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Press Release / Technology / Cloud Microservices Market extrapolated to obtain $1,880.0 Million by 2023

Cloud Microservices Market extrapolated to obtain $1,880.0 Million by 2023

By KyraMania on May 26 2021 | 519 Views

Cloud microservices market extrapolated to grow from $683.2 million in 2018 to reach $1,880.0 million by 2023 at a Compound Annual Growth Rate (CAGR) of 22.4%

According to a new market research report "Cloud Microservices Market by Component (Platform and Services), Deployment Mode (Public Cloud, Private Cloud, and Hybrid Cloud), Organization Size (Large Enterprises and SMEs), Vertical, and Region - Global Forecast to 2023" published by MarketsandMarkets™, the Cloud Microservices Market size expected to grow from $683.2 Million in 2018 to $1,880.0 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 22.4% during the forecast period.

The growing digital transformation trends, customer oriented businesses, and penetration of microservices among enterprises are some of the major factors driving the cloud microservices market.

Browse in-depth TOC on "Cloud Microservices Market"
60- Tables
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Cloud micro services platform segment is expected to hold a larger market size during the forecast period.

Among the components, the platform segment is expected to hold a larger market size during the forecast period. The segment’s growth can be attributed to the widespread adoption of microservices architecture among enterprises. With the advent of advanced technologies and digital transformation trends, businesses focus more on streamlining application development process. Hence, companies prefer adopting cloud microservices platform to improve agility in the business process and faster Time to market (TTM).

Hybrid deployment mode is expected to be the fastest growing segment during the forecast period.

Under the deployment mode, the hybrid cloud deployment is expected to hold the largest markets size and grow at the highest CAGR during the forecast period. The adoption rate of the hybrid cloud deployment type is expected to grow, due to its wide range of features and functionalities, such as reliability, speed in accessing information, pay-per-usage model, and lower operational costs. Considering the security and privacy aspects in the public cloud deployment mode, businesses are rapidly switching to the hybrid cloud deployment mode.

Information Technology (IT) and IT Enabled Services (ITES) vertical is expected to grow at the highest CAGR during the forecast period.

Among the industry verticals, the IT and ITES vertical is expected to grow at the highest CAGR in the global cloud microservices market. IT and ITES Companies are constantly evolving in terms of technology upgradations. Furthermore, the growing competition in the IT and ITES vertical is shifting the focus on delivering enhanced customer experience and satisfaction.

North America is expected to hold the largest market size; and Asia Pacific (APAC) to grow at the highest CAGR during the forecast period.

Among regions, North America is expected to hold the largest market size in the global cloud microservices market during the forecast period, followed by Europe. North America has been adopting cloud microservices within organizations due to their wide range of features and functionalities.

APAC is expected to register strong growth in the coming years, as organizations in this region are expected to adopt cloud microservices to improve application development process, and meet the demands of dynamic customers.

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Traditional and emerging vendors in the cloud microservices market include AWS (US), CA Technologies (US), Contino (UK), CoScale (Belgium), IBM (US), Idexcel (US), Infosys (India), Kontena (Finland), Macaw Software (US), Marlabs (US), Microsoft (US), Netifi (US), NGINX (US), OpenLegacy (US), Oracle (US), Pivotal Software (US), RapidValue Solutions (US), RoboMQ (US), Salesforce (US), SmartBear Software (US), Software AG (Germany), Syntel (US), TCS (India), Unifyed (US), and Weaveworks (UK).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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