Serverless computing allows organizations to employ software without investing in the underlying infrastructure which is obtained from the developer and the service consumer. Serverless architecture facilitates organizations to concentrate on core business activities. Serverless architecture curtails the cost of technology operations to a large extent. The technique aids an enterprise to obliterate the need to administer infrastructures such as virtual machines, virtual and physical hosts, operating systems, containers, and others. Furthermore, serverless architecture charges the user only for the period of execution of the service which substantially eliminates costs. Serverless architecture is easy to integrate since capacity and scaling management and planning, and other administrative tasks linked with maintenance are supervised efficiently by the service provider.
The surging trend of globalization of cloud computing coupled with Infrastructure as a service (IaaS) are the major drive for the development of the serverless architecture market. The idea of serverless architecture is associated with the model of cloud computing. It is an extension of cloud which follows an event-driven procedure. In the background of the current market dynamics, organizations are under extreme pressure to launch innovative products and features to match the expectations of consumers. The serverless architecture techniques eradicate time-consuming conventional methods which makes more room for focusing on other specifications. Additionally, considering the gamut of potential business benefits serverless architecture has to extend, it has found significance in different industry verticals that further encourages market growth. Installation of serverless architecture can offer wide range of benefits but it also poses a host of challenges. Loss of control over infrastructure and matters related to third-party services are crucial bottlenecks to the market growth. Security and compliance concerns collectively with operational intricacies can be considered as one of the key restraining factors to the development of the market.
The global serverless architecture market forecast is segmented based on organization size, industry vertical, and services. Based on organization size, the market is segmented into small & medium enterprises (SMEs) and large enterprises. Based on services, the market is segmented into API management, monitoring, monitoring, security, automation & integration, analytics, training & consulting, support & maintenance, and others. Based on industry vertical, the market is segmented into manufacturing, BFSI, retail & e-commerce, energy & utilities, telecommunication & IT, government, healthcare, transport & logistics, media & entertainment, and others.
Geographically, the serverless architecture market is segmented into Latin America, North America, Asia Pacific, Europe, and the Middle East & Africa. North America market represents a strong hold on the global demand for serverless architecture. Presence of emerged economies such as Canada and the US along with the cluster of key players in the market drives the demand for serverless architecture in North America. Additionally, factors like rapid adoption of innovative technologies, presence of large number of businesses, and their updated technical knowledge drives the serverless architecture demand for the North America market. In Europe market, IT budgets are expected to remain restricted following the aftershock of the UK's Brexit. However, the growing outlay in technology is likely to affect the Europe market growth positively. The Asia Pacific market growth is boosted by the presence of SMEs who are gradually adopting serverless architecture. Other factors driving the serverless architecture market include the upgrading economy and surging expenditure on the progress of IT infrastructure. The Middle East & Africa and Latin America market are estimated to witness considerable growth in the future.
Global serverless architecture market is dominated by key players such as TIBCO Software Inc., Rackspace Inc., Amazon Web Services Inc., Dell Boomi Inc., Alibaba Cloud, CA Technologies, Google LLC, Joyent Inc., Oracle Corporation, Manjrasoft Pty Ltd., Twistlock, Microsoft Corporation, Platform9 Systems Inc., IBM Corporation, and Fiorano Software Inc.