48.8 F
Virginia
HomeTech InnovationsGlobal Microservices Architecture Market Witnesses Strong Growth Rate of CAGR 13.4%, Exceeding...

Global Microservices Architecture Market Witnesses Strong Growth Rate of CAGR 13.4%, Exceeding US$ 11.8 Billion 2024-32

Microservices Architecture Market

The global microservices architecture market size reached US$ 3.7B in 2023, projected to reach US$ 11.8B by 2032 with a CAGR of 13.4% during 2024-2032.

SHERIDAN, WYOMING, UNITED STATES, March 1, 2024 /EINPresswire.com/ — The latest report by IMARC Group, titled “Microservices Architecture Market Report by Component (Solutions, Service), Deployment Type (On-premises, Cloud-based), Organization Size (Large Enterprises, Small and Medium-sized Enterprises), Industry Vertical (BFSI, Manufacturing, Retail and E-Commerce, IT and Telecom, Healthcare, Government, and Others), and Region 2024-2032”, offers a comprehensive analysis of the industry, which comprises insights on the market.

How big is the microservices architecture market?

The global microservices architecture market size reached US$ 3.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 11.8 Billion by 2032, exhibiting a growth rate (CAGR) of 13.4% during 2024-2032.

Factors Affecting the Growth of Microservices Architecture Industry:

• Scalability and Flexibility:

Microservices architecture is increasingly favored by organizations due to its scalability and flexibility. In this fast-paced digital landscape, businesses need to adapt swiftly to changing market demands and user requirements. Traditional monolithic architectures often struggle to keep up with these demands due to their rigid structure, where all components are tightly integrated. With microservices, applications are broken down into smaller, loosely coupled services that can be developed, deployed, and scaled independently. This modular approach allows organizations to allocate resources more efficiently, as they can scale specific services based on demand without affecting the entire system. Additionally, microservices enable easier integration of new functionalities and technologies, empowering organizations to innovate rapidly. This scalability and flexibility drive the adoption of microservices architecture across various industries.

• Resilience and Fault Isolation:

Another driving factor behind the adoption of microservices architecture is its ability to enhance system resilience and fault isolation. In complex distributed systems, failures are inevitable, and the tightly coupled nature of traditional monolithic architecture, makes it challenging to isolate and contain faults. A failure in one component can cascade throughout the entire system, leading to widespread outages and downtime. Microservices address this challenge by adopting a decentralized approach, where each service operates independently and communicates with other services through well-defined APIs. This isolation ensures that a failure in one service does not impact the functionality of the overall system. Additionally, microservices architecture often incorporates resilience patterns such as circuit breakers, retries, and graceful degradation to handle failures gracefully and maintain system stability.

• Agile Development and Continuous Delivery:

Mature oil and gas fields, which have been in production for several years, often experience declining output due to the depletion of easily accessible reserves. Subsea pumps are integral to implementing enhanced recovery techniques, such as water injection and gas lift, to boost production levels. These methods increase the pressure within the reservoir, facilitating the extraction of remaining oil and gas. The deployment of subsea pumps in mature fields extends the life of existing infrastructures, maximizes the extraction of resources, and improves the overall efficiency of production operations. This demand for enhanced recovery solutions in aging fields contributes significantly to the growth of the subsea pumps market.

For an in-depth analysis, you can request a sample copy of the report: https://www.imarcgroup.com/microservices-architecture-market/requestsample

Competitive Landscape:

The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.

• Broadcom Inc.
• Cognizant
• F5 Inc.
• Infosys Limited
• International Business Machines Corporation
• Microsoft Corporation
• Oracle Corporation
• Salesforce Inc.
• Software AG
• Tata Consultancy Services Limited

Microservices Architecture Market Report Segmentation:

By Component:

• Solutions
• Service

Solutions dominate the market due to the increasing demand for comprehensive platforms and frameworks that offer end-to-end support for designing, deploying, and managing microservices-based architectures.

By Deployment Type:

• On-premises
• Cloud-based

On-premises represent the largest segment due to certain industries’ regulatory requirements, security concerns, and the need for complete control over infrastructure.

By Organization Size:

• Large Enterprises
• Small and Medium-sized Enterprises

Based on the organization size, the market has been divided into large enterprises and small and medium-sized enterprises.

By Industry Vertical:

• BFSI
• Manufacturing
• Retail and E-Commerce
• IT and Telecom
• Healthcare
• Government
• Others

BFSI holds the maximum number of shares due to its complex and heavily regulated nature, necessitating robust and scalable architectures such as microservices to manage diverse operations efficiently.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

North America’s dominance in the microservices architecture market is attributed to its early adoption of technology, robust IT infrastructure, and a thriving ecosystem of tech companies and startups driving innovation and investment in microservices architecture.

Global Microservices Architecture Market Trends:

The widespread adoption of cloud computing is a significant driver of the microservices market. Cloud platforms provide the infrastructure and services necessary to build, deploy, and scale microservices-based applications easily. Organizations are increasingly leveraging cloud-native technologies and managed services, such as AWS Lambda, Azure Functions, and Google Cloud Functions, to accelerate their microservices initiatives and achieve greater agility and cost-efficiency. Additionally, the ongoing digital transformation across industries is fueling the demand for microservices architecture. Businesses are under pressure to modernize their legacy systems, improve agility, and deliver innovative digital experiences to consumers. Microservices enable organizations to break down monolithic applications into smaller, more manageable components, facilitating faster development cycles, easier maintenance, and seamless integration with new technologies such as AI, IoT, and blockchain.

Ask Analyst for Customization: https://www.imarcgroup.com/request?type=report&id=5670&flag=C

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

Browse other reports:

Construction Chemicals Market Report: https://www.imarcgroup.com/construction-chemicals-market

Travel Retail Market Report: https://www.imarcgroup.com/travel-retail-market

Sukuk Market Report: https://www.imarcgroup.com/sukuk-market

Managed Services Market Report: https://www.imarcgroup.com/managed-services-market

Healthcare Cyber Security Market Report: https://www.imarcgroup.com/healthcare-cyber-security-market

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high-technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

Elena Anderson
IMARC Services Private Limited
+1 631-791-1145
email us here

Originally published at https://www.einpresswire.com/article/692553652/global-microservices-architecture-market-witnesses-strong-growth-rate-of-cagr-13-4-exceeding-us-11-8-billion-2024-32

- Part of VUGA -digital marketing

latest articles

gossip news

explore more

fashion tv watch free