New York, USA, March 30, 2023 (GLOBE NEWSWIRE) -- According to the newly published Research Dive report, the global cloud microservice platform market is expected to gather $4,246.5 million by 2028 and rise at a stable CAGR of 20.8% in the 2021-2028 timeframe. This comprehensive Research Dive report presents a brief outlook of the current framework of the global market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2021-2028. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market
Drivers: Growing acceleration of digital transformation in industries and organizations across the world is predicted to propel the cloud microservice platform market in the forecast period. Additionally, the increased demands for upgradation of human resource management practices is predicted to help the market grow substantially in the forecast period.
Opportunities: Implementation of advanced technologies like Artificial Intelligence is predicted to offer numerous growth opportunities to the market in the forecast period. Furthermore, increased pace of digitization is anticipated to push the market forward.
Restraints: However, according to market analysts, low awareness of cloud microservice platform tools might become a restraint in the growth of the cloud microservice platform market.
Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The cloud microservice platform market, however, faced tremendously positive impact of the pandemic. The growing adoption of remote work culture led to many companies using cloud microservice platforms for effective management of their operations. This increased the growth rate of the market in the forecast period.
Segments of the Market
The Research Dive report has fragmented the cloud microservice platform market across different segments such as component, deployment, application, end use, and region.
Component: Platform Sub-segment to be Highly Profitable
By component, the platform sub-segment is expected to witness huge growth and generate a revenue of $2,464.7 million by 2028. The growing deployment of cloud microservices-based software across various industries such as healthcare, retail & e-commerce, manufacturing, etc., is expected to boost the growth of the sub-segment in the forecast period.
Deployment: Public Cloud Sub-segment to Flourish immensely
By deployment, the public cloud sub-segment is expected to surpass huge revenue of $1,923.3 million by 2028. The advantages of public cloud are lower costs, cloud applications, microservices architecture, etc., leading to an increase in their popularity which is expected to boost the growth of this sub-segment in the forecast period.
Application: Data Analytics Sub-segment to Generate Significant Revenue
By application, the data analytics sub-segment of the cloud microservice platform market is expected to be highly lucrative and generate a revenue of $1,317.7 million by 2028. The increasing adoption of data analytics software by various organizations to improve decision making and gain a competitive advantage is expected to boost the growth of the sub-segment in the forecast period.
End Use: IT & Telecommunications Sub-segment to be Highly Dominant
By end use, the IT & telecommunications sub-segment is expected to be hugely dominant and garner a revenue of $1,131.7 million by 2028. Widespread utilization of technology related to software and communication in the IT and telecommunication sector is expected to boost the growth of this sub-segment in the forecast period.
Asia-Pacific Region be the Fastest Growing
By regional analysis, the cloud microservice platform market in Asia-Pacific region is predicted to grow with a CAGR of 21.3%, thereby being the fastest growing one. The presence of large number of organizations that require cloud-based platforms is predicted to be the primary driver of the market in the forecast period.
Prominent Market Players
Some prominent players of the cloud microservice platform market are
- Salesforce
- SAP SE
- Atos Syntel
- Amazon Web Services Inc.
- Microsoft
- Idexcel
- IBM
- Cisco Systems Inc.
- CA Technologies
- Oracle
These players are introducing and coming up with new technological advancements and innovations to gain a primacy in the market.
For instance, in October 2021, Alteryx, a leading computer software company, announced the acquisition of Hyper Anna, a cloud-based AI-driven business analytics platform. This acquisition is predicted to boost the market share of Alteryx significantly in near future as it will be able to cater to the demands of its clients in much more holistic way.
Finally, this comprehensive report also summarizes many crucial facets of the global market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
More about Cloud Microservice Platform Market:
- Cloud Microservice Platform: A Key for Digital Transformation
- Surging Demand for Innovation in Human Resource Management Practices to Propel the Growth of the Global Cloud Microservice Platform Market by 2028
