Dublin, Aug. 25, 2021 (GLOBE NEWSWIRE) -- The "Cloud Microservices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Cloud Microservices Market was valued at USD 831.45 million in 2020 and is expected to reach USD 2701.36 million by 2026, registering a CAGR of approximately 21.7% over the forecast period (2021 - 2026). As Kubernetes adoption grows, companies are expected to start realizing that it is not enough to simply adopt it, but they are also expected to need to change all aspects of their processes, tools, and architecture. Kubernetes is likely to be a big push for deep company-wide changes. It provides a good way to manage containers and makes microservices architectures practical at an enterprise scale.
Owing to the recent outbreak of COVID-19, the global demand for cloud has increased owing to which the cloud microservices is expected to be severely influenced until the end of 2021. The demand for cloud services is increasing due to lack of workforce and requirement of remote monitoring and working.
The proliferation of the microservices architecture is driving the market, as microservices architecture encourages to break the application into smaller components. This makes it easy to apply changes. Deploying such components does not end up impacting a large part of the codebase. It is quite common for such an architectural style to be adopted for cloud-native applications using lightweight container deployment. This is because of the large number of services, decentralized continuous delivery, and DevOps.
Adoption of hybrid cloud across various end-user industries is driving the market, as plenty of enterprises currently are in different stages of cloud adoption. The hybrid cloud gives them maximum flexibility to explore new products and business models. As IT's role has grown, the load on the data center is growing. Investing money in upgrading computing or storage is costly, but hybrid cloud applications are cost-effective, which also drives the market.
Security and compliance issues are restraining the market to witness growth. The container can create more software development environments, but it leads to the arrival of new security risks that affect compliance. Cyber attackers can benefit themselves from vulnerabilities inside the permission settings of cloud architecture for reaching services, which comprises sensitive data too.
Key Market Trends
Manufacturing Sector Expected to Register a Significant Growth
- Due to the advancement in intelligent technology, the demand for microservice cloud is increasing in the manufacturing sector, as the traditional automation pyramid is dissolving. Moreover, manufacturing IT is moving toward service orientation and app-orientation.
- AWS (Amazon Web Services) pay-as-you-go microservices and serverless computing models reduce the cost of running the connected manufacturing plant or smart product programs, with minimum upfront investment and nearly unlimited on-demand capacity.
- "Cloud network manufacturing" provides a new way to business, as manufacturing companies found that they may not survive in the competitive market without the support of Information Technology (IT) and computer-aided capabilities. Microsoft is the dominant core technology supplier to the manufacturing industry, which provides manufacturers a digital twin of their OPC (Open platform communication) UA-enabled machines and significantly enhances security and certification management. Here, customers can control and manage their OPC twins directly from the cloud by using microservices running on Azure.
- ThyssenKrupp, a German multinational conglomerate, drew upon IoT technology to connect its elevators to the microservice cloud. The data collected from an elevator's sensors allows algorithms to process information and predict when maintenance is required before the elevator breaks down. This predictive maintenance is further enhanced by the use of augmented reality, with elevator technicians utilizing Microsoft HoloLens to receive remote, hands-free instructions from experts, while they are in the field.
North America to Account for Largest Market Share
- Due to the increasing adoption of advanced technologies, this region is gaining a high market share. Moreover, there is an increasing demand from North American companies, as they have adopted microservices architecture in financial, e-commerce, and travel services, which help in storing information and data cost-effectively and increasing the agility, efficiency, and scalability.
- As per ITU, digital Transformation technologies and services spend in Canada are set to exceed USD 16 billion sustained by the investment in emerging technologies, such as the cognitive/artificial intelligence (AI) systems, IoT, next-generation security, augmented reality or virtual reality, 3D printing, and robotics, which drives the cloud microservices.
- Walmart Canada refactored its software architecture to micoservices. The company, which had not been able to handle the 6 million page views per minute it was getting at the time, realized instant results with a significant increase in its conversion rate overnight. Downtime was minimized, too, and the company was able to replace expensive commodity hardware with cheaper virtual x86 servers, resulting in an overall cost savings between 20 and 50 %. This gives a demand of cloud microservice in this sector.
- In United States, Microservices with IBM Cloud Functions and Cloud Foundry deploy a storefront shopping application that displays a catalog of antique computing devices where customers can make purchases and add review comments, which efficiently increase the growth of market.
Competitive Landscape
The cloud microservices market is fragmented and the major players have used various strategies, such as new product launches, partnerships, acquisitions, and others, in various deployment modes, like public, private, and hybrid cloud, in order to increase their footprints in this market to sustain a long run. Key players are Amazon Web Services Inc., Microsoft Corporation, IBM Corporation, etc. Recent developments in the market are:
- May 2019 - Informatica, the enterprise cloud data management leader, announced the industry's first microservices-based 360 solutions for reference data management. It provides the trusted, accurate, and complete reference data that enterprises need for their digital transformation initiatives, including customer experience programs, marketing and sales operations, omnichannel retailing, supply chain optimization, and governance and compliance efforts.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Proliferation of the Microservices Architecture
4.3.2 Adoption of Hybrid Cloud Across Various End-user Industries
4.4 Market Restraints
4.4.1 Security and Compliance
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Forces Analysis
5 TECHNOLOGY ROADMAP
6 MARKET SEGMENTATION
6.1 By Deployment Mode
6.1.1 Platforms
6.1.2 Service
6.2 By Enterprise Size
6.2.1 Small and Medium Enterprises
6.2.2 Large Enterprises
6.3 By End-user Industry
6.3.1 BFSI
6.3.2 Retail
6.3.3 Manufacturing
6.3.4 Telecommunications
6.3.5 IT and ITes
6.3.6 E-commerce
6.3.7 Healthcare
6.3.8 Other End-user Industries
6.4 Geography
6.4.1 North America
6.4.2 Europe
6.4.3 Asia Pacific
6.4.4 Latin America
6.4.5 Middle East and Africa
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Amazon Web Services Inc.
7.1.2 Microsoft Corporation
7.1.3 IBM Corporation
7.1.4 Salesforce.com Inc.
7.1.5 Tata Consultancy Services Limited
7.1.6 Broadcom Inc. (CA Technologies)
7.1.7 VMware Inc. (Pivotal Software Inc.)
7.1.8 Infosys Ltd
7.1.9 Oracle Corporation
7.1.10 NGINX Inc.
7.1.11 Syntel Inc.
7.1.12 Idexcel Inc.
7.1.13 RapidValue IT Services Private Limited
8 INVESTMENT ANALYSIS
9 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/ol1vv4
