Global Cloud Micro services Market is accounted for $587.24 million in 2017 and expected to grow at a CAGR of 19.8% to reach $2989.50 million by 2026. The customer-oriented businesses and proliferation of Micro services architecture are some of the factors fueling the market growth. On the other side, compliance and security are hampering the market growth. The emergence and implementation of technologies like IOT and cloud based applications provide ample opportunities for the market.
Micro services are independent applications that can be united together into a larger system. Developers use micro services both to create new apps, and as a pattern to break apart and refactor legacy monolithic apps. Using an application development platform to manage the health and lifecycle of micro services will improve the efficiency.
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The global cloud micro services market is highly fragmented and the top key players have used various strategies such as new product launches, sales, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of cloud micro services market for global, North America, Asia Pacific, South America and Middle East & Africa.
SOME OF THE KEY PLAYERS IN GLOBAL CLOUD MICROSERVICES MARKET INCLUDE
- CA Technologies
- Pivotal Software
- SmartBear Software
- Software AG
Based on deployment mode, the hybrid cloud is witnessing an increase in its adoption. This deployment type is expected to drive, due to its variety of features and functionalities, such as reliability, speed in accessing information, pay-per-usage model and lower operational costs. The businesses are quickly switching to the hybrid cloud deployment mode due to the security and privacy aspects in the public cloud deployment mode.
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By vertical, banking, financial services and insurance growth in cloud Microservices is attributed to the increasing financial services, IT automation, and reforms in economy & banking services globally. The cloud Microservices architecture helps banking, financial services and insurance organizations by enhancing the application development process, streamlining business operations, and enriching customer experience.
With respect to geography, Asia Pacific region is growing predominantly. The market growth in this region can be projected to the technological developments in different industry verticals, such as education, banking, financial and insurance, government, healthcare, transportation and logistics, and retail etc. At present, the majority of organizations are fairly behind the curve in leveraging cloud Microservices platform, but this is expected to change due to the accessibility 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.
Deployment Modes Covered:
- Private Cloud
- Hybrid Cloud
- Public Cloud
Organization Sizes Covered:
- Small and Medium-Sized Enterprises
- Large Enterprises
- Transportation and Logistics
- Retail and Ecommerce
- Media and Entertainment
- IT and ITes
- Banking, Financial Services, and Insurance
- Other Verticals
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