Global Cloud Microservices Market 2023-2030

Global Cloud Microservices Market 2023-2030

Global Cloud Microservices Market Size, Share & Trends Analysis Report Market by Deployment Model (Public Cloud, Private Cloud, and Hybrid Cloud), by Enterprise Size (Small And Medium-Sized Enterprises (SMEs) and Large Enterprises), Application (BFSI, E-Commerce, Healthcare, IT and Telecommunication, Manufacturing and Others) Forecast Period (2023-2030)

Global cloud microservices market is anticipated to grow at a considerable CAGR of 20.8% during the forecast period (2023-2030). Microservices offer several benefits over traditional monolithic applications, such as increased agility, scalability, and reliability. This is driving the adoption of microservices by businesses of all sizes. Microservices are small, independent services that can be developed, deployed, and scaled independently. This makes it easier to make changes to microservices applications without impacting the entire application. Microservices can be scaled horizontally by adding more instances of a microservice. This makes it easy to scale microservices applications up or down to meet changing demand. This scalability is important for businesses that experience spikes in traffic or need to be able to scale their applications up quickly to meet new customer demands.

Netflix can make changes to its streaming service quickly and easily because each microservice is independent of the others. For example, if Netflix wants to add a new feature to its streaming service, it can develop a new microservice for that feature and deploy it without impacting the rest of the streaming service. This allows Netflix to experiment with new features and quickly roll them out to its users. Netflix can scale its streaming service up or down to meet changing demand by adding or removing instances of microservices. For example, if Netflix expects a spike in traffic during a new show release, it can add more instances of the microservices that are responsible for streaming video. This allows Netflix to handle spikes in traffic without impacting the performance of its streaming service. Netflix's streaming service is more reliable because each microservice is independent of the others. If one microservice fails, the other microservices in the application can continue to operate. This means that Netflix's users will not experience any downtime if one microservice fails.

Segmental Outlook

The global cloud microservices market is segmented based on deployment model, enterprise size, and application type. Based on the deployment model, the market is segmented into public cloud, private cloud, hybrid cloud, and others. Based on enterprise size, the market is sub-segmented into small and medium-sized enterprises (SMEs), large enterprises, and others. Based on application, the market is sub-segmented into BFSI, e-commerce, healthcare, IT and telecommunication, manufacturing, others (education, government, media, and entertainment and other), and others.

Public Deployment Model to Hold Major Market Share for the Cloud Microservices Market

The public cloud deployment model segment holds the major market share in the cloud microservices market. Public cloud platforms are designed to be scalable, meaning that they can be easily scaled up or down to meet the changing needs of businesses. This is important for microservices applications, which can experience spikes in traffic and demand. Public cloud platforms offer a wide range of services, which gives businesses the flexibility to choose the services that they need for their microservices applications. This can include services such as computing, storage, networking, databases, and analytics. Public cloud platforms can also help businesses save money on IT costs, such as hardware, software, and maintenance costs. This is because businesses only pay for the resources that they use, and they can scale up or down their usage as needed. Public cloud platforms are typically easy to use, with user-friendly interfaces and self-service tools. This makes them a good choice for businesses of all sizes, including those with limited IT expertise.

Regional Outlook

The global cloud microservices market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among these, North America holds the major market share attributed to the presence of leading cloud computing providers such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP) in the region. The strong government support for cloud computing research and development in the region is also one of the reasons to hold the major market share. For instance, the US government spent over $100 billion on IT, among these $12 billion went to cloud services in fiscal year 2022.

The Asia-Pacific region is Expected to Grow at a Consistent Pace in the Global Market

Asia-Pacific region is experiencing rapid economic growth, which is driving demand for advanced technologies such as cloud microservices. Businesses in the region are increasingly looking for ways to improve their efficiency and productivity to compete in the global marketplace. Cloud microservices have the potential to revolutionize many industries, such as healthcare, finance, and IT. Governments and companies in the Asia-Pacific region are investing heavily in cloud computing research and development. This investment is helping to accelerate the development of cloud microservices technologies and to make them more accessible to businesses and researchers. For instance, in May 2020, Chinese technology giant Tencent announced to invest 500 billion yuan ($69.9 billion) over the next five years in areas from cloud computing to artificial intelligence, a move boosted by Beijing’s calls to push digital infrastructure.

Market Players Outlook

The major companies serving the global cloud microservices market include Amazon Web Services, Inc., Google LLC (Google Cloud Platform (GCP)), IBM Corp. (IBM Cloud), Microsoft Corp. (Microsoft Azure), and Salesforce, Inc. among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in December 2020, AWS announced a multi-year collaboration with Metro Goldwyn Mayer (MGM) to reimagine its core media supply chain and enterprise-wide media distribution platform. MGM plans to build a data lake on AWS using Amazon Simple Storage Service (Amazon S3) that will provide up-to-date content rights and ownership information and connect to a microservices architecture that simplifies and automates workflows and processes throughout MGM’s complex media supply chain.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global cloud microservices market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.