Cloud Microservice Platform Market by Component (Platform and Services), Deployment Mode (Public, Private, and Hybrid), Application (Data Analytics, Database Applications, Customer Relationship Management, and Others), End-user (BFSI, IT & Telecommunications, Government, Healthcare, Retail & eCommerce, Manufacturing, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028

Global Cloud Microservice Platform Market Analysis

The global cloud microservice platform market size is projected to gain $,4246.5 million in the 2021–2028 timeframe, growing from $952.6 million in 2020 at a healthy CAGR of 20.8%.

Market Synopsis

Growing acceleration of digital transformation in industries and organizations globally is expected to accelerate the growth of the cloud microservice platform market.

However, high initial cost and lack of awareness about cloud microservice platform and SAP can hamper the growth of the market.

According to the regional analysis of the market, the Asia-Pacific cloud microservice platform market forecast is expected to grow at a CAGR of 21.3%, by generating a revenue of $1,170.3 million, during the forecast period.

Cloud Microservice Platform Overview

Cloud microservice platform refers to adoption of advanced human resource practices to optimize the productivity of employees in an organization. It involves forecasting of labor demand, scheduling of the staff, time, attendance, and other processes. The introduction of cloud microservice platform software for human resource management in organizations has aided the productivity of the employees as well as the organization.

Impact Analysis of COVID-19 on the Global Cloud Microservice Platform Market

The cloud microservice platform market has experienced a healthy growth during the COVID-19 pandemic. The pandemic has enforced the businesses around the world to launch remote working of their operations and organizations around the world are looking for effective management of their operations to improve the productivity and sustain the growth of their organization during the pandemic period.

The coronavirus epidemic has enforced the companies in the cloud microservice platform industry for the adoption of new methods of operation such as implementation of predictive analytics to forecast losses accurately and virtual monitoring of the production. These steps are expected to have a positive impact on the technological segment of the global cloud microservice platform market growth

In addition to this, many companies operating in the cloud microservice platform domain have launched new platforms for effective human resource management in organizations. For example, in December 2020, Salesforce.com, Inc., an American cloud-based software company, launched “Service Cloud Workforce Engagement", a new product in the domain of workforce planning that will enable businesses to organize their workforce from anywhere and do the work allocation. The launch of the new products and services has helped the corporations to mitigate the effect of the COVID-19 pandemic.

Increasing Demand for Upgradation of Human Resource Management Practices to Surge the Market Growth

The global cloud microservice platform market outlook has been positive is expected to witness healthy growth mainly due to increasing utilization of modern practices that are integrated with technology for different functions of a firm such as production, finance, operations, human resource management, and others.

The advancement in the digital transformation of organizations and the suitability of cloud-native applications in these services are key trends driving the cloud microservices market. The growing shift from conventional monolithic applications to API (application programmable interfaces) first approach is aiding the cloud microservices market growth. The product developments for providing better cloud services platform to the corporations are anticipated to drive the growth of this market.

To know more about global cloud microservice platform market drivers, get in touch with our analysts here.

The Low Awareness of Cloud Microservice Platform Tools to Restrain the Market Growth

The low awareness about the adoption of cloud microservice platform software in the developing economies especially in the small and medium enterprises can hamper the growth of the global cloud microservice platform market during the forecast period.

Implementation of Technologies such as Artificial Intelligence (AI) to Create Substantial Investment Opportunities

The cloud microservice platform market is anticipated to grow in the forecast period and witness new domains of expansion due to adoption of technologies such as artificial intelligence (AI). Artificial intelligence operations refer to applying machine learning and analytics to big data to automate and improve IT operations. AI can automatically analyze patterns in large amounts of network and machine data to not only identify the cause of existing problems, but also predict future problems. These cloud microservice platform market trends are expected to positively impact the market.

To know more about global cloud microservice platform market opportunities, get in touch with our analysts here.

Source: Research Dive Analysis

The platform sub-segment is predicted to have a dominating market share in the global market and register a revenue of $2,464.7 million during the forecast period.
The increasing deployment of cloud microservices based software across different industries such as healthcare, retail & e-commerce, manufacturing, and others for human resource management applications is growing the demand for the platform sub-segment. The utilization of cloud microservice platform in corporations has advantages such as reduction in employee operations cost, better productivity, and greater employee satisfaction. These factors are expected to aid the growth of this sub-segment during the forecast period.

The service sub-segment is anticipated to have the fastest market growth and generate a revenue of $1,781.8 million by 2028, growing from $388.8 million in 2020, with a CAGR of 21.2% in the forecast period. Along with the installation of the software, effective consultation, integration, and support & maintenance training are required for staff for effective implementation of the cloud microservice platform systems in the organization and it is growing the demand for the service sub-segment in the forecast period.

Source: Research Dive Analysis

The public cloud sub-segment of the global cloud microservice platform market is anticipated to be the most dominating sub-segment and exceed $1,923.3 million by 2028, with an increase from $429.3 million in 2020. In a public cloud, the hardware, storage, and network devices with other organizations. In a public cloud, all hardware, software, and other supporting infrastructure are owned and managed by the cloud provider. The users access services and manage your account using a web browser. The advantages of public cloud are lower costs, cloud applications, microservices architecture, no need to purchase hardware or software, and the users pay only for the service they use, no maintenance—the service provider provides the maintenance, high scalability—on-demand resources are available to meet your business needs, high reliability—a vast network of servers ensures against failure. These factors are expected to aid the growth of this market.

The hybrid sub-segment of the global cloud microservice platform market is predicted to have fastest growth and surpass $1,004.6 million by 2028, with an increase from $219.9 million in 2020, growing with a healthy CAGR of 21.2% in the forecast period. Hybrid cloud is a mixture of a private (on-premise) cloud and a public (off-premise) cloud. A hybrid cloud environment gives enterprises more control over their data. As business needs change and demand for IT services fluctuates, organizations can scale their workloads accordingly. The hybrid cloud model improves business continuity and reduces potential downtime and associated costs. These factors are expected to aid the growth of this market in the forecast period.

Source: Research Dive Analysis

The data analytics sub-segment of the global cloud microservice platform market is predicted to be the most dominating sub-segment and surpass $1,317.7 million by 2028, with an increase from $304.3 million in 2020, growing with a healthy CAGR of 20.4% in the forecast period. The increasing adoption of data analytics software by different organizations enables them to improve and accelerate decision making and gain a competitive advantage by analyzing and responding to information in a timely manner, leading to the growth of the data analytics sub-segment. In addition, the growing demand for cloud-based big data analytics software in small businesses is having a positive impact on the growth of data analytics software sub-segment in the forecast period.

The customer relationship management sub-segment of the global cloud microservice platform market is predicted to be the fastest growing sub-segment and surpass $1,152.8 million by 2028, with an increase from $245.5 million in 2020, growing with a healthy CAGR of 21.6% in the forecast period. The growing demand for deploying customer relationship management (CRM) suites and solutions via the Software as a Service (SaaS) model is aiding the sub-segment’s growth. Rising demand for automated engagement with customers, improving the scope of digital operations, and improving customer experience & services are the factors driving the demand for customer relationship management across different industries such as BFSI, IT & telecommunications, healthcare, retail, and others globally, which is expected to aid the growth of this sub-segment in the forecast period.

Source: Research Dive Analysis

The IT & telecommunications sub-segment is predicted to have a dominating market share in the global market and record a revenue of $1,131.7 million in 2028, growing from $261.5 million in 2020 during the forecast period. The growth is due to the wide spread utilization of technology related to software and communication, surging the demand for services from information technology (IT) and telecommunications (Telecom) sector. To manage this demand, the IT & telecom has employed the largest number of employees and has increased the utilization of cloud microservice platform from the SMEs to the large-scale organization in the telecom and IT industry. These factors are expected to grow this sub-segment.

The retail & e-commerce sub-segment of the global cloud microservice platform market is predicted to have fastest growth and surpass $386.8 million by 2028, with an increase from $79.1 million in 2020. It is growing with a CAGR of 22.2% in the forecast period. The retail & e-commerce sub-segment is expected to grow in the forecast period due to increase in implementation of cloud solutions in the retail and e-commerce sector. For management of employees from budgeting of the labor employed, to forecasting of labor demand, scheduling of the staff, time, attendance, and others, cloud-based applications are effective. These factors are expected to grow this sub-segment in the forecast period.

Source: Research Dive Analysis

The Market for Cloud Microservice Platform in North America to be the Most Dominant

The North America cloud microservice platform market reported $317.8 million in 2020 and is projected to register a revenue of $1,426.0 million by 2028. The North America region is the hub of most developed and established infrastructure of information technology. The presence of developed nations such as the U.S and Canada and the early adoption of the latest technologies such as cloud enabled operations in the corporate organizations are expected to propel the growth of cloud microservices market region in the forecast period. In addition to this, the presence of research and development hubs of major firms that provide the cloud microservice platform solutions such as Amazon Web Services, Inc., IBM Corporation, and Oracle is also expected to aid the growth of cloud microservice platform market in the forecast period.

The Asia-Pacific to be the Fastest Growing Market for Cloud Microservice Platform

The Asia-Pacific cloud microservice platform market is expected to grow at the fastest rate with a CAGR of 21.3% and generate a revenue of $1,170.3 million by 2028. The cloud microservice platform market in the Asia-Pacific region is estimated to grow due to presence of large number of organizations from small to large scale that require cloud-based platforms. Growing scale of digitization in the businesses of emerging countries of the region such as China, India, Japan, and South Korea, and others is expected to have positive impact on the cloud microservice platform market in the Asia-Pacific region.

Competitive Scenario in the Global Cloud Microservice Platform Market

Product development and agreement are common strategies followed by major market players.

Source: Research Dive Analysis

Some of the leading cloud microservice platform market players are Salesforce, Amazon Web Services Inc., IBM, Oracle, SAP SE, Microsoft, Cisco Systems, Inc., Atos Syntel, Idexcel, and CA Technologies.

Porter’s Five Forces Analysis for the Global Cloud Microservice Platform Market:

• Bargaining Power of Suppliers: The suppliers in the cloud microservice platform market are moderate in number. Several companies are working on utilization of new technologies like AI enabled cloud-based software, remote monitoring, Thus, there is moderate threat from the suppliers. 
  Thus, the bargaining power suppliers is moderate.
• Bargaining Power of Buyers: Buyers have moderate bargaining power; they demand services at a cost-effective manner. This increases the pressure on the cloud microservices platform providers to offer the best service in a cost-effective way. Thus, buyers can have alternatives and choose the convenient service that best fits their preference. 
  Thus, the bargaining power of buyers is moderate.
• Threat of New Entrants: Companies entering the cloud microservices platform market face high competition since all new players strive to adopt technological innovations to customize products for attracting clients. The initial investment in the cloud microservices platform is high and technology is complex. 
  Thus, the threat of the new entrants is low.
• Threat of Substitutes: There is no alternative product for cloud microservices platform solutions. 
  Thus, the threat of substitutes is low.
• Competitive Rivalry in the Market: The competitive rivalry among industry leaders is rather intense, especially between the global players including Amazon Web Services Inc., Oracle, and SAP SE. Companies in the cloud microservices platform do acquisitions to gain major market share. 
  Therefore, competitive rivalry in the market is high.