According to the report published by Allied Market Research, the global serverless architecture market size was estimated at $3.01 billion in 2017 and is expected to hit $21.99 billion by 2025, registering a CAGR of 27.8% from 2018 to 2025.
An increase in the number of smartphones, a rise in BYOD adoption, the surge in the number of applications, the inclination of people toward shifting from DevOps to serverless computing, and the mounting need for remote server management challenges fuel the growth of the global serverless architecture market.
On the other hand, issues associated with third-party APIs hamper the market growth to some extent. However, the emergence of serverless architecture applications in the IoT landscape is expected to create an array of opportunities in the industry.
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The effects of COVID-19 are having a considerable impact on the technology sector, acting on raw materials supply, disturbing the electronics value chain, and triggering an escalatory risk on products. However, this interference and obstruction has instigated a stimulation for remote working, and a rapid focus on assessing the end-to-end value chain.
Based on the deployment model, the public cloud segment contributed to nearly three-fourths of the total market revenue in 2017, and is anticipated to rule the roost by the end of 2025. On the other hand, the private cloud segment is projected to manifest the fastest CAGR of 30.0% throughout the forecast period.
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By application, the web application development segment accounted for nearly half of the global market share in 2017 and is expected to dominate during the study period. At the same time, the IoT backend segment would portray the CAGR of 31.7% till 2025.
By geography, North America held the lion’s share in 2017 and is anticipated to lead the trail from 2018 to 2025. Simultaneously, Asia-Pacific would showcase at the fastest CAGR of 31.0%. The report also analyzes the market across Europe and LAMEA.
The key market players analyzed in the global serverless architecture market report include Amazon Web Services, Twilio, Oracle Corporation,Google LLC, Tibco Software, IBM Corporation, Alibaba Group, Microsoft Corporation, Platform9 Systems, Inc., and Rackspace Inc.
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These market players have taken recourse to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their stand in the industry.
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