Microservices Architecture Market Scope
Microservices Architecture Market Size was valued at USD 3.54 Billion in 2021. The Microservices Architecture industry is projected to grow from USD 5.49 Billion in 2022 to USD 21.61 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 18.66% during the forecast period (2022 – 2030).
Microservices architecture is an approach to software development where large applications are broken down into small, independent services that can be developed, deployed, and scaled independently. Each service is focused on a single business capability and communicates with other services through well-defined interfaces, typically via RESTful APIs. Microservices architecture is designed to be flexible, scalable, and resilient, allowing applications to be developed and deployed more rapidly and enabling organizations to respond more quickly to changing business needs. Some benefits of microservices architecture include improved scalability, faster time-to-market, increased resilience, and easier maintenance and upgrades. However, there are also some challenges to consider, such as the complexity of managing a large number of services and ensuring proper coordination and communication between them.
lso some challenges to consider, such as the complexity of managing a large number of services and ensuring proper coordination and communication between them.
Microservice architecture boosts the development as well as deployment of a set of features or an application that is made of modular, autonomous, self-contained and independent units. Every unit is owned by a team that is tasked with enhancing it. With the help of microservices, these teams are able to quickly ship the advanced forms features or applications, with no disruptions in the rest of the solutions. In a nutshell, microservices architecture helps prevent complexity, enabling small and agile teams to develop services.
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Rising use of connected devices like smartphones, wearables, tablets, smart home appliances, fitness trackers and drones is believed to be one of the chief growth boosters in the microservices architecture market. This can be due to the fact that business customers nowadays demand for faster feature update in software applications. This architecture is extremely fast and responsive to every kind of requirement in the market, as it holds the potential build, scale, evolve, and deploy the individual services within the cycle. Modern technologies like virtualization and Internet of Things (IoT) offer a host of growth opportunities to the market.
Some of the top trends that are positively influencing the microservices architecture market include deployment, loose coupling, as well as domain driven design. Since microservices function on smaller and simple services, the demand for cloud solutions has risen considerably, which also leads to a lucrative market landscape.
Market Segmentation
Microservices architecture industry has been broadly covered in the report, taking into account the primary segments of deployment, type and vertical.
The deployment-wise segments are cloud-based as well as on-premise. Cloud-based microservices architecture has gained high traction in the market owing to their high scalability, 24x7 availability as well as cost efficiency.
The types of microservices architecture described in the report include inventory microservice, accounting microservice, shipping microservice, store microservice and others.
The verticals where the use of microservices architecture is rising include Energy Utilities, BFSI, Government, Healthcare, Retail, IT Telecommunication, Media entertainment, Manufacturing, and more.
Regional Insight
Asia Pacific or APAC, North America, Europe and Rest of the World (RoW) are the primary markets for microservices architecture, according to the report.
MRFR identifies North America as the most lucrative market for microservices architecture, citing the chief reasons to be the high concentration of highly renowned companies like IBM, Microsoft, and more. A vast number of these vendors are mostly focused on boosting their product offerings, by adopting effective strategies like partnerships and mergers, among others. Striking escalation in the use of connected devices combined with the extensive adoption of cloud-based solutions are some additional growth-inducing factors in the regional market.
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With the fastest growth in the global market, APAC rides high on the back of the widespread deployment of microservices architecture across enterprises who are striving to enhance operational efficiency, reduce overall cost and also achieve higher business agility. Apart from this, the increasing adoption rate of virtualized infrastructure can act as a, attractive opportunity for the regional industry in the years ahead. Surging use of the Internet of Things or IoT has led to higher deployment of connected devices in various organizations, which can translate to better growth prospects for microservices architecture in the region.
Top Companies
Top companies competing in the market for microservices architecture include Salesforce.Com, Inc. (U.S.), Infosys Limited (India), Nginx Inc. (U.S.), Cognizant (U.S.), Mulesoft (U.S.), International Business Machines Corporation (U.S), Datawire (U.S.), Microsoft Corporation (U.S.), Software AG (Germany), to mention a few.
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