Microservice Architecture Market – Overview
Market Research Future (MRFR) asserts that the Microservices Architecture Market 2021 can reach an approx. valuation of USD 33 Billion by 2023-end. MRFR also confirms that the market expansion can take place at a rate of 17% between 2017 and 2023 (review period). The report offers 360 views on historical and upcoming growth based on Microservices Architecture market size, share, volume, value, production, and consumption. This report also includes a complete analysis of industry players covering their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations.
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.
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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.
Primary Boosters and Key Challenges
Microservice architecture boosts the development as well as deployment of a set of features or an application that is made of modular, autonomous, self-contained and independent units. Every unit is owned by a team that is tasked with enhancing it. With the help of microservices, these teams are able to quickly ship the advanced forms features or applications, with no disruptions in the rest of the solutions. In a nutshell, microservices architecture helps prevent complexity, enabling small and agile teams to develop services.
Rising use of connected devices like smartphones, wearables, tablets, smart home appliances, fitness trackers and drones is believed to be one of the chief growth boosters in the microservices architecture market. This can be due to the fact that business customers nowadays demand for faster feature update in software applications. This architecture is extremely fast and responsive to every kind of requirement in the market, as it holds the potential build, scale, evolve, and deploy the individual services within the cycle. Modern technologies like virtualization and Internet of Things (IoT) offer a host of growth opportunities to the market.
Some of the top trends that are positively influencing the microservices architecture market include deployment, loose coupling, as well as domain driven design. Since microservices function on smaller and simple services, the demand for cloud solutions has risen considerably, which also leads to a lucrative market landscape.
Microservices Architecture Market Segmentation
Microservices architecture industry has been broadly covered in the report, taking into account the primary segments of deployment, type and vertical.
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The deployment-wise segments are cloud-based as well as on-premise. Cloud-based microservices architecture has gained high traction in the market owing to their high scalability, 24x7 availability as well as cost efficiency.
The types of microservices architecture described in the report include inventory microservice, accounting microservice, shipping microservice, store microservice and others.
The verticals where the use of microservices architecture is rising include Energy & Utilities, BFSI, Government, Healthcare, Retail, IT & Telecommunication, Media & entertainment, Manufacturing, and more.
TABLE OF CONTENTS
1 MARKET INTRODUCTION
1.2 SCOPE OF STUDY
1.2.1 RESEARCH OBJECTIVE
1.3 MARKET STRUCTURE
2 RESEARCH METHODOLOGY
2.1 RESEARCH SERVICE
2.2 PRIMARY RESEARCH
2.3 SECONDARY RESEARCH
2.4 FORECAST MODEL
2.4.1 MARKET DATA COLLECTION, ANALYSIS & FORECAST
2.4.2 MARKET SIZE ESTIMATION
3 MARKET DYNAMICS
3.2 MARKET DRIVERS
3.3 MARKET CHALLENGES
3.4 MARKET OPPORTUNITIES
3.5 MARKET RESTRAINTS
4 EXECUTIVE SUMMARY
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