Zion Market Research has published a new report titled “Serverless Architecture Market By Service Type (Automation and Integration Services, API Management Services, Monitoring Services, Security, Support and Maintenance, Training and Consulting, and Others), By Deployment Model (Private Cloud and Public Cloud), and By Vertical (Banking, Financial Services, and Insurance (BFSI), Government Sector, General Manufacturing, Healthcare Sector, IT and Telecommunications, Media and Entertainment, Retail, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global serverless architecture market was valued USD 3.46 billion in 2017 and is expected to reach around USD 18.04 billion by 2024, at a CAGR approximately 27.24% from 2018 to 2024.
Serverless architecture is also known as function as a service (FaaS) or serverless computing. The use of virtual servers does not eliminate the physical hardware concerns, and thus, it demands a certain level of management and process. With a serverless architecture, the developer is able to focus entirely on the application code without worrying about the physical hardware, web server software management, and virtual machine operating system.
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Serverless architecture is attracting a significant response in the tech industries, as it is an ideal business implementation possibility with this cloud computing execution model, the cloud providers can easily manage the allocation and provisioning of servers. Moreover, a serverless architecture allows the enterprises to entirely focus on their core products or services instead of handling the traffic load of their IT infrastructure. With the service, the users can rely on a third-party server, thereby reducing the deployment time. The serverless architecture market is anticipated to witness massive growth, owing to the proliferation of machine learning, IoT and artificial intelligence. Moreover, the rising need to shift from DevOps to the serverless computing and rapidly increasing microservices architecture are some other factors projected to steer serverless architecture market. An increasing number of users and growing adoption of new technologies related to digital and media content is anticipated to boost the demand for well-organized and secured serverless architecture across IT and telecommunication sector. Retail is another major sector that is likely to contribute lucratively toward this market, due to the rise in the consumers’ purchasing power. Introduction of online shopping has resulted in online retailers to adopt innovative technologies, such as big data analytics, cloud computing, social networks, and digital stores.
The serverless architecture market is segregated based on service type, vertical, and deployment model. The service type segment includes automation and integration services, monitoring services, training and consulting, security, API management services, support and maintenance, and others (metering and billing, reporting, and analytics services). The automation and integration segment is anticipated to hold the largest market share during the estimated timeframe. An automation service efficiently manages the microservices and provides a faster response with optimum resource utilization. The deployment model is bifurcated into the private and public cloud. The verticals of the serverless architecture include banking, financial services, and insurance (BFSI), government sector, general manufacturing, healthcare sector, IT and telecommunications, media and entertainment, retail, and others (energy and utilities, transportation and logistics, travel and hospitality, and education).
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Geographically, North America is expected to hold the largest share in the global serverless architecture market over the estimated timeline, as the region is a pioneer in the adoption of new technologies.
Certain prominent players in the serverless architecture market include Amazon Web Services, Inc., Google LLC, IBM Corporation, Microsoft Corporation, Oracle Corporation, Alibaba Cloud, CA Technologies, Fiorano Software, ModuBiz Ltd., NTT Data, Manjrasoft Pty Ltd., TIBCO Software Inc., Rackspace Inc., Galactic Fog IP, Inc., and Platform9 Systems, Inc.
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This report segments the serverless architecture market are as follows:
Global Serverless Architecture Market: By Service Type
- Automation and Integration Services
- API Management Services
- Monitoring Services
- Support and Maintenance
- Training and Consulting
- Others (Metering and Billing, Reporting, and Analytics Services)
Global Serverless Architecture Market: By Deployment Model
- Private Cloud
- Public Cloud
Global Serverless Architecture Market: By Vertical
- Banking, Financial Services, and Insurance (BFSI)
- Government Sector
- General Manufacturing
- Healthcare Sector
- IT and Telecommunications
- Media and Entertainment
- Others (Energy and Utilities, Transportation and Logistics, Travel and Hospitality, and Education)
Global Serverless Architecture Market: By Region
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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