CHICAGO, June 9, 2020
CHICAGO, June 9, 2020 /PRNewswire/ -- According to a new market research report "Serverless Architecture Market by Service Type (Automation and Integration, Monitoring, API Management, Security, Analytics, and Design and Consulting), Deployment Model, Organization Size, Vertical, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Serverless Architecture Market size is projected to grow from USD 7.6 billion in 2020 to USD 21.1 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 22.7% during the forecast period. The major factors driving the growth of the Serverless Architecture Market include the rising need of shifting from CAPEX to OPEX by removing the need to manage servers, thereby reducing the infrastructure cost.
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Large enterprises segment to hold a larger market size during the forecast period
The adoption of serverless architecture service types among large enterprises is high owing to the ever-increasing demand for cloud automation, and the trend is expected to continue during the forecast period. Large enterprises are heavily investing in advanced technology to increase the company's overall productivity and efficiency. With the ever-increasing amount of data, large enterprises need to invest in IT infrastructure and technical expertise for automating various tasks regularly. To reduce CAPEX and OPEX of infrastructure, large enterprises are widely adopting serverless architecture service types. Large enterprises are expected to invest significantly to implement suitable serverless architecture service types which would enable enterprises to save on infrastructure costs, improve business functioning, and sustain in intense competition.
Public cloud segment to record the highest growth rate during the forecast period
Public cloud refers to the cloud computing model in which the resources are accessible to multiple users in sharing through the internet. It is a standard model that enables service providers to grant access to the resources such as applications and storage, available to the public over the internet. The public cloud services may be offered free of cost or on pay-per-use model depending upon the requirements of the end users. The reason for the high adoption of public cloud among cloud storage providers is the ease of access and faster deployment. The public cloud deployment model offers various benefits to the enterprises, such as scalability, reliability, flexibility, and remote location access. Public cloud is more preferred by the enterprises that have less regulatory hurdles and are willing to outsource their storage facilities either fully or partially. The primary concern with public cloud is data security due to which many enterprises are shifting to private and hybrid cloud storage solutions.
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Asia Pacific to be the fastest-growing region during the forecast period
Asia Pacific consists of the fastest growing economies such as China, India, and New Zealand and technologically advanced countries such as Japan and Australia. The region is expected to gain traction in the Serverless Architecture Market, due to benefits such as reduction in maintenance costs and no involvement of physical infrastructure. Many emerging economies in the APAC region are likely to adopt serverless architecture solutions because of their high demands, specifically in the BFSI, retail and eCommerce, healthcare and life sciences industry verticals.
Some prominent players across all service types profiled in the Serverless Architecture Market study include Amazon (US), Google (US), Microsoft (US), IBM (US), Oracle (US), Alibaba (China), Cloudflare (US), NTT DATA (Japan), Rackspace (US), TIBCO Software (US), Stackpath (US), Auth0 (US), EnterpriseWeb (US), Kong (US), Serverless (US), Snyk (UK), OpenLegacy (US), Innominds (US), Stackery (US), and Twistlock (US).
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