The cloud microservices global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Cloud Microservices Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The cloud microservices market size has grown exponentially in recent years. It will grow from $1.55 billion in 2023 to $1.88 billion in 2024 at a compound annual growth rate (CAGR) of 21.3%. The growth in the historic period can be attributed to agility and time to market, flexibility and modularity, resilience and fault tolerance, data privacy and compliance, edge computing and IoT.
The cloud microservices market size is expected to see exponential growth in the next few years. It will grow to $3.99 billion in 2028 at a compound annual growth rate (CAGR) of 20.7%. The growth in the forecast period can be attributed to increased demand for hybrid and multi-cloud, edge computing expansion, enhanced security measures, integration with serverless computing, focus on observability and monitoring. Major trends in the forecast period include integration with AI/ml services, serverless microservices, event-driven architectures, develops for microservices security, automated ci/cd pipelines.
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Scope Of Cloud Microservices Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Cloud Microservices Market Overview
Market Drivers –
The growing retail and e-commerce is expected to propel the growth of the cloud microservices market going forward. Retail refers to the process of selling goods or services directly to consumers through physical stores or online channels, while e-commerce is the buying and selling of goods and services over the Internet. It arises due to internet penetration, shifting consumer preferences, and the convenience offered by online shopping. Cloud microservices are widely used in the retail and e-commerce sectors to build scalable, flexible, and resilient applications that can handle the complexities of modern digital commerce. For instance, according to the United States Census Bureau, a US-based government agency, e-commerce increased 7.6% in 2023, compared to 6.9% in 2022. Furthermore, according to the National Retail Federation, a US-based retail trade association, annual retail sales increased from $4.61 trillion in 2021 to $4.94 trillion in 2022, a 7% increase. Therefore, growing retail and e-commerce are driving the growth of the cloud microservices market.
Market Trends –
Major companies operating in the cloud microservices market are concentrating on developing innovative products, such as the microservices engine, to provide comprehensive and inclusive cloud microservices. This engine is an open-source, highly available platform to support microservice development, and it is helpful for various business scenarios, including microservice registration and discovery, distributed scheduling, and integration with other cloud services. For instance, in March 2022, Alibaba Cloud, a China-based computer software company, launched the microservices engine (MSE), providing an open-source, inclusive platform for microservice development. Its features include a fully managed registration and configuration center, cloud-native gateways, and microservice governance capabilities. Additionally, this platform aims to enhance the open-source microservices ecosystem, improve performance, observability, and convenience, and provide a unified, efficient, and secure platform for cloud-based O&M. It is designed to be highly available and suitable for various business scenarios, providing benefits such as improved open source capabilities, fully managed services, and diverse authentication requirements.
The cloud microservices market covered in this report is segmented –
1) By Component: Platform, Services
2) By Deployment: Public, Hybrid, Private
3) By Organization Size: Small And Medium Enterprises (Smes), Large Enterprises
4) By End-User Industry: Banking, Financial Services And Insurance, Retail, E-Commerce, Manufacturing, Telecommunication, Information Technology And Information Technology Enabled Services, Healthcare, Others End-Users
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Regional Insights –
North America was the largest region in the cloud microservices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud microservices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the cloud microservices market are Google LLC, Microsoft Corporation, Dell Technologies Inc., Amazon Web Services Inc., International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Broadcom Inc., Hewlett Packard Enterprise Development LP, Tata Consultancy Services Limited, Salesforce.com Inc., Infosys Limited, Alibaba Cloud, Atos SE, Rackspace Hosting Inc., Marlabs Inc., Contino Holdings Limited, Optisol Business solution, Idexcel Inc., OpenLegacy Ltd., NGINX Inc., SmartBear Software Inc., Macaw Software Inc., RapidValue Solutions Inc., Pivotal Software Inc.
Table of Contents
- Executive Summary
- Cloud Microservices Market Report Structure
- Cloud Microservices Market Trends And Strategies
- Cloud Microservices Market – Macro Economic Scenario
- Cloud Microservices Market Size And Growth
…..
- Cloud Microservices Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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