Microservice Architecture Market Aggrandizes to USD 33 Billion By 2023 at 17% CAGR: Confirms MRFR

PUNE, India, Aug. 22, 2017 /PRNewswire/ -- Market Research Future published a half-cooked research report on "Global Microservice Architecture Market Research Report - Forecast to 2023" – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

Cognizant (U.S.), International Business Machines Corporation (U.S), Microsoft Corporation (U.S.), Datawire (U.S.), Infosys Limited (India), Mulesoft (U.S.), Software AG (Germany), Nginx Inc. (U.S.), and Salesforce.Com, Inc. (U.S.) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Microservice Architecture Market.

Microservice Architecture Market – Overview

The Global Market of Microservice Architecture is growing rapidly mainly due to the Cloud based solutions (SaaS). According to a recent study report published by the Market Research Future, the global market of Microservice Architecture is booming and expected to gain prominence over the forecast period. The global Microservice Architecture Market is anticipated to accrete to USD 33 Billion by 2023, at a striking double digit CAGR of 17 % between 2017-2023.

Microservice Architecture is increasingly adopted by organization as an inbuilt mechanism for developing enterprise application. Cloud based solutions such as software as a service (SaaS) and platform as a service (PaaS) are driving the market. Categorization of connected device such as smartphones, tablets, drones, wearable, smart home appliances and fitness tracker is driving the microservices architecture market. The key trends that is majorly effecting the market include loose coupling, deployment and domain driven design. As microservices operates on simple and smaller services, there is an increase demand for cloud solution and is one of the important factor driving the market.

The advantage of microservices architecture includes improvement in fault isolation system, provide easy platform for new developer and helps to eradicate long term commitment on single technology. The adoption of Microservice Architecture has assist many big enterprises to begin their transitions as compared to monolithic design structure.

The adoption of cloud based microservices architecture is driving the market. Cloud based microservices architecture provides scalability, cost efficiency and 24x7 availability. To enable organization with healthy microservices, cloud based platform automatically shift the instances to servers or vendor management system when the software or hardware on which they are running fails.

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Microservices are an important software trend and one that can have profound implications not just on the enterprise IT function, but digital transformation of the entire business. Microservices vs Monolithic architecture represents a fundamental shift in how IT approaches software development.

Organizations are trying to modernize their applications to keep up with the rate of change. Earlier, operations dictated how applications were written. Microservice Architecture has many aspects and organizations that adopt it enjoy the benefits such as faster time to market and improved application quality.

Microservice Architecture Market - Competitive Analysis

Characterized by the presence of several major well-established players, the global Market of Microservice Architecture appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. The Key players operating in the market compete based on pricing, technology, reputation and services.

Microservice Architecture Market - Segments

Microservice Architecture Market can be segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;

Segmentation by Services: Comprises Inventory Microservice, Accounting Microservice, Shipping Microservice, Store Microservice

Segmentation by Vertical: Comprises Energy & Utilities, IT & Telecommunication, BFSI, Healthcare, Government, Manufacturing, Retail, Media & Entertainment

Segmentation by Deployment: Comprises On-Premise, and Cloud.

Segmentation by Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World.

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Microservice Architecture Market - Regional Analysis

The regional analysis of Microservice Architecture market is being studied for region such as Asia Pacific, North America, Europe and Rest of the World. North America region is the dominating player in the microservices architecture market owing to presence of major players in the region. Cloud solution such as software as service (SaaS) and platform as a service (PaaS) contributes largest market segment in the region. US market contributes highest revenue in the North America region. Most of the companies in the North America region has adopted microservices architecture technology in e-commerce, financial and travel services. The experts from the region emphasis on strong microservices architecture as compared to monolithic pattern. Its impact on e-commerce industry has been tremendous and has the leverage the business of major e-commerce companies such as Amazon. It enables financial sector by providing easy extensibility and flexibility of components. Reducing risk and compute cost by transferring workloads to cost effective run times and boosting development cycles and swiftness. High utilization of microservices architecture technology in retail, e-commerce and cloud based application is driving the market in North America region.

In Europe region, the microservices architecture market is rising due to major application of it in IT and telecommunication, retail, BFSI and healthcare. Cloud based solution is driving the market in the region. Proliferation of connected device such as smartphones, tablets, laptops and drones is driving the market in the region.

Asia-Pacific is expected to be fastest growing market as large number of organizations are adopting microservices architecture to meet needs of modern application development.

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