Market Research Future has published a research report asserting that the global serverless architecture market is expanding at a rapid pace and will reach a significant valuation over the next couple of years. Tremendous innovation has been witnessed in the last decade in the enterprise IT space. The revolution in serverless computing is on the upswing and is gaining rapid momentum.
The global serverless architecture market is expected to witness highly positive growth over the upcoming forecast period. Serverless architecture relies on the cloud to provide scalable IT infrastructure for enterprises at every size. Used primarily in enterprise IT, serverless architecture is in high demand due to the number of benefits it offers users. The increased need to manage and optimize infrastructure costs is perhaps one of the most significant drivers of the market.
The increasing adoption of cloud computing has increased the revenue generated by the serverless architecture market. Enterprise IT offerings have revolutionized operational efficiency. Serverless architecture eliminates the need for expensive physical infrastructure. Deployment of managed services and others such as software and functions are easy to deploy and manage using serverless architecture, thus driving growth. Awareness about cloud technology and serverless architecture have played a vital role in adoption. Moreover, serverless architecture has made it possible for small and medium enterprises to adopt IT services normally used in large enterprises due to the high scalability that serverless architecture offers.
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Rackspace Inc., TIBCO Software Inc., Dell Boomi Inc., Amazon Web Services Inc., CA Technologies, Alibaba Cloud, Joyent Inc., Google LLC, Manjrasoft Pty Ltd., Oracle Corporation, Microsoft Corporation, Twistlock, IBM Corporation, Platform9 Systems Inc., Fiorano Software Inc., and others are the prominent players operating in the global serverless architecture market.
Serverless computing allows enterprises to deploy software without investing in the underlying infrastructure which is abstracted from the developer and the service consumer. Adoption of serverless architecture empowers companies to direct their focus on core business activities. Also, it reduces the cost of technology operations significantly. Serverless computing is being adopted by most enterprises as they eliminate the need to manage infrastructures such as physical and virtual hosts, virtual machines, containers, operating systems and others. Moreover, serverless architecture charges the consumer only for the exact duration of execution of the service which significantly reduces costs. Besides, serverless architecture is easy to deploy since planning for scaling, capacity planning and management, and other administrative activities associated with maintenance are taken care by the service provider. The growing trend of Infrastructure as a service (IaaS) and globalization of cloud computing are major drive for the growth of the serverless architecture market. The concept of serverless architecture is based on the paradigm of cloud computing. Serverless cloud computing is another cloud offering which follows an event-driven approach. In the backdrop of the present market dynamics, enterprises are under severe pressure to release advanced features and products to match the expectations of customers. The serverless architecture approach eliminates time-consuming traditional approaches which makes more room for concentrating on other functionalities. In addition, on account of the variety of potential business benefits serverless architecture offers, it has found relevance in various industry verticals which further boosts market growth. Adoption of serverless architecture can deliver many benefits but it also presents a host of challenges. Loss of control over infrastructure and concerns with third-party services are significant bottlenecks to the growth of the market. Operational complexities and security and compliance issues remain other restraining factors to the growth of the market.
The global serverless architecture market has been segmented based on services, organization size, and industry vertical. By services, the market has been segmented into monitoring, API management, automation & integration, security, support & maintenance, training & consulting, analytics, and others. By organization size, the market has been segmented into small & medium enterprises and large enterprises. By industry vertical, the market has been segmented into BFSI, manufacturing, telecommunication & IT, retail & e-commerce, healthcare, government, media & entertainment, transport & logistics, energy & utilities, and others.
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North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa are the key markets for serverless architecture. North America market is analyzed to be a strong one. Presence of developed economies such as the US and Canada along with the concentration of key players in the region supports the growth of the market in North America. Besides, the region is a frontrunner in the adoption of the latest technologies. Presence of a large number of enterprises and the availability of well-developed IT infrastructure and technical know-how also drives the market in North America.
In Europe, post the aftershock of the UK’s Brexit, IT budgets remain tight. However, rising investment in technology is expected to reflect positively on the growth of the Europe serverless architecture market.
In Asia Pacific, the market is driven by a large number of SMEs who are increasingly embracing the technology. Other factors include improving the economy and high expenditure on the development of IT infrastructure.
Latin America and the Middle East & Africa are expected to exhibit moderate growth over the coming years.