Serverless Architecture Market to Observe Highest Growth of USD 21,988.07 Million with Growing CAGR of 27.8% by 2025
Several benefits such as enhanced scalability and cost-efficiency of serverless architecture propel the growth of the market.
PORTLAND, PORTLAND, OR, UNITED STATES, July 7, 2023/EINPresswire.com/ — According to the report, the global serverless architecture market generated $3.01 billion in 2017 and is estimated to reach $21.99 Billion by 2025, growing at a CAGR of 27.8% from 2018 to 2025.
The surge in the number of smartphones, an increase in BYOD adoption, a rise in the number of applications, a growing shift from DevOps to serverless computing, and a rising need to eliminate server management challenges have led to significant growth of the global serverless architecture market. However, issues associated with third-party APIs restrict market growth. On the other hand, the emergence of serverless architecture applications in the growing IoT landscape and the growing cloud infrastructure services market would provide lucrative opportunities for the serverless architecture market.
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The public cloud segment accounted for nearly three-fourths of the total market share in 2017 and is expected to maintain its dominance by 2025. The major factors that drive the growth of this segment include its high availability, cost-efficiency and capabilities to improve the functionality as well as overall development process. However, the private cloud segment is estimated to project the fastest CAGR of 30.0% from 2018 to 2025, owing to its fewer vendor-locking problems and enhanced security.
Based on applications, the web application development segment held nearly half of the total market share in 2017, and will maintain its dominance throughout the forecast period. This is due to serverless computing that allows the development and running of an application without servers. This reduces the complex procedures such as planning capacity of the application, installation of hardware, procurement, and software. However, the IoT backend segment is estimated to register the highest growth rate with a CAGR of 31.7% from 2018 to 2025, owing to the growing IoT industry and the increasing number of data sets associated with these connected devices.
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Asia-Pacific would grow at the fastest CAGR of 31.0% from 2018 to 2025, owing to factors such as ongoing IT modernization in well-established telecommunication industries and an increase in the adoption of IoT-based devices which are expected to provide remunerative opportunities for the market. However, North America contributed to nearly half of the total share in 2017 and is estimated to maintain its dominance during the forecast period. This is due to the growth of the app development market, the well-established cloud industry, and the significant adoption of serverless architecture for media processing and IoT applications.
Leading market players analyzed in the research include Amazon Web Services, Alibaba Group, Google LLC, Oracle Corporation, Microsoft Corporation, IBM Corporation, Platform9 Systems, Inc., Twilio, Rackspace Inc., and Tibco Software.
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Key Benefits for Serverless Architecture Market:
• This study includes the analytical depiction of the global serverless architecture market trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities.
• The current serverless architecture market is quantitatively analyzed from 2017 to 2025 to highlight the financial competency of the industry.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the serverless architecture industry.
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