In today’s rapidly evolving digital landscape, businesses face the constant challenge of delivering robust, scalable, and highly available software solutions. To meet these demands, traditional monolithic architectures have given way to a more agile and efficient approach known as cloud microservices. At its core, microservices architecture decomposes complex applications into smaller, loosely coupled services that can be developed, deployed, and scaled independently. Each microservice is responsible for a specific business capability, and they communicate with each other through lightweight APIs. With the cloud, businesses can leverage on-demand resources, elastic scalability, and managed services, eliminating the need for upfront infrastructure investments. Cloud providers offer a wide range of tools and services, such as containers, serverless computing, and auto-scaling, which facilitate the deployment and management of microservices at scale.
Moreover, fault isolation is a key feature of microservices architecture. In a monolithic application, a failure in one component could bring down the entire system. With microservices, failures are isolated, ensuring that if one service goes down, the rest of the system can continue to function, minimizing the impact on end users.
Forecast Analysis of the Global Cloud Microservices Platform Market
According to the report published by Research Dive, the global cloud microservices platform market is projected to generate a revenue of $6,370.70 million and grow at a stunning CAGR of 21.2% throughout the forecast timeframe from 2022 to 2031.
The increasing popularity of cloud microservices platforms among organizations as they help to bring digital transformation and modernize their IT infrastructure is expected to fortify the growth of the cloud microservices platform market during the analysis timeframe. Moreover, the increasing demand for cloud-native applications among the leading market players due to their lightweight and portable runtime environment is predicted to create immense growth opportunities for the market throughout the estimated period. However, the security concerns of cloud microservices platforms may hamper the growth of the market over the analysis period.
The major players of the cloud microservices platform market includes IBM CORPORATION, Amazon Web Services Inc., Oracle Corporation, TATA Consultancy Services Limited, SAP SE, Cisco Systems, Microsoft Corporation, Infosys Limited, F5 Networks, Inc., Salesforce.com, and many more.
Key Developments of the Cloud Microservices Platform Market
The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global cloud microservices platform market to grow exponentially. For instance:
- In October 2022, Westech, an established UK digital marketing agency launched its microservices-based application, namely, Red Hat OpenShift Dedicated, a fully controlled solution that runs in an Amazon Web Services (AWS) cloud. With this application, the company aimed to deliver intelligent marketing solutions with the help of DevOps and continuous integration of (CI/CD) approaches.
- In February 2023, Infosys Ltd., a leading provider of next-generation digital services and consulting announced its collaboration with Microsoft, an American multinational technology corporation. With this collaboration, the companies aimed to benefit enterprises by providing the best cloud computing technologies.
- In April 2023, Catchpoint, a leading provider of innovative web and infrastructure monitoring solutions announced its acquisition of Thundra.io, a developer platform company that allows application teams to develop, debug, test, and deliver modern microservices on the cloud. With this acquisition, Catchpoint aimed to strengthen its Application Experience Solution with advanced microservices and API monitoring capabilities.
Most Profitable Region
The North America region of the cloud microservices platform market generated the highest market share in 2021. This is mainly due to the strong existence of the world’s largest cloud service providers in this region. Moreover, the rising implementation of microservices infrastructure, supportive government policies, and the increasing demand for scalable, agile, and cost-effective software are the major factors expected to drive the regional growth of the market throughout the forecast period.
Covid-19 Impact on the Global Cloud Microservices Platform Market
The rise of the novel coronavirus has brought several uncertainties across various industries. However, it has had a positive impact on the cloud microservices platform market. This is mainly due to the increasing demand for cloud microservices platforms across businesses to enhance their operations and improve their efficiency. Though the market has experienced huge growth opportunities over the pandemic, the disruption in supply chains has affected the availability of hardware and software components used in microservices platforms which further delayed many IT projects throughout the crisis.