The researcher expects the global cloud microservices market size to grow from USD 683.2 Million in 2018 to USD 1,880.0 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 22.4%
The major factors driving the market are digital transformations, proliferation of the microservices architecture, and customer-oriented business. However, security and compliance may hinder the market growth.
The objective of the report is to define, describe, and forecast the cloud microservices market size by component (platform and service), deployment mode, organization size, vertical, and region. Among components, the platform segment is expected to hold a larger market size during the forecast period, as there is an increasing need for cloud microservices architecture in every vertical for scaling functions at a very granular level that results in an efficient system optimization and organization.
Among services, the training, support, and maintenance services segment is expected to grow at the fastest rate during the forecast period. These services in the cloud microservices market enable service providers offer continuous support and training sessions to users, as and when needed, to resolve business complexities. They also support organizations by helping them gain the expertise required for operating the newly adopted solutions. Moreover, with training and support, users get a thorough idea about the systematic procedures related to the deployed solution.
Among deployment modes, the hybrid deployment type is expected to hold the largest market size by 2023. Many cloud microservices users prefer the hybrid cloud deployment type, as the hybrid cloud is an integrated service that uses both private and public cloud with an orchestration between the 2 cloud services. The hybrid cloud deployment mode offers more control, reduced risk, cost efficiency, and better performance.
Among verticals, the retail and eCommerce vertical is estimated to hold the largest market size in the cloud microservices market in 2018. With the proliferation of the online retail, retailers are adopting innovative technologies, such as cloud computing, big data analytics, digital stores, and social media networks. With the ever-increasing competition in this sector, customer experience proves to be a very vital differentiating factor among the array of online shopping options. Hence, there will be a high adoption of cloud microservices methodologies in the eCommerce and retail vertical due to its benefits, such as improved operational efficiency, simple architecture, easy deployment, accelerated time-to-market, and enhanced customer experience.
North America is expected to hold the largest market size in the cloud microservices market during the forecast period. The region is expected to dominate the overall market and is considered as the most advanced region in terms of technology adoption. This is mainly due to the presence of developed economies, the US and Canada, and their focus on innovations obtained from R&D and technology. Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period, mainly due to the increasing pressure to achieve greater business agility, improve operational efficiency, and reduce cost. There is a huge market potential for enterprises in APAC. This potential can be leveraged to create better business opportunities.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Market Opportunities in the Cloud Microservices Market 4.2 Market Share of Top 3 Verticals and Regions 4.3 Market Investment Scenario
5 Market Overview and Industry Trends 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 22.214.171.124 Digital Transformations 126.96.36.199 Proliferation of the Microservices Architecture 188.8.131.52 Customer-Oriented Business 5.2.2 Restraints 184.108.40.206 Security and Compliance 5.2.3 Opportunities 220.127.116.11 Increasing Adoption of Cloud-Based Applications 18.104.22.168 Emergence of IoT Applications 5.2.4 Challenges 22.214.171.124 Organizational Challenges While Implementing Microservices 5.3 Strategic Benchmarking 5.4 Use Cases 5.4.1 Use Case 1: AWS 5.4.2 Use Case 2: NGINX 5.4.3 Use Case 3: Mulesoft
7 Market By Organization Size 7.1 Introduction 7.2 Large Enterprises 7.3 Small and Medium-Sized Enterprises
8 Cloud Microservices Market, By Deployment Mode 8.1 Introduction 8.2 Public Cloud 8.3 Private Cloud 8.4 Hybrid Cloud
9 Market By Vertical 9.1 Introduction 9.2 Retail and Ecommerce 9.3 Healthcare 9.4 Media and Entertainment 9.5 Banking, Financial Services, and Insurance 9.6 IT and ITes 9.7 Government 9.8 Transportation and Logistics 9.9 Manufacturing 9.10 Telecommunication 9.11 Others
10 Cloud Microservices Market, By Region 10.1 Introduction 10.2 North America 10.3 Europe 10.4 Asia Pacific 10.5 Middle East and Africa 10.6 Latin America
11 Competitive Landscape 11.1 Overview 11.2 Key Players Operating in the Cloud Microservices Market 11.3 Competitive Scenario 11.3.1 Partnerships, Agreements, and Collaborations 11.3.2 New Product/Service Launches and Product Upgradations 11.3.3 Mergers and Acquisitions 11.3.4 Business Expansions