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The SNS Insider report indicates that the Serverless Architecture Market Size was valued at USD 9.8 Billion in 2023 and is expected to reach USD 50.3 Billion by 2031, growing at a CAGR of 22.6% over the forecast period 2024-2031.
Growing Demand and Market Report Scope:
Serverless architecture is experiencing rapid growth due to its numerous benefits. Developers appreciate the faster setup, simplified operational management, and elimination of system administration tasks. Additionally, cloud-based technologies and third-party server management vendors are fueling the market. Organizations can eliminate expensive and time-consuming traditional approaches like hardware purchase, installation, configuration, and troubleshooting by adopting serverless architecture. This shift in responsibility for managing servers, databases, and application logic results in lower setup and maintenance costs. Continuous advancements in computing technology, the proliferation of AI, machine learning, and IoT, further contribute to market growth. Companies face pressure to release new products quickly and meet rising consumer expectations, making serverless architecture an attractive solution.
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Major The Key Players of Serverless Architecture Market
Alibaba Group, Amazon Web Services, Google LLC, IBM Corporation, Microsoft Corporation, Oracle Corporation, Platform9 Systems, Inc., Rackspace Inc., Tibco Software, and Twilio
Segmentation Analysis
- By Deployment Model
Public cloud dominates due to scalability, reliability, and cost-efficiency offered by platforms like AWS Lambda, Microsoft Azure Functions, and Google Cloud Functions. These platforms provide ready-to-use serverless services, enabling businesses to focus on application development.
- By End User
BFSI dominates due to the industry’s need for scalable, secure, and cost-effective solutions for complex financial transactions, data processing, risk analysis, and compliance. Serverless architecture offers benefits like on-demand scalability, reduced infrastructure management overheads, and increased agility.
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Key Market Segments
By Deployment
- Public Cloud
- Private Cloud
By Application
- Real-time File
- Stream Processing
- Web Application Development
- IoT Backend
- Others
By Enterprise Size
- Large Enterprise
- Small and Medium Size Enterprise
By Industry Vertical
- IT
- Telecom
- Healthcare
- Utilities
- BFSI
- Others
Impact of Russia-Ukraine War
The war has increased energy prices and disrupted supply chains, impacting the serverless architecture market. This has led to increased expenses for companies, making serverless adoption more expensive and resulting in reduced usage. Additionally, the suspension of new sales in Russia by AWS has negatively affected the market’s growth in the short term.
The ongoing recession is expected to impact the serverless architecture market in several ways
Shift to more cost-effective solutions, like Google Cloud Platform’s new serverless offering, Cloud Run, which could drive down prices. Increased competition among serverless providers, as seen with Microsoft Azure expanding its support. The retail sector, already facing challenges due to e-commerce, could experience further dampened demand due to the recession, impacting serverless adoption.
Key Regional Development
North America dominates the market due to the presence of major technology hubs and a mature cloud computing infrastructure. Widespread adoption by enterprises across various industries and the availability of leading cloud service providers like AWS, Microsoft Azure, and Google Cloud Platform are driving the market’s growth.
The APAC region is experiencing rapid growth due to its booming economies and digital transformation initiatives across various sectors. The presence of major cloud service providers like Alibaba Cloud, Tencent Cloud, and AWS expanding their data centers and service offerings in the region, coupled with a large pool of skilled developers and a vibrant startup ecosystem, further contribute to the growth of serverless adoption in APAC.
Future Growth of the Market
The serverless architecture market is expected to continue its upward trajectory, driven by increasing cloud adoption, rising demand for agility and scalability, and advancements in serverless technologies.
Recent Developments:
In August 2023: Neon, a Postgres cloud company, raised $46 million in Series B funding.
In May 2023: Google Cloud launched the Cloud Run Button, enabling one-click serverless application deployment.
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Key Takeaways for the Serverless Architecture Market Study:
- Increased operational agility and reduced costs are driving the market growth.
- Public cloud and BFSI sectors dominate the market segments.
- The Russia-Ukraine War and economic slowdown are creating temporary challenges.
- North America and APAC are the key regional markets for serverless adoption.
- By understanding the market dynamics, you can identify opportunities for growth and optimize your serverless strategy.
- This report provides updates on the latest advancements and innovations in serverless technology, ensuring you remain competitive.
- Our team of experienced market analysts has conducted extensive research to deliver accurate and reliable data.
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