New York, United States, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The Global Cloud Microservices Market Size is to Grow from USD 1.31 Billion in 2022 to USD 8.45 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 20.49% during the projected period.
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The architectural approach known as cloud microservices is used to create software applications that operate as a dispersed group of separately deployable, controllable modules that perform different application services. Each service serves a specific purpose and interacts with others via well-defined application programming interfaces (APIs). This method of software development enables faster application development and scalability than the traditional monolithic method. Furthermore, the need to improve sales, customer satisfaction, and brand image, as well as generate more data, is driving enterprises in the retail and eCommerce sectors to adopt cloud microservices. These factors influence retailers' adoption of new technologies, which drives the adoption of cloud microservices to improve customer satisfaction. To achieve these goals, retailers must be able to handle large amounts of data and provide on-demand access to relevant information. However, converting current monolithic applications to microservices architecture can be a time-consuming and resource-intensive process. It may be difficult to adapt legacy systems to microservices, and rewriting or redesigning applications can be time-consuming and costly. Because of perceived risks and costs associated with migration, organizations with significant investments in legacy systems may be hesitant to embrace microservices, affecting the expansion and popularity of the cloud microservices market.
COVID 19 Impact
As corporations sought agility and remote capabilities, the COVID-19 pandemic accelerated the adoption of cloud microservices. Companies turned to microservices to rapidly develop and deploy applications as their workforces dispersed, adapting to changing cloud microservices market dynamics. For example, Netflix, which relies heavily on microservices, handled the surge in streaming demand during lockdowns. However, issues arose as organizations grappled with security concerns and integration complexities while scaling up microservices. The pandemic highlighted the importance of flexible, scalable architecture, propelling the cloud microservices industry forward.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the "Global Cloud Microservices Market Size, Share, and COVID-19 Impact Analysis, By Component (Services, Platform), By Deployment Mode (Private Cloud, Public Cloud, Hybrid Cloud), By Organization Size (Large Enterprises, SMEs), By End-User (BFSI, Retail, E-Commerce, Manufacturing, IT & Telecommunications, Healthcare, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The services segment dominates the market with the largest revenue share over the estimation period.
On the basis of components, the global cloud microservices market is segmented into services and platforms. Among these, the services segment is witnessing significant growth over the estimation period. The increasing demand for cloud microservices architectures in every business vertical for scaling functions at a very granular level, results in effective system optimization and organization.
The hybrid segment is witnessing compelling CAGR growth over the forecast period.
Based on the deployment mode, the global cloud microservices market is segmented into private cloud, public cloud, and hybrid cloud. Among these, the hybrid segment is witnessing significant growth over the forecast period. Scalability, security, affordability, control, and speed are all advantages. Since it is more flexible, scalable, and economical than the other two installation groups, the hybrid cloud is in greater demand on the market. A hybrid cloud is a better option than other cloud-based or non-cloud-based alternatives.
The large enterprises segment is expected to hold the largest share of the global cloud microservices market during the projection period
On the basis of organization size, the global cloud microservices market is segmented into large enterprises and SMEs. Among these, the large enterprises segment is expected to hold the largest share of the cloud microservices market during the projection period. The large enterprise category produced the most revenue. Large corporations dominate the industry due to their commitment to streamlining the administration and maintenance of cloud-native apps.
The healthcare segment accounted for the largest revenue share through the anticipation period.
Based on end users, the global cloud microservices market is classified into BFSI, retail, e-commerce, manufacturing, it & telecommunications, healthcare, and others. Among these, the healthcare segment dominates the market with the largest revenue share through the anticipation period. The several of advantages that help to lower the complexity of processes and the requirement for enhanced health service functionality. The healthcare industry is being driven primarily by rising demand for automation that enables rapid service deployment.
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North America dominates the market with the largest market share over the forecast period.
North America dominates the market with the largest market share over the forecast period. North American businesses are using microservices architecture in financial, e-commerce, and travel services, and demand is growing. Microservices architecture facilitates cost-effective information and data storage while also increasing agility, efficiency, and scalability. Moreover, cloud microservices are a natural fit because the dynamic nature of sectors like e-commerce, finance, and healthcare requires scalable and agile applications.
Asia Pacific is expected to grow the fastest during the forecast period. To achieve genuine business value and resilience in an era of changing operating environments and distributed workforces, customers throughout the region are looking beyond traditional digital transformation initiatives and toward cloud innovation as an internal strategy. India, Japan, and China have all made significant contributions to the region's cloud microservices platform adoption.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global cloud microservices market are Infosys Limited, Amazon Web Services, Inc., Atos SE, Broadcom, excel Inc., Tata Consultancy Services Limited, IBM Corporation, Oracle, Salesforce Inc., and others.
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Recent Developments
- In May 2023, Broadleaf Commerce collaborated with Emax Electronics, a subsidiary of MEA retail giant Landmark Retail. Landmark Retail chose the Broadleaf Commerce platform for its API-first, Microservice-based, Headless, and Cloud native solution, which manages the complexities of the business with a single codebase and back-office administrative console.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the global cloud microservices market based on the below-mentioned segments:
Cloud Microservices Market, Component Analysis
- Services
- Platform
Cloud Microservices Market, Deployment Mode Analysis
- Private Cloud
- Public Cloud
- Hybrid Cloud
Cloud Microservices Market, Organization Size Analysis
- Large Enterprises
- SMEs
Cloud Microservices Market, End-User Analysis
- BFSI
- Retail
- E-Commerce
- Manufacturing
- IT & Telecommunications
- Healthcare
- Others
Cloud Microservices Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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