Cloud Microservices Market Directed to Obtain $1,880.0 million by 2023

The Cloud Microservices Market is segmented by component, deployment mode, organization size, vertical, and region. MarketsandMarkets forecasts the global Cloud Microservices Market to grow from USD 683.2 million in 2018 to USD 1,880.0 million by 2023, at a Compound Annual Growth Rate (CAGR) of 22.4% during the forecast period.

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Unlike microservices, a monolith application is always built as a single, autonomous unit. The problem with a monolithic architecture, though, is that all change cycles usually end up being tied to one another. A modification made to a small section of an application might require building and deploying an entirely new version. Hence, microservices acts as a boon to enterprises where a business process is built as a suite of modular components or services. These modular components or services run independently and have an individual process and communicates with other processes as well to achieve a whole business process objective.

Among components, the services segment is expected to grow at a higher CAGR during the forecast period. Services in cloud microservices incldue consulting services, integration services, and training, maintenance, and support services. These services offer capabilities, such as smooth implementation, development, and maintenance of ongoing activities to organizations. Providers of cloud microservices assist and support customers, partners, support teams, marketing teams, and employees, with individual development and training programs. The services segment is in high demand across businesses, owing to the large adoption of cloud microservices platform among enterprises.

The hybrid cloud deployment mode is expected to be the fastest growing mode in the market. Many cloud microservices users are preferring the hybrid cloud deployment type, because hybrid cloud is an integrated service that uses both private and public cloud with an orchestration between the 2 cloud services. The hybrid cloud deployment mode offers more control, reduced risk, cost efficiency, and better performance.

By organization size, the SMEs segment is expected to grow at a higher CAGR during the forecast period as SMEs are inclined toward reducing costs and capital investments, and utilizing minimum workforce. As a result, SMEs are faster growing organizations in the market as the cloud-based microservices would help SMEs build, run, and deploy applications at a low cost.

Among the industry verticals, the IT and ITES industry vertical is expected to grow at the highest CAGR during the forecast period. IT and ITES Companies are constantly evolving in terms of technology. Furthermore, the growing competition in the IT and ITES vertical is shifting the focus on delivering enhanced customer experience and satisfaction. These factors have pushed the adoption of cloud microservices-based applications, which could easily handle the increasing demand of end-users.

The Cloud Microservices Market in APAC is expected to witness strong growth in the coming years, as organizations in the region are looking forward to adopting cloud microservices to meet the demands of the dynamic mobile workforce. Also, there is a huge market potential for enterprises in this region. The market potential can be leveraged to create better business opportunities for vendors of cloud microservices.

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