emerging vendors in the cloud microservices market include AWS (US), CA Technologies (US), Contino (UK), CoScale (Belgium), IBM (US), Idexcel (US), Infosys (India), Kontena (Finland), Macaw Software (US), Marlabs (US), Microsoft (US), Netifi (US), NGINX (US), OpenLegacy (US), Oracle (US), Pivotal Software (US), RapidValue Solutions (US), RoboMQ (US), Salesforce (US), SmartBear Software (US), Software AG (Germany), Syntel (US), TCS (India), Unifyed (US), and Weaveworks (UK).
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Mr. Aashish Mehra
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Mr. Aashish Mehra
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