Serverless Architecture Market size is projected to surpass USD 90 billion by 2032, according to a new research report 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 serverless architecture industry 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. Furthermore, increasing adoption of cloud platforms to manage operational tasks involving the distribution of resources will positively affect business trends.
Surging incidences of cybersecurity breaches to enhance preference for serverless architecture security
Serverless architecture market from the security service segment is anticipated to witness over 26% CAGR between 2023 and 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.
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Rising need for high scalability to impact deployment of serverless architecture on public cloud
Public cloud deployment model held approximately 60% of the serverless architecture market 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.
Remote computing needs across SMEs to fuel serverless architecture installation
The serverless architecture market from SMEs sector is poised to expand at nearly 27% growth from 2023 to 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.
Browse key industry insights spread across 200 pages with 274 market data tables and 39 figures & charts from the report, “Serverless Architecture Market Size By Service (API Management, Automation & Orchestration, Monitoring, Security, Support & Maintenance, Training & Consulting), By Deployment Model (Public, Private, Hybrid), By Organization Size (Large Enterprises, SMEs), By Application (IT & Telecom, BFSI, Retail, Healthcare, Government, Manufacturing, Media & Entertainment, Others), COVID-19 Impact Analysis, Growth Potential, Regional Outlook, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
Emerging trends in automated manufacturing to push demand for serverless architecture
The manufacturing application segment is slated to exhibit around 28% gains through 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.
Solid footprint of tech giants to augment North America market
North America dominated 42% of the serverless architecture market 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.
Influx of new deals to restrain business development
IBM Corporation, Dynatrace Inc., Elastic, Broadcom SA, Oracle, and Alphabet Inc. are some of the leading companies in the global serverless architecture market. These participants are implementing strategic collaborations and deals to achieve competitive advantages.