Overview and Scope
Microservices architecture refers to an architectural design approach for creating applications by dividing the huge program into smaller and independent components with their own set of responsibilities to fulfill a single user request.
Sizing and Forecast
The microservices architecture market size has grown rapidly in recent years. It will grow from $5.34 billion in 2023 to $6.41 billion in 2024 at a compound annual growth rate (CAGR) of 20.0%. The growth in the historic period can be attributed to rise of cloud computing, digital transformation, cultural shift towards DevOps practices, demand for scalability, growing data security concerns.
The microservices architecture market size is expected to see rapid growth in the next few years. It will grow to $13.14 billion in 2028 at a compound annual growth rate (CAGR) of 19.7%. The growth in the forecast period can be attributed to growing adoption of serverless architecture, IoT (Internet of things) integration, enhanced security measures, focus on sustainability, microservices architecture. Major trends in the forecast period include AI-driven DevOps, event-driven architecture, continuous integration, shift towards micro frontends, enhanced hybrid cloud management.
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Segmentation & Regional Insights
The microservices architecture market covered in this report is segmented –
1) By Component: Solution, Services
2) By Organization Size: Large Enterprises, Small And Medium Enterprises
3) By Deployment Type: On-Premise, Cloud
4) By End-Use Industry: Banking, Financial Services And Insurance, Government, Manufacturing, IT And Telecom, Retail , Healthcare, Energy And Utilities, Media, Other End-User Industries
North America was the largest region in the microservices architecture market in 2023. The regions covered in the microservices architecture 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 proliferation of connected devices is expected to propel the microservices architecture market going forward. Connected devices are physical objects that are connected wirelessly to a network (the internet) with each other or other systems and can send and receiving data to form communication among them, which includes smartphones, laptops, smart vehicles, and others. Microservices architecture-based solutions in connected devices help develop various software that provides seamless interaction among heterogeneous devices, protocols, and applications, increasing the ability of devices to share data from one computing environment to another. Additionally, microservices architecture provides continuous upgrades, integration, and maintenance of IoT applications in connected devices. For instance, in November 2023, according to Uswitch, a UK-based price comparison website, 92% of mobile users in the UK are using smartphone. Additionally, in March 2022, according to The Office of Communications, a UK-based government approved communications regulator, 21 % of internet users in UK uses smartphone. Therefore, the proliferation of connected devices is driving the growth of the microservices architecture market.
Key Industry Players
Major companies operating in the microservices architecture market report are Microsoft Corporation, Amazon Web Services Inc., International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Broadcom Inc., Tata Consultancy Services Limited, Salesforce Inc., Google Cloud Platform, Cognizant Technology Solutions India Pvt Ltd., VMware Inc., The universal process orchestrator, Twilio Inc., Citrix Systems Inc., F5 Inc., Splunk Inc., Micro Focus International plc, TIBCO Software Inc., Red Hat Inc., Software AG, Dynatrace Inc., New Relic Inc., Suse Linux AG, HashiCorp Inc., WSO2 Inc., Docker Inc., D2iQ Inc., Lightbend Inc., Datawire Inc., Kubernetes
The microservices architecture market report table of contents includes:
1. Executive Summary
2. Microservices Architecture Market Characteristics
3. Microservices Architecture Market Trends And Strategies
4. Microservices Architecture Market – Macro Economic Scenario
5. Global Microservices Architecture Market Size and Growth
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32. Global Microservices Architecture Market Competitive Benchmarking
33. Global Microservices Architecture Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Microservices Architecture Market
35. Microservices Architecture Market Future Outlook and Potential Analysis
36. Appendix
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