Microservice Architecture Market Revenue to Reach $32.01 billion by 2023
The increasing modification toward digitization, technological advancement, and the increasing penetration rate of connected devices has accelerated the market growth. The BFSI and retail end-user segments are expected to generate the highest revenue during the forecast period.
Infoholic Research LLP, a global market research, and consulting organization, has published a study titled “Microservice Architecture Market: Global Drivers, Restraints, Opportunities, Trends, and Forecasts, 2017–2023” (September 2017).
According to Infoholic Research, the cloud data center market will experience a significant growth during the forecast period due to an increase in the demand from segments such as BFSI, retail, government, healthcare, and communication. Moreover, with the rising technological advancements in cloud-based services for storing and managing business-related data, the market is expected to propel during the forecast period. With an increase in the need to reduce the time to market of products and services, and the requirement for reducing the operational costs are expected to fuel the market growth during the forecast period. However, the lack of awareness and excessive consumption of memory can act as hindrances for the growth of the market. The Microservice Architecture Market is expected to grow at a CAGR of 16.17% during the forecast period 2017–2023.
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“Currently, the microservice architecture (MSA) market is enabling the end-users to adopt the most innovative technology to decrease fault isolation and cost along with leveraging best services promising greater security and safety of information for various organizations. The market will grow with the increasing number of cloud providers, third-party service providers, data centre providers, and telecom providers, thereby giving an opportunity to expand their business in various regions. The cloud-based deployment model will hold a major market share in the coming 2-3 years due to the increasing penetration of the connected devices and innovations in IoT technologies.” Priyanka Yadav, Research Analyst at Infoholic Research
The BFSI segment holds a dominant position in the market holding 26.56% of the market share in 2017, due to an increase in the customer data and financial information that need to be protected and stored. It is followed by the retail segment with 22.65% in 2017, as they are highly being incorporated in the e-commerce business such as Amazon, Netflix, and others. MSA helps the financial sector by providing ease of extensibility and flexibility of components. It also aids in reducing the risk and the cost by transferring workloads to cost-effective run times and improving the development cycles and swiftness. The market witnesses a high growth opportunity in the retail and communication segments as they are generating an extensive volume of data that needs to be stored and secured.
The major deployment modes used are cloud and on-premises. The wide expansion of cloud services in the recent years has been propelling the various innovative organizations across the globe for the adoption of the MSA.
The Americas is the leading region for the MSA market followed by APAC and EMEA. The market growth in APAC is expected to witness growth due to the increase in the development of data centers, increase in facilities by telecom providers, and the increasing penetration rate of connected devices and government initiatives. Moreover, the counties covered in report are Canada, the US, China, India, Japan, and Germany. Among these Japan, the US, and China are expected to grow at a high rate during the forecast period (2017-2023) due to an increase in the adoption of MSA in e-commerce, proliferation of connected devices, and growing telecommunication segment.
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The report covers the current scenario and the development prospects of the MSA market during the forecast period 2017–2023. The report provides an in-depth analysis and forecast about the industry covering the following key features:
- The report is analyzed based on – Deployment type, Service type, end-user, regions and Countries
- The report covers the evolution of features, advantages, and its importance
- The report covers drivers, restraints, and opportunities (DRO) affecting the market growth during the forecast period (2017–2023)
- The report contains an analysis of vendor profiles, which include financial health, business units, key business priorities, SWOT, strategy, and views; and competitive landscape, which includes vendor assessment
- The report covers the major deployment types, namely: cloud and on-premises
- The report covers an analysis of countries such as China, India, Japan, Germany, the US, and Canada