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Microservices Architecture Industry
WILMINGTON, DE, UNITED STATES, September 30, 2024 /EINPresswire / -- The global microservices architecture
market size was valued at $2,073.00 million in 2018, and is projected to reach $ 8,073.00 million by 2026, registering a CAGR of 18.6% from 2019 to 2026.
Asia-Pacific is projected to register the highest growth rate during the forecast period, owing to increase in adoption of microservices architecture in
Telecom applications , development of data centers, and surge in penetration rate of connected devices. Moreover, counties such as China, India, and Japan are expected to grow at a high rate, owing to increase in adoption of microservices architecture in e-commerce and rise in penetration of connected devices.
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Rapid adoption of cloud-based solutions such as software as a service (SaaS) and platform as a service (PaaS) among enterprises and increase in the use of connected devices such as tablets, smartphones, fitness trackers and others are driving the market growth for microservices architecture industry. Moreover, factors such as improvement in fault isolation, eradication of long-term commitment on single technology and easy platform for new developers drives microservices architecture market growth. However, security and compliance issues while implementation of microservice architecture hampers the growth of the market. Furthermore, emergence of IoT technology in microservice architecture and adoption of virtualization are anticipated to create major opportunities for the market.
In terms of industry vertical, the BFSI segment is expected to witness high adoption of microservices architecture solutions and services. The dominance of this industry is attributed to an increase in the customer data and financial information which need to be protected and stored. Further, the adoption of cloud microservices architecture infrastructure has increased mainly due to the increasing financial services, IT automation, and reforms in economy and banking services worldwide. Also, it microservices architecture helps BFSI organizations in improving the application development process, streamlining business operations, and enhancing customer experience which again fuels the growth of this segment. However, the healthcare segment is expected to witness highest growth rate in the upcoming years.
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Some of the key microservices architecture industry players profiled in the report include Tata Consultancy Services Limited, IBM Corporation, Microsoft Corporation, Oracle, Salesforce., Datawire, MuleSoft Inc., Software AG, CA Technologies, and Syntel.
Key Findings of the Study:
Depending on component, the solutions segment dominated the global microservices architecture market in 2018, and is expected to generate highest revenue during the forecast period.
By deployment type, the on-premise segment dominated the market in 2018, and is expected to generate highest revenue during the forecast period. However, the cloud segment is expected to witness highest growth rate in the upcoming years.
On the basis of organization size, the large organizations segment dominated the global microservices architecture market in 2018, and is expected to remain dominant throughout the forecast period.
In terms of industry vertical, the BFSI segment dominated the global microservices architecture market in 2018, and is expected to generate highest revenue during the forecast period.
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