The serverless architecture global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Serverless Architecture Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The serverless architecture market size has grown exponentially in recent years. It will grow from $11.77 billion in 2023 to $14.57 billion in 2024 at a compound annual growth rate (CAGR) of 23.8%. The growth in the historic period can be attributed to advancements in computing technology, cost reduction and scalability, unconditional development and deployment, elimination of traditional approaches, rising need for automation and integration.
The serverless architecture market size is expected to see exponential growth in the next few years. It will grow to $33.36 billion in 2028 at a compound annual growth rate (CAGR) of 23.0%. The growth in the forecast period can be attributed to expected market size growth, segmentation and regional growth, rising adoption across industries, enhanced scalability and time-to-market, growth in end-user industries. Major trends in the forecast period include digital-centric business model, advancements in computing technology, increasing vertical utilization, rising adoption of DevOps, and geographic expansion and investments.
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Scope Of Serverless Architecture Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Serverless Architecture Market Overview
Market Drivers –
The rising need for serverless computing for DevOps practices is expected to propel the growth of the serverless architecture market going forward. Serverless computing is a cloud computing paradigm that enables developers to create and deploy applications on externally managed Infrastructure. This eliminates concerns regarding capacity planning, configuration, management, maintenance, fault tolerance, or scaling of containers, virtual machines (VMs), or physical servers. Serverless cloud computing enhances DevOps practices by enabling automatic scaling, reducing operational complexity, and facilitating the rapid deployment of microservices. For instance, in January 2024, according to AAG IT, a UK-based IT services company, Infrastructure as a Service (IaaS) revenues increased by 29.7%, totaling $120.3 billion in 2022. Further, over 98% of organizations leverage cloud services, including SaaS applications and fully cloud-native networks. Furthermore, projections indicate a 23% growth in cloud infrastructure spending for 2023. Therefore, the rising need for serverless computing for DevOps practices is driving the growth of the serverless architecture market.
Market Trends –
Major companies operating in the serverless architecture market are developing advanced technologies, such as serverless solutions, to serve customers better with advanced features. A serverless solution refers to a software architecture and deployment model where the responsibility for server management, provisioning, and maintenance is shifted entirely to the cloud provider. In a serverless solution, developers focus on writing code for specific functions or services without the need to manage the underlying infrastructure. For instance, in May 2022, DigitalOcean Holdings Inc., a US-based technology company and cloud infrastructure provider, launched a new serverless solution, DigitalOcean Functions, for developers and small and medium businesses. It will allow developers to construct or expand their apps quickly without worrying about the infrastructure. The solution will provide fast, scalable, and cost-effective solutions, enabling organizations to build websites and mobile-based applications quickly, automatically scale, and save money by eliminating the need to pay for unused resources.
The serverless architecture market covered in this report is segmented –
1) By Service: Automation And Integration, Application Programming Interfaces (APIs) Management, Monitoring, Security, Support And Maintenance, Training And Consulting, Other Services
2) By Deployment Model: Public Cloud, Private Cloud, Hybrid Cloud
3) By Organization: Large Enterprise, Small And Medium-Sized Enterprises (SMEs)
4) By Application: Real-Time File And Stream Processing, Web Application Development, IoT Backend
5) By Vertical: Information Technology (IT) And Telecommunications, Banking, Financial Services And Insurance (BFSI), Retail, Healthcare, Government, Manufacturing, Media And Entertainment, Other Verticals
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Regional Insights –
North America was the largest region in the serverless architecture market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the serverless architecture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the serverless architecture market are Google LLC, Microsoft Corporation, Amazon Web Services Inc., International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Broadcom Inc., Salesforce.com Inc, NTT Data Corporation, VMware Inc, Alibaba Cloud, Palo Alto Networks Inc, Twilio Inc, Red Hat Inc, Rackspace Technology Inc, Tibco Software, Cloudflare Inc, Dynatrace Inc., Auth0 Inc, Joyent Inc, Spotinst Ltd, Fiorano Software Inc., Platform9 Systems Inc, PubNub Inc, OpenStack Foundation, Iron.io Inc, Nimbella Corporation , Stackery Inc, Computer Associates International Inc., OpenLegacy Inc
Table of Contents
1. Executive Summary
2. Serverless Architecture Market Report Structure
3. Serverless Architecture Market Trends And Strategies
4. Serverless Architecture Market – Macro Economic Scenario
5. Serverless Architecture Market Size And Growth
…..
27. Serverless Architecture Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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