Microservices Architecture Market set To Register Double-Digit CAGR during the Forecast Period 2017 to 2023 (SARS-CoV-2, Covid-19 Analysis)

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Microservices Architecture Market

The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Microservices Architecture Market. The growth sectors of the Microservices Architecture Market are identified with precision for a better growth perspective.

Market Research Future (MRFR) has revealed in its recently published report that the global microservices architecture market is projected to reach a valuation of USD 33 Bn by the end of 2023. The microservices architecture market is estimated to register a CAGR of 17% during the forecast period 2017 to 2023. The application of the technology across different industry verticals such as BFSI, retail, healthcare, IT & telecommunication, etc. is expected to drive the demand for microservices architecture over the next couple of years.

Cloud-based services offer availability, scalability and cost efficiency. The adoption of a cloud-based solution such as software as a service (SaaS) and platform as a service (PaaS) has been favoring the acceleration of revenue creation for market players for years. The trend is poised to perpetuate over the next few years. Furthermore, the penetration of connected devices such as the smartphones, drones, wearable devices, tablets, laptops, etc. have paved the way for growth opportunities of the microservices architecture market, which is likely to complement market expansion during the assessment period. Other factors responsible for catalyzing market proliferation include an accessible platform for new developers, improvement in fault isolation system, eradication of long-term commitment on a single technology, etc.

Market Segmentation:

By deployment, the global microservices architecture market has been segmented into cloud and on premise.

By application, the microservices architecture market is segmented into healthcare, BFSI, government, IT & telecommunication, manufacturing, retail, media, and others.

By service, the global microservices architecture segment has been segmented into inventory microservice, accounting microservice, shipping microservice, and store microservice.

Regional Analysis:

By region, the global microservices architecture market has been segmented into Asia Pacific, North America, Europe and Rest of the World. North America is likely to retain a dominant position globally during the forecast period. The growth is attributable to the growth strategies being implemented by the key players in the region. The constant innovation in technology and investments in its adoption are fueling the microservices architecture market growth in the region. Asia Pacific is poised to exhibit a relatively higher CAGR owing to the large-scale adoption of the technology in the region. The presence of emerging markets such as India and China is likely to accelerate the adoption of the technology. Europe is anticipated to remain a significant growth pocket over the next couple of years. Meanwhile, the Rest of the World is estimated to exhibit sluggish growth owing to limited technological penetration in some parts of the region.

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