Cloud Microservices Market to Exceed Market Valuation of USD 8.14 Billion by 2031 | SkyQuest Technology
Westford, USA, Sept. 02, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Cloud Microservices Market will reach a value of USD 8.14 Billion by 2031, with a CAGR of 22.6% during the forecast period (2024-2031). Cloud Microservices architecture are flourishing businesses in different sectors towards a future of flexibility, speed, scalability, and control. These features offer businesses complete control of their processes. Microservices cuts down software into small, independent services, wherein each is accountable for certain business operations. This efficacy baked into microservices is propelling its demand. Moreover, the rising adoption of cloud computing is notably impacting the cloud microservices market growth.
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Browse in-depth TOC on the "Cloud Microservices Market"
- Pages – 157
- Tables – 62
- Figures – 75
Cloud Microservices Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 1.59 Billion |
| Estimated Value by 2031 | USD 8.14 Billion |
| Growth Rate | Poised to grow at a CAGR of 22.6% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Organization Size, Deployment Mode, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Advancements in Machine Learning and AI Integration |
| Key Market Drivers | Mounting Use of Mobile-Based Applications and Growth of Digitalization |
Benefits of Services offered to Businesses to Drive Services Segment
By component, the services segment held the maximum share of the cloud microservices market with a remarkable revenue share owing to the advantages of the services offered. Cloud microservices offer better computing power and resource control, which help customers scale every service on an autonomous base as per their requirements. The microservices framework enables businesses to create beyond independent services, besides establishing groups supporting every service and adopting a DevOps method. Conversely, the platform segment is growing at a speedy rate due to comprehensive solutions and managed services. Most cloud platforms offer better-managed services that lessen the operational burden on companies. They also offer integrated solutions that streamline the handling of microservices.
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Growing Demand for Automation to Fuel Healthcare Domain
By application, the healthcare segment dominated the market and is projected to lead over the forecast period as well owing to rising automation demand that allows speedy deployment of various services. Also, notable proliferation of cloud microservices in medical sector because of the benefits that lower complexity of process and enhances better functionality of health services is also impacting the segment growth. On the other hand, the retail and ecommerce segment is expected to grow at a considerable rate in the coming years owing to increasing scalability needs and rising need for agility and innovation. Retail and ecommerce companies mostly face variations in traffic during sales events and holidays, which demands better scalability, thus driving the segment growth.
Heavy Adoption of Cloud-Based Services in Different Industries to Propel North American Revenue Rates
North America held considerable share of the cloud microservices market in the past years and is expected to lead over the forecast period owing to the presence of established cloud architecture, growing adoption of cloud-based services in different industries, and improved technological competencies. In addition, the key focus on digital transformation and the presence of leading service providers will notably propel the market in the region.
Asia-Pacific is observed as the fastest-growing region as compared to other regions owing to speedy digital transformations witnessed in different industries. Moreover, the growing adoption of smartphones and other mobile devices, growing number of SMEs and startups, and mounting internet penetration is fueling the market in the region. Also, growing investments in cloud and supportive government initiatives is further driving the market growth in Asia-Pacific.
Cloud Microservices Market Insight
Drivers:
- Increasing recognition of DevOps among businesses
- Growing penetration of microservices architecture and digital transformation
- Increasing adoption of advanced technologies in the developed economies
Restraints:
- Complexity & Management Issues
- Compliance and Security Concerns
- Heavy Resource Consumption
Prominent Players in Cloud Microservices Market
The following are the Top Cloud Microservices Companies
- Amazon Web Services (AWS)
- Microsoft Corporation
- Google LLC
- IBM Corporation
- Oracle Corporation
- Salesforce.com Inc.
- Pivotal Software Inc.
- Red Hat Inc.
- VMware Inc.
- SAP SE
Key Questions Answered in Global Cloud Microservices Market Report
- What will be the estimated size of the Global Cloud Microservices Market by 2031?
- Which is the leading application segment of the Cloud Microservices Market?
- What strategies are adopted by the players profiled in the Cloud Microservices Market?
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This report provides the following insights:
Analysis of key drivers (improved agility and speed, growing technological advancements, enhanced consumer experience), restraints (network latency, integration complexity, lack of skills), opportunities (acceleration of innovation, improved data analytics, personalization and customization), and challenges (data consistency and management issues, debugging and testing, legacy integration) influencing the growth of cloud microservices market
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the cloud microservices market
Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the cloud microservices market
Market Development: Comprehensive information on lucrative emerging regions
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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