Overview and Scope
Cloud microservices are an architectural approach for constructing software applications or functionalities as a decentralized collection of autonomously deployable and manageable services. This service is used across various domains to build scalable, resilient, and agile applications that meet the evolving needs of businesses and users.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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.
The cloud microservices market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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