The Microservices Architecture Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Microservices Architecture Global Market Report 2024, The microservices architecture market size has grown rapidly in recent years. It will grow from $5.34 billion in 2023 to $6.41 billion in 2024 at a compound annual growth rate (CAGR) of 20.0%. The growth in the historic period can be attributed to rise of cloud computing, digital transformation, cultural shift towards DevOps practices, demand for scalability, growing data security concerns.
The microservices architecture market size is expected to see rapid growth in the next few years. It will grow to $13.14 billion in 2028 at a compound annual growth rate (CAGR) of 19.7%. The growth in the forecast period can be attributed to growing adoption of serverless architecture, IoT (Internet of things) integration, enhanced security measures, focus on sustainability, microservices architecture. Major trends in the forecast period include AI-driven DevOps, event-driven architecture, continuous integration, shift towards micro frontends, enhanced hybrid cloud management.
The proliferation of connected devices is expected to propel the microservices architecture market going forward. Connected devices are physical objects that are connected wirelessly to a network (the internet) with each other or other systems and can send and receiving data to form communication among them, which includes smartphones, laptops, smart vehicles, and others. Microservices architecture-based solutions in connected devices help develop various software that provides seamless interaction among heterogeneous devices, protocols, and applications, increasing the ability of devices to share data from one computing environment to another. Additionally, microservices architecture provides continuous upgrades, integration, and maintenance of IoT applications in connected devices. For instance, in November 2023, according to Uswitch, a UK-based price comparison website, 92% of mobile users in the UK are using smartphone. Additionally, in March 2022, according to The Office of Communications, a UK-based government approved communications regulator, 21 % of internet users in UK uses smartphone. Therefore, the proliferation of connected devices is driving the growth of the microservices architecture market.
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The microservices architecture market covered in this report is segmented –
1) By Component: Solution, Services
2) By Organization Size: Large Enterprises, Small And Medium Enterprises
3) By Deployment Type: On-Premise, Cloud
4) By End-Use Industry: Banking, Financial Services And Insurance, Government, Manufacturing, IT And Telecom, Retail , Healthcare, Energy And Utilities, Media, Other End-User Industries
Major companies operating in the microservices architecture market are focused on partnerships to increase their profitability in the market. Partnerships in the context of microservices architecture refer to collaborative relationships between different entities, organizations, or teams that are involved in the design, development, deployment, and maintenance of microservices-based systems. For instance, in October 2022, Agora Publishing Services Ireland (APSI), an Ireland-based media, business service provider, 14 West, an US-based business administrative service provider collectively known as Westech collaborated with Red Hat Inc., a US-based software company. This Collaboration aims to establish a contemporary digital services framework anchored in microservices architecture with Red Hat OpenShift. Westech transformed its feature delivery timeline from months to weeks through DevOps, embracing CI/CD methods. The updated architecture enables independent scaling and updates, preventing service interference. Westech has broadened its backing for dynamic promotional content within a standardized framework, enhancing comprehension of customer needs and extending the reach to a wider audience.
The microservices architecture market report table of contents includes:
- Executive Summary
- Microservices Architecture Market Characteristics
- Microservices Architecture Market Trends And Strategies
- Microservices Architecture Market – Macro Economic Scenario
- Global Microservices Architecture Market Size and Growth
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- Global Microservices Architecture Market Competitive Benchmarking
- Global Microservices Architecture Market Competitive Dashboard
- Key Mergers And Acquisitions In Microservices Architecture Market
- Microservices Architecture Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- Microsoft Corporation
- Amazon Web Services Inc.
- International Business Machines Corporation
- Cisco Systems Inc.
- Oracle Corporation
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