Pune, India, Aug. 01, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global cloud microservices market size was valued at USD 1.29 billion in 2022 and is projected to grow from USD 1.54 billion in 2023 to USD 6.04 billion by 2030, exhibiting a CAGR of 21.6% during the forecast period. Rise in Use of Microservices Architecture by Companies to Drive Market Growth. Fortune Business Insights presents this information in their report titled "Global Cloud Microservices Market Forecast, 2023-2030."
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Microservices refer to the methodology used for the development of applications built on the modular services or components. The market growth is attributed to several factors such as the proliferation of microservices architecture, need for secure, low-cost IT operations, and recognition of containers and DevOps tools.
Key Industry Development
May 2023- Broadleaf Commerce partnered with Emax Electronics for its eCommerce microservices. The Broadleaf Commerce platform was chosen by Landmark Retail for its API-first, Microservice-based, Headless, and Cloud native solution, which manages the complexities of the business using a single codebase and back-office administrative console.
Key Takeaways
- Cloud microservices market size in North America was USD 0.61 billion in 2022.
- Pandemic Accelerated the Adoption of Cloud Microservices
- Hybrid Deployment to Have Highest CAGR Due to Rising Adoption of Hybrid Cloud
- Healthcare to Grow at the Highest CAGR due to Demand for Automation
Discover the Leading Players Featured in the Report:
“Companies leading the global cloud microservices market are Amazon Web Services, Inc. (U.S.), Microsoft Corporation (U.S.), IBM Corporation (U.S.), Salesforce Inc. (U.S.), F5, Inc (U.S.), Broadcom (U.S.), Software AG (Germany), Ksolves India Limited (India), Datadog (U.S.), WeaveWorks (U.K.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 21.6% |
| 2030 Value Projection | USD 6.04 Billion |
| Base Year | 2022 |
| Cloud Microservices Market Size in 2022 | USD 1.29 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 134 |
| Segments covered | Component, Deployment Mode, Enterprise Type, End-User and Geography |
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Drivers and Restraints
Rise in Microservices Architecture by the Companies to Drive Market Trajectory
Rise in the microservices architecture by the companies is anticipated to drive the cloud microservices market growth. The architecture consists of breaking an application down into smaller, independent services that are capable of developing, deploying, and scaling on their own instead of building monolithic applications. According to a recent survey by Solo.io survey in 2022, 85% of organizations are moving their applications to microservices architecture.
However, lack of security for sensitive data is set to hinder market development.
Segmentation
By Component
- Platform
- Services
By Deployment Mode
- Public
- Private
- Hybrid
By Enterprise Type
- Large Enterprises
- SMEs
By End-User
- IT and Telecommunications
- BFSI
- Retail and Consumer Goods
- Healthcare
- Education
- Media and Entertainment
- Others (Manufacturing)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights
North America to Lead Market Due to Presence of Various Market Players
North America is projected to lead the cloud microservices market share due to the presence of various market players, which have been adopting advanced technologies. Growing demand for the microservices architecture in the region is set to drive the market growth. The market was valued at USD 0.61 billion in 2022.
The Asia Pacific market is expected grow exponentially due to strong demand for greater resilience and adaptability among businesses that could promote the adoption of cloud computing.
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Competitive Landscape
Key Industry Players of the Market have been Engaging in Merger & Acquisition Strategies
Key industry players of the market are engaging in merger & acquisition strategies. The companies have been acquiring small and local firms to expand their business presence. They have been adopting cloud decision frameworks and best practices for cloud operations which is leading them to scale up faster.
FAQs
How big is the cloud microservices market?
The cloud microservices market size was USD 1.29 billion in 2022. It is expected to reach USD 6.04 billion by 2030.
How fast is the cloud microservices market growing?
The cloud microservices market will exhibit a CAGR of 21.6% during the forecast period, 2023-2030.
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