Market Research Future (MRFR) has revealed in its recently published report that the global microservices architecture market is projected to reach a valuation of USD 33 Bn by the end of 2023. The microservices architecture market is estimated to register a CAGR of 17% during the forecast period 2017 to 2023. The application of the technology across different industry verticals such as BFSI, retail, healthcare, IT & telecommunication, etc. is expected to drive the demand for microservices architecture over the next couple of years.
Cloud-based services offer availability, scalability and cost efficiency. The adoption of a cloud-based solution such as software as a service (SaaS) and platform as a service (PaaS) has been favoring the acceleration of revenue creation for market players for years. The trend is poised to perpetuate over the next few years. Furthermore, the penetration of connected devices such as the smartphones, drones, wearable devices, tablets, laptops, etc. have paved the way for growth opportunities of the microservices architecture market, which is likely to complement market expansion during the assessment period. Other factors responsible for catalyzing market proliferation include an accessible platform for new developers, improvement in fault isolation system, eradication of long-term commitment on a single technology, etc.
The microservices architecture is referred to as a pattern that is getting a lot of attention in the present days, and it is trending. All over the internet, one can check a big spike of interest over this term, as the trend keeps on increasing as the years are passing.
There prevail some strong points which favor the hype of microservices architecture. Several renowned companies such as Netflix, Amazon, and others have mentioned the way they scaled and eased the continuous delivery of their services using a microservices architecture.
What is it—Microservices Architecture
Microservices architecture is defined as a method used for the development of applications in which the extensive application is bifurcated into small modular services. In this, each module tends to help a particular business goal and uses simple language with a well-defined interface to interact with other services.
In recent times, microservices architecture is progressively adopted by big organizations, across the globe, as an integral mechanism for developing applications. In simpler words, microservices architectural style defines a setup, where application components are separate from the applications of their own. These independent application components tend to communicate with each other using RMI (Remote Method Invocation), Restful Web Services, or Push Messaging.
There are several characteristics of microservices architecture based application that are as follows:
- Service enabled and independently running components.
- Independently running components classify business capabilities.
- Smart components use simple communication channels such as simple RESTish protocol or lightweight messaging queue.
- Each independent component can use its exclusive standard for progress and deployment.
- Includes automated infrastructure management.
Microservices Architecture Market is expected to reach approximately USD 33 Billion by 2023, Global …
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