July 20, 2021
According to a research report titled ‘Serverless Architecture Market Size By Service, By Deployment Model (Public, Private, Hybrid), By Application (IT & Telecom, BFSI, Retail, Healthcare, Government, Manufacturing, Media & Entertainment), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027’, available with Market Study Report LLC, serverless architecture market valuation is projected to increase substantially over the forecast period 2021-2027.
As per the study findings, increasing consumer preference for serverless solutions among enterprises, and widespread penetration of cloud computing are major factors driving the serverless architecture market growth.
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Furthermore, mounting demand for serverless computing in DevOps practices, advancements in cloud computing technologies, and growing requirement for reducing complexities in server provisioning are propelling the overall market demand.
Increasing adoption of BYOD policies and IoT technology, growing inclination of enterprises towards microservices, and adoption of remote work models are also expanding the industry scope.
For the record, serverless architecture enables organizations to develop and run applications without requiring infrastructure management.
Elaborating on the Covid-19 impact, the pandemic has further accentuated the necessity for companies to adopt optimal IT services and appropriate tech solutions in the rapidly growing business sector.
Based on service type segmentation of serverless architecture industry, security segment is slated to record 24% CAGR through 2027, mainly due to increasing significance of serverless security. Whereas, rising inclination towards outsourcing cloud computing services will push the annual growth rate of the support & maintenance segment to 9% during the forecast period.
Parallelly, training & consulting segment is poised to expand at 17% CAGR over the analysis period owing to dearth of skilled cloud professionals for a wide array of applications in serverless architecture market.
Elaborating on the application scope, manufacturing sector held nearly 91% in 2020 and is touted to expand at a considerable pace over the forecast period owing to increasing application of cloud computing in smart automation and industrial internet of things (IIoT).
From a regional frame of reference, Latin America accounted for more than 8% serverless architecture industry share in the recent past and is projected to observe substantial growth during the analysis period. This can be credited to increasing penetration of internet of things (IoT) technology across the region.
Analysts also cite that Middle East & Africa industry is expected to record a steady growth rate of 17% throughout the forecast timeline owing to rapidly developing IT and e-commerce sectors across the area.
Speaking of the competitive landscape, TietoEVRY Oyj, TIBCO Software Inc., Tencent Holdings Ltd., Redpill Linpro AB, Rackspace Technology Inc., Oracle Corp., NTT Data Corp., Nimbella Inc., Microsoft Corp., International Business Machines (IBM) Corp., Hexaware Technologies Ltd., Enfo Oyj, Dynatrace LLC, and DigitalOcean LLC are the major players in serverless architecture market sphere.