Serverless Computing Platforms Market By Deployment (Private Cloud, Public Cloud) , By Enterprise Size (Large Enterprise, SME) By Application (Web and Mobile Applications, IoT (Internet of Things)) By Industry Vertical (BFSI, IT and Telecom, Retail, Manufacturing, Media and Entertainment, Healthcare, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2033
Serverless Computing Platforms Market
The serverless computing platforms market was valued at $9.3 billion in 2023 and is projected to reach $55.5 billion by 2033, growing at a CAGR of 19.3% from 2024 to 2033.
Serverless computing involves the management of cloud infrastructure directly by the providers, enabling developers to build applications without the hassle of scaling or maintaining servers. The term “serverless” refers to the fact that developers or organizations are not involved in the management or configuration of servers. However, the servers are yet essential for the execution of the code. The major benefits of serverless computing platforms for users include automated scaling, cost efficiency, and reduced operational efficiency.
A key driver of the serverless computing platforms market is the quick development cycles for applications. As platform providers offer support by managing the cloud infrastructure, developers are able to focus on writing business logic and deploy functions instantly, resulting in quick time-to-market. In addition, the availability of scaling options as per the demand of projects or applications prevents developers from overpaying for resources, which boosts the adoption of these platforms and augments the development of the market. A notable trend acquiring traction in the market in recent times is the integration of edge computing into serverless computing platforms. This assimilation is beneficial for applications that are sensitive to latency as it improves performance and enables real-time analytics.
However, serverless computing platforms typically possess execution time limits for different functions, which makes them unfit for lengthy processes or tasks requiring extensive computation, thereby hampering the growth of the market. On the contrary, rise in the deployment of software-as-a-service (SaaS) applications into serverless computing platforms is projected to present lucrative opportunities for the market. For instance, a report by Gartner—a technological research and consulting firm—predicts investments in cloud-based SaaS solutions to increase from $250 billion in 2024 to approximately $300 billion in 2025. This is attributed to the potential of SaaS applications to provide pre-built, cloud-native functionalities, eliminating the requirement for custom infrastructure for certain tasks.
Segment ReviewThe serverless computing platforms market is segmented into deployment, enterprise size, application, industry vertical, and region. On the basis of deployment, the market is bifurcated into private cloud and public cloud. Depending on enterprise size, it is divided into large enterprise and SME. According to application, it is classified into web & mobile applications and IoT (Internet of Things). As per industry vertical, it is categorized into BFSI, IT & telecom, retail, manufacturing, media & entertainment, healthcare, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of deployment, the public cloud segment held a notable share of the market in 2023.
Depending on enterprise size, the large enterprise segment dominated the market in 2023.
According to application, the web & mobile applications segment acquired a significant share of the market in 2023.
As per industry vertical, the BFSI segment was the highest shareholder in the market in 2023.
Region wise, North America was the highest revenue generator in 2023.
Competition AnalysisThe major players in the global serverless computing platforms market include Google LLC, Alibaba Cloud, CA Technologies, Microsoft Corporation, Oracle Corporation, Dynatrace, Fiorano Software Inc., Joyent Inc., Modubiz Ltd., and NTT Data Corporation. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the competitive market.
Key Market SegmentsBy DeploymentPrivate Cloud
Public Cloud
By Enterprise SizeLarge Enterprise
SME
By ApplicationWeb and Mobile Applications
IoT (Internet of Things)
By Industry VerticalBFSI
IT and Telecom
Retail
Manufacturing
Media and Entertainment
Healthcare
Others
By RegionNorth America
U.S.
Canada
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market PlayersGoogle LLC
Alibaba Cloud
CA Technologies
Microsoft Corporation
Oracle Corporation
Dynatrace
Fiorano Software Inc.
Joyent Inc.
Modubiz Ltd.
NTT Data Corporation