Microservices Architecture Market Scope
Market
Research Future (MRFR) asserts that the Microservices Architecture Market 2020
can reach an approx. valuation of USD 33 Billion by 2023-end. MRFR also
confirms that the market expansion can take place at a rate of 17% between 2017
and 2023 (review period).
Primary
Boosters and Key Challenges
Microservice
architecture boosts the development as well as deployment of a set of features
or an application that is made of modular, autonomous, self-contained and
independent units. Every unit is owned by a team that is tasked with enhancing
it. With the help of microservices, these teams are able to quickly ship the
advanced forms features or applications, with no disruptions in the rest of the
solutions. In a nutshell, microservices architecture helps prevent complexity,
enabling small and agile teams to develop services.
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Rising
use of connected devices like smartphones, wearables, tablets, smart home
appliances, fitness trackers and drones is believed to be one of the chief
growth boosters in the microservices architecture market. This can be due to
the fact that business customers nowadays demand for faster feature update in
software applications. This architecture is extremely fast and responsive to
every kind of requirement in the market, as it holds the potential build,
scale, evolve, and deploy the individual services within the cycle. Modern
technologies like virtualization and Internet of Things (IoT) offer a host of
growth opportunities to the market.
Some of
the top trends that are positively influencing the microservices architecture
market include deployment, loose coupling, as well as domain driven design.
Since microservices function on smaller and simple services, the demand for
cloud solutions has risen considerably, which also leads to a lucrative market
landscape.
Market
Segmentation
Microservices
architecture industry has been broadly covered in the report, taking into
account the primary segments of deployment, type and vertical.
The
deployment-wise segments are cloud-based as well as on-premise. Cloud-based
microservices architecture has gained high traction in the market owing to
their high scalability, 24x7 availability as well as cost efficiency.
The
types of microservices architecture described in the report include inventory
microservice, accounting microservice, shipping microservice, store
microservice and others.
The
verticals where the use of microservices architecture is rising include Energy
& Utilities, BFSI, Government, Healthcare, Retail, IT &
Telecommunication, Media & entertainment, Manufacturing, and more.
Regional
Insight
Asia
Pacific or APAC, North America, Europe and Rest of the World (RoW) are the
primary markets for microservices architecture, according to the report.
MRFR
identifies North America as the most lucrative market for microservices
architecture, citing the chief reasons to be the high concentration of highly
renowned companies like IBM, Microsoft, and more. A vast number of these
vendors are mostly focused on boosting their product offerings, by adopting
effective strategies like partnerships and mergers, among others. Striking
escalation in the use of connected devices combined with the extensive adoption
of cloud-based solutions are some additional growth-inducing factors in the
regional market.
With the
fastest growth in the global market, APAC rides high on the back of the
widespread deployment of microservices architecture across enterprises who are
striving to enhance operational efficiency, reduce overall cost and also
achieve higher business agility. Apart from this, the increasing adoption rate
of virtualized infrastructure can act as a, attractive opportunity for the
regional industry in the years ahead. Surging use of the Internet of Things or
IoT has led to higher deployment of connected devices in various organizations,
which can translate to better growth prospects for microservices architecture
in the region.
Top
Companies
Top
companies competing in the market for microservices architecture include
Salesforce.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), to
mention a few.
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