Serverless Architecture Market to hit $90 Bn by 2032, Says
Selbyville, Delaware, Jan. 24, 2023 (GLOBE NEWSWIRE) — The serverless architecture market valuation is anticipated to reach USD 90 billion by 2032, as reported in a research study by Global Market Insights Inc.
Rapid penetration of the internet of things (IoT) and bring-your-own-device (BYOD) models, particularly driven by the emergence of the pandemic will complement the market outlook. The widespread availability of associated systems and technical aid will boost customer inclination toward serverless architecture. There has been a growing preference for business process automation among large enterprises to save time and energy spent on repetitive tasks and cut down on operational costs. Additionally, increasing adoption of cloud platforms to manage operational tasks involving the distribution of resources will positively affect business trends.
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The serverless architecture market from the security service segment is projected to register 26% CAGR from 2023 to 2032. Growing concerns associated with security and rising incidences of cyberattacks worldwide are encouraging enterprises to adopt robust IT infrastructure.
To cite an instance, in April 2022, the well-known Indian loan platform CashMama reported a data breach that resulted in undesired exposure of invasively collected customer data. The IT Governance reported a total of 1,243 security incidents in 2021, showcasing an 11% surge in security breaches from 1,120 in 2020. High level of sophistication associated with today’s cyber threats is further propelling the need for serverless architecture to ensure an optimum level of security.
The serverless architecture market from public cloud deployment model segment valued at 60% revenue share in 2022. The public cloud helps delivery cloud computing services through a public internet ecosystem and is easily accessible to all enterprises. As businesses seek more advanced yet cost-effective solutions, public cloud has emerged as a promising tool. Due to its multi-tenancy nature, public cloud models allow multiple users to share a repository of computing resources and reduce financial burden. Growing popularity of the public cloud can be attributed to improved security, scalability, and ease of maintenance.
The serverless architecture market from SMEs segment is estimated to record a CAGR of around 27% between 2023 and 2032. SMEs are increasingly shifting focus towards the potential benefits associated with the integration of cloud computing solutions. Growing awareness regarding the ability of cloud computing to provide on-demand computing resources, reduce expenditure, and facilitate remote computing will accelerate demand for serverless architecture across SMEs. A rising number of SMEs adapting to the ongoing digitization of businesses and modern approaches with changing offices and part-time professionals will proliferate the need for remote computing to ensure business continuity.
The serverless architecture market from manufacturing application sector is poised to observe around 28% growth rate till 2032. Digital technologies are extensively used by manufacturing companies to improve production output and overall efficiency. New trends such as automated manufacturing, digitization, and the advent of industry 4.0 are expected to stimulate the serverless architecture industry. Increasing manufacturing output and supportive government efforts to consolidate significant growth in industrial production will encourage more end-users to adopt serverless architecture.
North America serverless architecture market accounted for 42% revenue share in 2022. North America is a technology hub with a high concentration of leading technology companies such as Oracle, IBL, and Alphabet, among others. The region offers lucrative scope for innovation in the space of serverless architecture. With an increasing number of businesses shifting to cloud and virtual presence along with a large number of startups conducting businesses partially or entirely digitally, the demand for serverless architecture is likely to increase at a sustainable pace.
IBM Corporation, Dynatrace Inc., Elastic, Broadcom SA, Oracle, and Alphabet Inc. are some of the leading companies in the global serverless architecture market. These companies are implementing strategic collaborations and deals to achieve competitive advantages.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Serverless Architecture industry 360º synopsis, 2018 – 2032
2.2 Business trends
2.2.1 Total addressable market (TAM) trends, 2023 – 2032
2.3 Regional trends
2.4 Service trends
2.5 Deployment Model trends
2.6 Organization Size trends
2.7 Application trends
Chapter 3 Serverless Architecture Market Insights
3.2 Impact of COVID-19 outbreak
3.2.1 By region
18.104.22.168 North America
22.214.171.124 Asia Pacific
126.96.36.199 Latin America
188.8.131.52 Middle East & Africa
3.2.2 Strategies by major players to regain pre-COVID level growth
3.3 Impact analysis of Russia-Ukraine war
3.4 Serverless Architecture industry ecosystem analysis
3.4.1 Serverless architecture technology providers
3.4.2 System Integrators
3.4.3 Data center operators
3.4.5 Profit margin analysis
3.4.6 Vendor matrix
3.5 Technology & innovation landscape
3.5.1 Serverless at the edge
3.5.2 Function-as-a-Service (FaaS)
3.5.3 Serverless security
3.5.4 Serverless DevOps
3.6 Patent analysis
3.7 Investment portfolio
3.8 Industry news
3.8.1 North America
3.8.3 Asia Pacific
3.8.4 Latin America
3.8.5 Middle East & Africa
3.9 Regulatory landscape
3.9.1 International Standards
3.9.2 North America
3.9.4 Asia Pacific
3.9.5 Latin America
3.10 Industry impact forces
3.10.1 Growth drivers
184.108.40.206 Rising need of serverless computing for DevOps practices
220.127.116.11 Growing need to eliminate complexities in server provisioning
18.104.22.168 Rapid advancements in cloud computing technologies
22.214.171.124 Penetration of IoT and BYOD
126.96.36.199 Growing affinity of enterprises towards microservices
3.10.2 Industry pitfalls & challenges
188.8.131.52 Lack of technology expertise and relative complexities
184.108.40.206 Critical risks associated with serverless architecture
3.11 Growth potential analysis
3.12 Porter’s analysis
3.12.1 Bargaining power of suppliers
3.12.2 Bargaining power of buyers
3.12.3 The threat of new entrants
3.12.4 The threat of substitute
3.12.5 Competitive rivalry
3.13 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.