The increasing modification toward digitization, technological advancement, and the increasing penetration rate of connected devices has accelerated the market growth. The BFSI and retail end-user segments are expected to generate the highest revenue during the forecast period. Microservice Architecture Market Revenue to Reach $32.01 billion by 2023
According to Research, the cloud data center market will experience a significant growth during the forecast period due to an increase in the demand from segments such as BFSI, retail, government, healthcare, and communication. Moreover, with the rising technological advancements in cloud-based services for storing and managing business-related data, the market is expected to propel during the forecast period. With an increase in the need to reduce the time to market of products and services, and the requirement for reducing the operational costs are expected to fuel the market growth during the forecast period. However, the lack of awareness and excessive consumption of memory can act as hindrances for the growth of the market. The Microservice Architecture Market is expected to grow at a CAGR of 16.17% during the forecast period 2017–2023.
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“Currently, the microservice architecture (MSA) market is enabling the end-users to adopt the most innovative technology to decrease fault isolation and cost along with leveraging best services promising greater security and safety of information for various organizations. The market will grow with the increasing number of cloud providers, third-party service providers, data centre providers, and telecom providers, thereby giving an opportunity to expand their business in various regions. The cloud-based deployment model will hold a major market share in the coming 2-3 years due to the increasing penetration of the connected devices and innovations in IoT technologies.”
The BFSI segment holds a dominant position in the market holding 26.56% of the market share in 2017, due to an increase in the customer data and financial information that need to be protected and stored. It is followed by the retail segment with 22.65% in 2017, as they are highly being incorporated in the e-commerce business such as Amazon, Netflix, and others. MSA helps the financial sector by providing ease of extensibility and flexibility of components. It also aids in reducing the risk and the cost by transferring workloads to cost-effective run times and improving the development cycles and swiftness. The market witnesses a high growth opportunity in the retail and communication segments as they are generating an extensive volume of data that needs to be stored and secured.
The major deployment modes used are cloud and on-premises. The wide expansion of cloud services in the recent years has been propelling the various innovative organizations across the globe for the adoption of the MSA.
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The Americas is the leading region for the MSA market followed by APAC and EMEA. The market growth in APAC is expected to witness growth due to the increase in the development of data centers, increase in facilities by telecom providers, and the increasing penetration rate of connected devices and government initiatives. Moreover, the counties covered in report are Canada, the US, China, India, Japan, and Germany. Among these Japan, the US, and China are expected to grow at a high rate during the forecast period (2017-2023) due to an increase in the adoption of MSA in e-commerce, proliferation of connected devices, and growing telecommunication segment.
The report covers the current scenario and the development prospects of the MSA market during the forecast period 2017–2023. The report provides an in-depth analysis and forecast about the industry covering the following key features:
The report is analyzed based on – Deployment type, Service type, end-user, regions and Countries
The report covers the evolution of features, advantages, and its importance
The report covers drivers, restraints, and opportunities (DRO) affecting the market growth during the forecast period (2017–2023)
The report contains an analysis of vendor profiles, which include financial health, business units, key business priorities, SWOT, strategy, and views; and competitive landscape, which includes vendor assessment
The report covers the major deployment types, namely: cloud and on-premises
The report covers an analysis of countries such as China, India, Japan, Germany, the US, and Canada
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Overview:
The microservice architecture (MSA) is defined as the method of developing software applications in which the large monolithic applications are being segmented into independently deployable small modular services. These modular services focus on supporting the precise business goal efficiently and communicate with other services. As these modular services are independent, they help in providing a firm module boundary, and in addition, even allow for different services to be written in different programming language. Thus, it can also be managed by various teams effectively and efficiently. MSA is a digital business asset primarily for various service providers as it keeps the services more competitive, relevant, in demand, and responsive to variations in the market. In addition, MSA also provides an opportunity for enhancing the services being offered for different consumers by supplementing or adding value to an existing service.
With the increasing adoption of the cloud-based software as a service (SaaS) providers in various business platforms, such as enterprize business, has led to the need to integrate multiple application providers and the services to support the enterprise. As the MSA primarily works on smaller services, the increase in the adoption of cloud is one of the major driving factors for the growth of the market.
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