Cloud Microservices Market by Component (Platform and Services), Deployment Mode (Public Cloud, Private Cloud, and Hybrid Cloud), Organization Size (Large Enterprises and SMEs), Vertical, and Region - Global Forecast to 2023
“The digital transformation is driving the global cloud microservices market.”
The global cloud microservices market size is expected to grow from USD 683.2 million in 2018 to USD 1880.0 million by 2023, at a Compound Annual Growth Rate (CAGR) of 22.4% during the forecast period. Digital transformation, proliferation of microservices architecture, and customer-oriented businesses are some of the factors expected to drive the global cloud microservices market. However, security and compliance may restrain the growth of the market.
“Banking, Financial Services, and Insurance (BFSI) industry vertical is expected to hold the largest market size during the forecast period.”
Among the industry verticals, the BFSI vertical is expected to hold the largest market size in the global cloud microservices market during forecast period. The growth in the cloud microservices market, especially in the BFSI vertical, can be attributed to the increasing financial services, IT automation, and reforms in economy and banking services worldwide. The cloud microservices architecture helps BFSI organizations in improving the application development process, streamlining business operations, and enhancing customer experience.
“Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period.”
Among the major regions in the market, APAC is expected to grow at the highest growth rate during the forecast period. Technological advancements in various industry verticals, namely, BFSI, government, education, healthcare, transportation and logistics, and retail are expected to drive the market growth in APAC. Currently, most organizations are fairly behind the curve in leveraging cloud microservices platform, but this is expected to change due to the availability of low-cost, cloud-based microservices. China, India, Japan, South Korea, and Australia are some of the APAC countries expected to constitute a major portion of the global cloud microservices market.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the cloud microservices market.
The breakup of the profiles of primary participants is given below:
By Company: Tier 1 - 22%, Tier 2 - 44%, and Tier 3 - 34%
By Designation: C-Level - 45%, Director Level - 51%, and Others - 4%
By Region: North America - 42%, Europe - 25%, APAC - 27%, and Rest of the World (RoW) - 6%
The key cloud microservices vendors profiled in the report are as follows:
CA Technologies (US)
Macaw Software (US)
Pivotal Software (US)
RapidValue Solutions (US)
SmartBear Software (US)
Software AG (Germany)
The cloud microservices market has been segmented on the basis of component (platform and services), deployment mode, organization size, vertical, and region. A detailed analysis of the key industry players has been done to provide insights into their business overview; services; key strategies; new service launches; partnerships, agreements, and collaborations; expansions; and competitive landscape associated with the global cloud microservices market.
Reasons to Buy the Report
The report will help market leaders/new entrants in the following ways:
The report segments the cloud microservices market comprehensively and provides the closest approximations to the revenue numbers for the overall market and subsegments across regions.
The report is expected to help stakeholders understand the pulse of the market, and provides information on the key market drivers, restraints, challenges, and opportunities.
The report helps stakeholders understand their competitors better and gain more insights to enhance their position in the market. The competitive landscape section includes competitor ecosystem, new services developments, partnerships, and acquisitions.
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