PUBLISHER: Allied Market Research | PRODUCT CODE: 1298432
PUBLISHER: Allied Market Research | PRODUCT CODE: 1298432
The global cloud microservices platform market is anticipated to reach $6,370.7 million by 2031, growing from $952.6 million in 2021 at a CAGR of 21.2 % from 2022 to 2031.
A cloud microservices platform is a software architecture approach for building and deploying complex applications as a collection of small, independent, and loosely coupled services, which are designed to work together to form a complete application. Each microservice is developed, deployed, and scaled independently, and communicates with other microservices using well-defined APIs and protocols.
Microservices architecture allows companies to break down their applications into smaller, modular components that can be developed, deployed, and updated independently. This approach enables organizations to quickly adapt to changing customer needs and preferences, as well as to respond rapidly to feedback. By using microservices architecture, companies can create customer-centric software components that are specifically designed to meet the needs of their target audience. These components can be easily updated and scaled as needed, which allows companies to quickly respond to changes in customer demands and preferences. This, in turn, can help organizations to deliver a better overall customer experience, which is increasingly becoming a key competitive differentiator in several industries.
The integration challenges faced by cloud microservices platforms can indeed be a significant restraint for the market expansion The higher cost of the initial deployment of microservices architecture is also a major factor limiting the market development. There is a lack of skilled technical exert to implement cloud microservices across the world. These are the major factors limiting the market demand for cloud microservices platforms during the forecast period.
The cloud microservices platform market presents significant opportunities for businesses that wish to leverage the benefits of cloud computing and microservices architecture. The market is expected to grow rapidly in the upcoming years, driven by the increase in adoption of cloud-based solutions and the need for scalable, flexible, and agile software development and deployment. The primary advantages of cloud microservices platforms is that they allow businesses to break down their monolithic applications into smaller, more manageable components. This makes it easier to develop, test, and deploy software, as well as to make updates and changes to individual components without affecting the entire system. In addition, microservices architecture provides greater flexibility and resilience, enabling businesses to respond more quickly to changing market conditions and customer needs.
The COVID-19 pandemic had a significant impact on many industries, including the cloud microservices platform market. The pandemic led to an increase in demand for digital transformation and cloud computing solutions, as many companies had to shift to remote work and adopt new technologies to maintain their operations. The pandemic disrupted supply chains and caused delays in hardware deliveries, which led to an increase in demand for cloud-based solutions. Therefore, many companies have turned to cloud microservices platforms to ensure that their operations can continue uninterrupted, even with employees working remotely. The pandemic has also had a negative impact on the global economy, which resulted in budget reductions and reduced spending on IT infrastructure. This led to a slowdown in the adoption of cloud microservices platforms, as companies prioritize cost-cutting measures over technology investments.
The key players profiled in this report include: Salesforce.com, Infosys Limited, Cisco Systems, TATA Consultancy Services Limited, Amazon Web Services Inc., IBM CORPORATION, Oracle Corporation, SAP SE, Microsoft Corporation, and F5 Networks, Inc.