Cloud Microservices Platform Market Size Projected to Generate a Revenue of $6,370.70 Million by 2031Download Sample Reports Overview
The Global Cloud Microservices Platform Market Size is predicted to be valued at $6,370.70 million by 2031, surging from $952.60 million in 2021, at a CAGR of 21.2%.
Impact Analysis of COVID-19 on the Cloud Microservices Platform Market
The COVID-19 pandemic has had a significant impact on many industries, including the cloud microservices platform market size. Moreover, the pandemic has accelerated the adoption of cloud computing and microservices architectures as businesses had to quickly adapt to remote work and digital transformation. Furthermore, the pandemic has also caused economic uncertainty and budget constraints for many organizations, which has slowed down investments in new technologies. The cloud microservices platforms has the ability to provide scalable and flexible infrastructure that can be easily adapted to changing business needs. This became especially important during the pandemic as businesses had to rapidly adjust to changes in customer demand, supply chain disruptions, and remote work requirements. Cloud microservices platforms enable businesses to quickly spin up new applications and services, integrate with existing systems, and scale up or down as needed. The COVID-19 pandemic has both accelerated and challenged the growth of the cloud microservices platform market. While the market is expected to continue to grow in the upcoming years, the pace of growth may be influenced by economic conditions and the ability of vendors to meet the evolving needs of businesses in the post-pandemic period.
Global Cloud Microservices Platform Market Analysis
Cloud microservices platform offers cost-effectiveness to businesses as they can scale resources up or down as per their requirements and pay only for the resources they use. This pay-as-you-go model eliminates the need for businesses to invest in costly IT infrastructure, hardware, and maintenance costs associated with traditional monolithic architectures. Moreover, cloud microservices platforms enable businesses to rapidly develop and deploy applications and services, reducing development costs and time-to-market. This agility allows organizations to quickly respond to changing market conditions and customer demands, giving them a competitive advantage. The cost-effectiveness is a key driver of the cloud microservices platform market, as it allows businesses to reduce their IT infrastructure costs, improve their bottom line, and rapidly develop and deploy applications and services. These are the major factors anticipated to boost the cloud microservices platform market share during the forecast period.
However, the lack of expertise can be a significant restraint for the cloud microservices platform market. Microservices are complex and require a particular set of skills and knowledge to operate effectively. As companies increasingly adopt microservices architectures, they face the challenge of finding and retaining skilled professionals who can manage and operate these systems. The skills required to manage and operate microservices typically include expertise in programming languages, cloud infrastructure, containerization technologies, and automation tools. The lack of expertise can be a significant restraint for the cloud microservices platform market growth expansion.
The emergence of IoT (Internet of Things) applications has created a significant opportunity for the cloud microservices platform market. IoT involves the interconnectivity of physical devices, vehicles, buildings, and other objects with embedded sensors and software, which enables them to collect and exchange data over the Internet. This data can then be analyzed to provide valuable insights that can inform decision-making, optimize operations, and improve customer experiences. Furthermore, cloud microservices platforms allow businesses to quickly develop and deploy new applications and services, reducing time-to-market and increasing agility. This is particularly important in the fast-paced world of IoT, where new devices and technologies are constantly emerging. All these factors have created a significant opportunity for the cloud microservices platform market growth.
Global Cloud Microservices Platform Market, Segmentation
The cloud microservices platform market is segmented on the basis of component, deployment type, application, end user, and region.
The component segment is further classified into platform and services. Among these, the platform sub-segment accounted for the largest market share in 2021. The platform segment typically includes a set of tools, frameworks and services that enable developers to build and deploy microservices-based applications quickly and efficiently. These platforms often offer features such as container orchestration, service discovery, load balancing, monitoring, logging, and security. The rise of microservices architecture has been a significant driver of the platform segment in the cloud microservices platform market. With the increasing popularity of microservices, there is a growing need for platforms that can handle the complexity of managing and scaling multiple services in a distributed environment.
The deployment type segment is further classified into public, private, and hybrid. Among these, the public sub-segment accounted for the largest market share in 2021. The public cloud microservices platform market share is expected to grow significantly in the upcoming years, driven by the increasing demand for scalable and cost-effective solutions to support modern application development and deployment. The increasing adoption of containerization technologies such as Docker and Kubernetes are also driving the growth of the public cloud microservices platform market, as these technologies enable developers to easily build, deploy, and manage microservices-based applications at scale.
The application segment is further classified into data analytics, database applications, customer relationship management, and others. Among these, the data analytics sub-segment accounted for the largest market share in 2021. The data analytics in cloud microservices platform is the need for real-time insights and analytics capabilities, as well as the increasing adoption of could-based solutions and the growing importance of AI and machine learning in business decision-making. These technologies require large amount of data to be analyzed in real-time, which can only achieve through the use of cloud microservices platform market demand.
The end user segment is further classified into BFSI, IT and telecommunications, government, healthcare, retail and e-commerce, manufacturing, and others. Among these, the IT and telecommunications sub-segment accounted for the largest market share in 2021. These industries require highly scalable and resilient software architectures to support their operations. Cloud microservices platform provide a modular and flexible approach to software development, which allows IT and telecommunications companies to quickly build, deploy, and manage complex software systems. The use of microservices platforms has become increasingly important for IT and telecommunications companies as they seek to drive innovation, improve operational efficiency, and deliver high–quality services to their customers.
The cloud microservices platform market in Asia-Pacific is projected to show the fastest growth in 2031. Asia-Pacific is witnessing a rapid increase in the adoption of cloud services. This has created a demand for cloud microservices platforms that can help organizations to develop, deploy, and manage cloud-based applications. The region has a large number of startups and SMEs that are increasingly adopting cloud-based technologies. These organizations are looking for cloud microservices platforms that can help them to build and deploy applications quickly and efficiently. Cloud-native application development is gaining traction in Asia-Pacific, and microservices architecture is a key enabler of this approach, making cloud microservices platforms essential for developers. The Asia-Pacific cloud microservices platform market forecast period is expected to witness significant growth in the upcoming years owing to the increasing adoption of cloud computing technology and the growing trend towards microservices architecture in software development.
Key Players in the Global Cloud Microservices Platform Market
Some of the leading cloud microservices platform market analysis players are
- Infosys Limited
- Cisco Systems
- TATA Consultancy Services Limited
- Amazon Web Services Inc.
- IBM CORPORATION
- Oracle Corporation
- SAP SE
- Microsoft Corporation
- F5 Networks Inc.
On July 11, 2022, Oracle announced plans to launch additional sovereign cloud zones for the European Union in 2023. The first two EU sovereign cloud regions will be located in Germany and Spain, and they will be logically and physically separate from the region's current public OCI regions. Private companies and governmental organizations will be able to host sensitive, regulated, or strategically significant regional data and applications in the new sovereign cloud areas.