Serverless architecture market is estimated to reach USD 16.4 Billion in 2024 at a CAGR of 27.7%

The global serverless architecture market is estimated to reach USD 16.4 Billion in 2024 at a CAGR of 27.7%. Rising demand for cloud technology, advancing fault tolerance technology, increasing performance for financial services expected to drive the in this market. However, error detection issues act as a restrain to the market during the forecast period. Increasing demand for software architecture and highly adoption for micro-services is identified as an opportunity in this market.

Serverless Architecture is a software which use to run code and build application without provisioning or managing services. It is also called as service computing or FaaS (Function as a Service). It is use for faster innovation, easy operation, and to reduce operational cost. Some key players of the market IBM Corporation, Amazon Web Services, Inc., Microsoft Corporation, Oracle Corporation, Alibaba Group Holding Limited, RACKSPACE US, INC., TIBCO Software Inc., NTT DATA, Inc., and Syncano. among other.

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Serverless Architecture Market: Report Segmentation

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Serverless Architecture Market, by Solution

·         Functions as a Service (FaaS)

·         Serverless Databases and Storage

·         Event Streaming and Messaging

·         Application Program Interface (API) Gateways

 Serverless Architecture Market, by Technology

·         Cloud

·         On-Premises

Serverless Architecture Market, by Application

·         Serverless and Microservices

·         Application Program Interface (API) Backends

·         Data Processing

·         Portable Document Format (PDF) processing

·         Applying Machine Learning (MI) Toolkits

·         Massively Parallel Compute Operations

·         Monte Carlo Simulations

·         Web Scraping

·         Stream Processing Workloads

·         IoT Sensor Data

·         Log Data

Serverless Architecture Market, by End Use Industry

·         Manufacturing

·         Telecommunications

·         Healthcare

·         Banking, Financial Services, and Insurance (BFSI)

·         Telecommunication

·         Others

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Serverless Architecture Market by, Region

·         Asia-Pacific (China, Japan, South Korea, India, Taiwan, Rest of Asia-Pacific)

·         North America (US, Canada, Mexico)

·         Europe (Germany, Russia, France, Italy, UK, Spain, The Netherlands, Rest of Europe)

·         Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East & Africa)

·         South America (Brazil, Argentina, Rest of South America)

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