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).
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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Primary Boosters
and Key Challenges
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.
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.
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