Global Cloud Microservice Platform Market Anticipated to Generate a Revenue of $4,246.5 Million, Growing at a CAGR of 20.8% from 2021 to 2028Download Sample Reports Overview
The global cloud microservice platform market size is projected to be valued at $952.6 million by 2028, rising from $4,246.5 million in 2020 at a remarkable CAGR of 20.8%.
Impact Analysis of COVID-19 on the Cloud Microservice Platform Market
The COVID-19 Impact on cloud microservice platform market is anticipated to experience a healthy growth amidst the COVID-19 pandemic. COVID-19 pandemic has made the industries around the world introduce remote working operations and companies are enabling effective management of their employees to improve the efficiency and withstand the growth of their organization during the pandemic period.
Moreover, many organizations are utilizing new methodologies of cloud microservice platform solutions such as cloud-based enterprise management software, that can enable remote working operations for the staff of the organization, delivering effective management of the employees. These new developments are expected to help organizations for remote operations of their business during the COVID-19 pandemic period. All such factors are predicted to positively impact the global cloud microservice platform market growth during the pandemic period.
Global Cloud Microservice Platform Market Analysis
The increasing growth of the global cloud microservice platform market is due to increasing utilization of advanced solutions for human resource management in their organizations such as public cloud-based deployment of cloud microservice platform applications. The cloud-based solutions have advantages such as by adoption of microservices architecture based apllications they are accessible from anywhere and enable effective remote working operations for both the employees and the management of the organization. In addition to this, the cloud-based solutions are most cost effective than the on-premise cloud microservice platform as they do not require data storage costs and are also suitable for small and medium-sized enterprises (SMES). These factors are expected to drive the global cloud microservice platform market.
The high initial cost for installation of cloud microservice platform market share software and low awareness about the solutions especially in the developing countries can have negative impact on the market during the forecast period.
The hybrid cloud model improves business continuity and reduces potential downtime and associated costs. Hybrid cloud computing improves security by giving organizations ultimate control over their data and reducing potential data exposure. These factors are expected to open new scope of opportunities in the forecast period. In major developments, in December 2020, major Indian telecom company, Airtel, adopted hybrid cloud network deployment in partnership with IBM, Red Hat. In the first phase of the "Open Hybrid Cloud Network," Airtel's customers and ecosystem partners build and deliver an innovative and flexible foundation for building and delivering innovative applications in cloud networks. These positive cloud microservice platform market trends are expected to open new scope of opportunities for t in the future.
Global Cloud Microservice Platform Market, Segmentation
The global cloud microservice platform market is segmented based on component, deployment mode, application, end-user, and region.
The component segment is further classified into platform and service sub-segments. Among these, service sub-segment is anticipated to have the fastest growth and surpass $1,781.8 million by 2028, with an increase from $388.8 million in 2020.
The service sub-segment is anticipated to have the fastest market growth due to the increase in demand for off-line as well as online consultation and support &maintenance required for the effective execution of the cloud applications.
The deployment mode is further divided into public, private, and hybrid. The hybrid sub-segment is anticipated to have a fastest growth in the global market and grow with a healthy CAGR of 21.2%, generating a revenue of $1004.6 million during the forecast timeframe. The hybrid cloud platform provides companies many benefits, including increased flexibility, increased deployment options, security, compliance, and increased value from existing infrastructure. When computing and processing demands fluctuate, hybrid cloud computing allows enterprises to seamlessly extend their on-premises infrastructure to the public cloud to whiteout having breach of security. These factors are expected to aid the growth of this sub-segment.
On the basis of application, this market is further categorized into data analytics, database applications, customer relationship management, and others. The data analytics sub-segment is predicted to dominate this market generating a revenue of $1,317.7 by 2028.
The increasing amount of raw data from different sources helps drive the growth of the data analytics market. Healthcare, for example, has a large amount of unstructured and structured data that needs to be analyzed in order to make quick decisions. In addition to this, business areas that need to process large amounts of data quickly include retail, media & entertainment, and IT. These factors are expected to contribute in the growth of this subsegment.
On the basis of end-user, this market is further categorized into BFSI, IT & telecommunications, government, healthcare, retail & e-commerce, manufacturing, and others. The IT & telecom sub-segment is predicted to dominate this market by generating a revenue of $1,131.7 million by 2028.
The IT & Telecom sector is one of the largest utilizers of the cloud microservice platforms as it operates on digital operations. The implementation of the cloud microservice platform solutions have advantages such as better management of the workflow, improved employee & organization performance, better monitoring of the workforce. These factors are expected to contribute to the expansion of the IT & telecom sub-segment.
The cloud microservice platform market forecast for the Asia-Pacific region is anticipated to witness rapid growth. This market generated a revenue of $254.1 million in 2020 and is further anticipated to register $1,170.3 million by 2028, growing with a CAGR of 21.3%
Increasing adoption of cloud-based applications for purposes such as digital operations, security management, remote monitoring, data storage, and others in this region and the growing economy of this region is aiding the growth. The surge in information technology services that operate on digital technology in the developing countries of the region is supplementing the growth of cloud microservice platform market outlook in the Asia-Pacific region.
Key Players in the Global Cloud Microservice Platform Market
- Amazon Web Services Inc.
- SAP SE
- Cisco Systems, Inc.
- Atos Syntel
- CA Technologies
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Cloud Microservice Platform Market
- Bargaining Power of Suppliers: There are moderate number of suppliers in the cloud microservices platform market. Across the world there are different organizations working in the field of cloud microservices platform for production of advanced cloud-based solutions to get a competitive edge in the market.
Thus, the bargaining power suppliers is moderate.
- Bargaining Power of Buyers: The buyers in market have moderate bargaining power, therefore the suppliers in the cloud microservices platform market focus on providing superior quality services in a cost-effective manner.
Thus, the bargaining power of the buyers is moderate.
- Threat of New Entrants: The companies that are entering in the cloud microservices platform market emphasize on innovation for reducing the cost of production since the capital requirement in cloud microservices platform market is already high and also products such as microservices, remote monitoring.
Thus, the threat of the new entrants is low.
- Threat of Substitutes: The cloud microservices platform process is essential and currently there is no alternative of cloud microservices platform measures.
Thus, the threat of substitutes is low.
- Competitive Rivalry in the Market: There is a highly competitive rivalry between companies in the cloud microservices platform market including Thales Group and Salesforce, IBM, Amazon Web Services Inc., and Oracle.
Therefore, competitive rivalry in the market is high.