New York, US, May 19, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Microservices Architecture Market By Deployment (Cloud, On-Premise), By Service (Inventory Microservice, Accounting Microservice), By Vertical (Energy & Utilities, IT & Telecommunication, BFSI, Others) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030”.
The microservices technology enables users to deploy additional features, allowing them to deploy that particular corresponding service instead of the entire application. Microservices architecture is a strong approach towards building, evolving, scaling, and deploying individual services in the operational cycle.
Adopting microservice architecture helps large enterprises to begin their transitions. Cloud application based on microservices develops many specialized modules that are shared across application and connected through a company network. As an inbuilt instrument for creating multiple effective applications, Microservices architecture is progressively enhanced by association.
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Microservices Architecture Market Key Players -
Leading microservices architecture market players are
- Cognizant (US)
- International Business Machines Corporation (US)
- Microsoft Corporation (US)
- Datawire (US)
- Infosys Limited (India)
- Mulesoft (US
- Software AG (Germany)
- Nginx Inc. (US)
- Salesforce.Com, Inc. (US)
Cloud-based arrangements such as platform as a service (PaaS) and software as a service (SaaS) are increasingly used. Categorization of associated gadgets, such as tablets, cell phones, drones, savvy home apparatuses, wearable, and wellness trackers, is increasing. As microservices work on simple and more modest administrations, there is a rising interest in cloud arrangement.
Organizations increasingly adopt microservice architecture as an inbuilt mechanism for developing enterprise applications. Cloud-based solutions such as SaaS and PaaS are driving the market. The categorization of connected devices such as smartphones, tablets, drones, wearables, smart home appliances, and fitness trackers is driving the microservices architecture market.
Microservices Architecture Market Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 21.61 Billion |
| CAGR during 2022-2030 | 18.66% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Dynamics | Digital Transformation To satisfy the authoritative necessities altogether |
The global microservices architecture market is likely to witness significant revenue growth in future years. According to Market Research Future (MRFR), the global microservices architecture market is poised to escalate from USD 5.49 BN in 2022 to USD 21.61 BN by 2030, growing at an 18.66% CAGR throughout the assessment period (2023-2032).
The key market trends are loose coupling, deployment, and domain-driven design. As microservices operate on simple and smaller services, there is an increased demand for cloud solutions which is one of the important factors bolstering the microservices architecture market shares.
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Industry Trends
The global microservices architecture market demonstrates vast growth prospects, witnessing the growing demand for advanced autonomous unmanned sea systems and an increased need for marine surveillance. The growing adoption of cloud-based microservices architecture boosts the market size. Besides, free coupling, sending, and space-driven plans drive the market.
Cloud-based microservices architecture enables organizations to deliver scalability and cost efficiency with 24x7 availability. With healthy microservices, cloud-based platforms automatically shift the instances to servers or vendor management system when microservices architecture components (software or hardware) on which they are running fails. Microservices architecture patterns and microservices architecture technologies are studied.
On the other hand, communication failure, network inactivity, and failure of a single service hamper the growth of the microservices architecture market. This is mainly due to microservices architecture that communicates with other services and REST API (Representational State Transfer Application Program Interface), increasing additional HTTP call charges.
Microservices are considered an evolution of service-oriented architecture (SOA). On-premise installation of microservices architecture enables users to easily deploy PHP, Python, and Java applications on their machines. The important trends of microservices architecture include deployment, loose coupling, and design-driven domains.
The global microservices architecture market is growing rapidly, mainly due to its wide advantages and the burgeoning advent of technology. The advantages of microservices architecture include improved fault isolation systems, enabling an easy platform for new developers, and eliminating long-term commitment to a single technology.
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Segments
The global microservices architecture market is segmented into services, deployments, verticals, and regions. The service segment is sub-segmented into inventory microservices, shipping microservices, accounting microservices, and others. The deployment is sub-segmented into on-cloud & on-premise.
The vertical segment is sub-segmented into IT & telecommunication, energy & utilities, BFSI, government, healthcare, manufacturing, media& entertainment, retail, and others. By regions, the microservices architecture market is segmented into Europe, North America, APAC, and the rest of the world.
Geographical Analysis
North America dominates the global microservices architecture market, accounting for a higher market share. The presence of leading providers and a large user base of microservices architecture in this region drive the microservices architecture market growth. The US is the largest, while Canada is the rapidly growing market for microservices architecture.
Asia-Pacific is the fastest-growing market for microservices architecture. Well-established players operating in the market drive regional market growth. Many organizations are adopting microservices architecture to meet modern application development needs. This, as a result, boosts the microservices architecture market revenues. China is leading, whereas India is a rapidly growing market for microservices architecture.
Competitive Landscape
The microservices architecture market appears highly competitive, characterized by the presence of well-established players. These players incorporate collaboration, acquisition, expansion, partnership, and product launch. Vendors are focusing on improving their market performance and are expanding by acquiring promising companies in the fast-growing markets.
Leading microservices architecture market players employ a continuous improvement strategy to analyze & update the software and implement improvements & new technologies to meet the changing consumer needs.
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For instance, on Sep.30, 2022, Endowus (Singapore), a financial technology company, announced the development of distributed microservices architecture, leveraging Kafka and microservices to ensure the resiliency of its investment platform. As a fintech, Endowus must abide by strict service standards and rules imposed by the country's financial regulator, allowing its customers to redeem their mutual funds at all times.
The startup has more than S$2bn of assets under management, and therefore, it cannot afford to build its investment platform as a single application, as that could take down the whole service if any part of the application fails.
The company adopted distributed microservices architecture, allowing services to communicate through Apache Kafka, the open-source distributed event streaming platform.
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