Serverless Architecture Market Size, Share, Growth | Forecast 2031

Report Description

Serverless Architecture Market Outlook 2031:

The global serverless architecture market size was valued at USD 11.44 Billion in 2022 and is projected to reach USD 72.12 Billion by 2031, expanding at a CAGR of 22.7% during the forecast period 2023 - 2031. The growth of the market is attributed to the increased adoption of serverless architecture for reducing operation cost and increasing process agility.

Serverless architecture also known as a function as a service (FaaS) is a set-up in which the user can run and build services and applications without the need to manage infrastructure. It’s the software design in which the need for server management is eliminated as a third-part services host an application.

Applications are separated into individual functions, which can be scaled and invoked independently. By use of a serverless architecture, the operator no longer has to maintain servers, provision, storage systems, and database. Serverless architectures can be deployed on both, on-premise as well as cloud.

Get Free Sample Report

The COVID-19 pandemic outbreak has considerable impact on the market. The work from home policy adapted by organization drive the demand of serverless architecture in industries including BFSI, IT, e-commerce, and media & entertainment for smooth operational activities. However, due to lockdown imposed by government bodies hampered the demand of serverless architecture in manufacturing plant, retail, and public sector.

Serverless Architecture Market Trends, Drivers, Restraints, and Opportunities

• Decreasing infrastructure cost and complexity by serverless architecture is one of the key factor driving the serverless architecture market growth.
• Emerging computing technology is enabling organizations to incorporate serverless environment is projected to drive the market expansion during the forecast period.
• Growing concern about compliance and security as loss of control over infrastructure acts as a major challenge that can restrict the serverless architecture  market growth in the coming years.
• Escalating issues with third party application programming interface can hamper the market growth during the projected timeline.
• Increasing penetration of artificial intelligence along with internet of things technology in organizations is projected to create significant growth opportunities for the market.

Scope of Serverless Architecture Market Report

The report on the global serverless architecture market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report

Serverless Architecture Market Segment Insights

Server management elimination increases the large enterprises segment market share

On the basis of organizations, the serverless architecture market share is bifurcated into small & medium enterprises and large enterprises. The large enterprises segment is estimated to account for a significant market share during the forecast period attributed to the increased implementation of serverless architecture for data processing and real-time web applications. Additionally, boost in the focus of server management elimination by larger enterprises is major driver of the segment.

However, the small & medium enterprises segment is anticipated to grow at a high CAGR during the projected period attributed to increase in need for affordable and scalable technology, which can reduce infrastructure and IT costs among these organizations while providing high scalability.

Get Free Sample Report

BFSI segment is estimated to expand at robust growth rate

Based on verticals, the global serverless architecture market is divided into, telecom & IT, media & entertainment, healthcare & life sciences, BFSI, retail & e-commerce, manufacturing, government & public, and others.

The BFSI segment is estimated to expand at robust growth rate during the forecast period owing to increased use of serverless architecture by banks for providing quick response, optimize workflow, and customized customer response. On the other hand, the media & entertainment segment is projected to expand at a considerable CAGR during the forecast period attributed to the boost in demand for handling large volume of data & workflows and to improve business outcomes & broadcasting.

Efficient management of micro services drive the automation & integration segment

Based on services, the market is fragmented into, training & consulting, security, API management, support & maintenance, monitoring, automation & integration, and others.

The automation & integration segment is expected to grow at a rapid pace during the forecast period attributed to these services plays an essential role in establishing a strong serverless architecture in any organization. Moreover, automation services helps third-party vendors in efficient management of micro services and integration services functions in working of multiple micro services and data collection, which is driving the segment growth further.

However, the monitoring segment is anticipated to expand at a substantial CAGR in the coming years due to these services which allow users to focus on their application code as, vendors manage the servers and their maintenance.

Get Free Sample Report

North America is anticipated to constitute a key market share

In terms of region, the global serverless architecture market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.

North America is anticipated to constitute a key share of the market during the projected period owing to presence of key players in the region, which are adopting new technologies to remain competitive in the market.

However, the Asia Pacific market is anticipated to grow at a rapid pace during the forecast period due to the shift from traditional IT infrastructure to automation by industries in the region and boost of investment in digital transformation to reduce operational cost.

Get Free Sample Report