Evolve Business Intelligence has published a research report on the Global Serverless Architecture Market, 2023–2033. The global Serverless Architecture Market is projected to exhibit a CAGR of around 22.47% during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global Serverless Architecture Market: Alibaba Group, Amazon Web Services, Google LLC, IBM Corporation, Microsoft Corporation, Oracle Corporation, Platform9 Systems Inc., Rackspace Inc., Tibco Software and Twilio.
Market Highlights
The Global Serverless Architecture Market is projected to be valued at USD 16.35 Billion by 2033, recording a CAGR of around 22.47% during the forecast period. The Serverless Architecture Market refers to the market segment focused on the adoption, implementation, and use of serverless computing or function-as-a-service (FaaS) platforms and services. In a serverless architecture, developers can build and run applications and services without managing the underlying infrastructure. This is achieved by using cloud service providers who automatically allocate resources as needed, allowing developers to focus solely on writing code.
The serverless architecture market is expanding rapidly as organizations seek to leverage the benefits of cloud-native development, reduce costs, and increase agility in software delivery. The market growth is driven by rising demand for scalable and cost-effective applications, need for faster time-to-market and increased focus on developer productivity.
The COVID-19 pandemic had a significant impact on the Serverless Architecture Market. The pandemic forced many businesses to shift to remote work and rely heavily on digital services, leading to increased demand for scalable and reliable cloud solutions, including serverless architecture. The need for quick deployment of new applications and services to support remote work, e-commerce, online education, telehealth, and other digital services drove businesses to adopt serverless computing for its rapid development and deployment capabilities. The pandemic highlighted the importance of business continuity and resilience. Serverless architecture enabled companies to build more resilient applications that could adapt to changing conditions without significant infrastructure overhead. Organizations used serverless to quickly experiment with new ideas and bring innovative solutions to market faster, helping them stay competitive during the pandemic. As more critical applications moved to serverless, concerns about security and compliance became more prominent. Providers and users had to ensure that serverless implementations met stringent security standards.
Segmental Analysis
The global Serverless Architecture Market has been segmented based on Organization Size, Deployment Modal, Application and Vertical.
Based on Organization Size, the Serverless Architecture Market is segmented into Large Enterprises and SMEs. The Large Enterprises segment is anticipated to dominate the market.
Based on Deployment Modal, the global Serverless Architecture Market has been divided into Private Cloud and Public Cloud. The Private Cloud segment is anticipated to dominate the market.
Based on Application, the global Serverless Architecture Market has been divided into Real-time file processing, Web Application Development, IoT Backend and Others. The Real-time file processing segment is anticipated to dominate the market.
Based on Vertical, the global Serverless Architecture Market has been divided into BFSI, IT & telecom, Healthcare, Manufacturing, Media & Entertainment and Others. The Healthcare segment is anticipated to dominate the market.
More Information: https://evolvebi.com/report/serverless-architecture-market-analysis/
Regional Analysis
The Serverless Architecture Market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, & Africa. North America, particularly the United States, has a well-established cloud infrastructure, driven by major cloud service providers like AWS, Microsoft Azure, and Google Cloud. Many enterprises in North America are rapidly adopting digital transformation initiatives, leading to increased use of serverless architectures. The presence of a robust tech ecosystem, including numerous startups and tech giants, drives innovation and adoption of serverless computing. Europe is seeing significant growth in cloud adoption, with many organizations moving towards serverless architectures to leverage the benefits of cloud computing. European businesses are focusing on efficiency and cost reduction, making serverless architecture an attractive option. Rapid digitalization in countries like China, India, and Southeast Asia is driving the adoption of serverless architectures. The surge in e-commerce and mobile internet usage creates demand for scalable and efficient backend solutions, which serverless architectures provide. Latin America is experiencing a steady increase in cloud adoption, driven by digital transformation initiatives across various sectors. The rise of tech startups in the region is fostering innovation and adoption of modern technologies, including serverless computing. Governments and enterprises in the Middle East are actively pursuing digital transformation initiatives, boosting the adoption of cloud and serverless technologies. Investment in smart city projects and digital infrastructure is creating opportunities for serverless architecture adoption.