According to the report, the global serverless architecture market generated $3.01 billion in 2017, and is estimated to reach $21.99 Billion by 2025, growing at a CAGR of 27.8% from 2018 to 2025.
Allied Market Research published a report, titled, "Serverless Architecture Market by Deployment Model (Public Cloud and Private Cloud), Application (Real-time File/Stream Processing, Web Application Development, IoT Backend, and Others), Organization Size (Large Enterprises and SMEs), and Industry Vertical (BFSI, IT & Telecom, Healthcare, Manufacturing, Media & Entertainment, Public Sector, Retail & E-Commerce, and Others): Global Opportunity Analysis and Industry Forecast, 2018–2025."
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COVID 19 Impacts:
➢ The serverless architecture market is expected to grow during the Covid-19 pandemic outbreak.
➢ The operational activities related to the IT industry have been have been carried out by work from home structure to control the transmission of coronavirus.
➢ The adoption of serverless architecture in its application sectors such as BFSI, IT & telecom, media & entertainment, and e-commerce is carried out normally.
➢ The demand for serverless architecture in some of its application areas which includes healthcare, manufacturing, public sector, and retail has been decreased due to the operational restrictions during the global lockdown.
Asia-Pacific to grow at the fastest CAGR
Asia-Pacific would grow at the fastest CAGR of 31.0% from 2018 to 2025, owing to factors such as on-going IT modernization in well-established telecommunication industries and increase in adoption of IoT-based devices which are expected to provide remunerative opportunities for market. However, North America contributed to nearly half of the total share in 2017 and is estimated to maintain its dominance during the forecast period. This is due to growth of the app development market, well-established cloud industry, and significant adoption of serverless architecture for media processing and IoT applications.
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Web Application Development segment to maintain its dominance throughout the forecast period
Based on applications, the web application development segment held nearly half of the total market share in 2017, and will maintain its dominance throughout the forecast period. This is due to serverless computing that allows developing and running of an application without the servers. This reduces the complex procedures such as planning capacity of the application, installation of hardware, procurement, and software. However, the IoT backend segment is estimated to register the highest growth rate with a CAGR of 31.7% from 2018 to 2025, owing to growing IoT industry and increasing number of data sets associated with these connected devices.
Public Cloud segment to maintain its leadership status by 2025
The public cloud segment accounted for nearly three-fourths of the total market share in 2017, and is expected to maintain its dominance by 2025. The major factors that drive the growth of this segment include its high availability, cost-efficiency and capabilities to improve the functionality as well as overall development process. However, the private cloud segment is estimated to project the fastest CAGR of 30.0% from 2018 to 2025, owing to its less vendor-locking problems and enhanced security.
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Leading Market Players
➢ Tibco Software
➢ Alibaba Group
➢ Platform9 Systems, Inc.
➢ IBM Corporation
➢ Twilio, Rackspace Inc.
➢ Google LLC
➢ Oracle Corporation
➢ Amazon Web Services
➢ Microsoft Corporation
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