Cloud Microservice Market Soars to US$ 11.3 Billion by 2034 with a Strong 19.1% CAGR | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
Australia's cloud microservice market is set to grow at 22.6% CAGR until 2034. These microservices play a crucial role in advancing telecommunications, enabling virtualized network functions, and fostering scalable communication services.
NEWARK, Del, Jan. 02, 2024 (GLOBE NEWSWIRE) -- The global cloud microservice market is anticipated to reach a valuation of US$ 2.0 billion in 2024, driven by micro frontends. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 19.1% between 2024 and 2034, and reaching a total valuation of approximately US$ 11.3 Billion by 2034.
One of the major factors contributing to the growth of the market is the focus on observability and monitoring. Ensuring the observability of microservices architectures is critical for troubleshooting and optimizing performance. Monitoring tools and practices are evolving to address the challenges of distributed systems.
In certain industries, such as finance and supply chain, there is an interest in integrating microservices with blockchain technology to enhance transparency, security, and traceability. Combining edge computing with artificial intelligence, Edge AI is becoming a significant trend. Microservices play a role in building modular and scalable AI components that can be deployed at the edge for real-time processing.
The customization of microservices for specific industries, such as healthcare, finance, and e-commerce, is creating niche opportunities. Tailoring microservices to industry-specific needs enhances adoption in various sectors. The compatibility of microservices with different cloud providers is crucial, as organizations seek to avoid vendor lock-in. Solutions that facilitate easy migration and operation across multiple cloud platforms are gaining attention.
Continuous improvement in security measures for microservices, including the use of service meshes, secure API gateways, and zero-trust architectures, is essential to address the evolving threat landscape. Organizations expanding globally are leveraging microservices to build scalable and adaptable applications that can cater to diverse markets with varying requirements.
Key Takeaways from the Cloud Microservice Market Report:
The global cloud microservice market was valued at US$ 1.7 billion by 2023-end.
From 2019 to 2023, the market demand expanded at a CAGR of 16.9%.
The market in Australia is expected to expand at a CAGR of 22.6% through 2034.
By enterprise size, the large enterprises segment to account for a share of 68.0% in 2024.
From 2024 to 2034, the cloud microservice market is expected to flourish at a CAGR of 19.1%.
By 2034, the market value of cloud microservice is expected to reach US$ 11.3 billion.
"The Cloud Microservice Market continues to exhibit robust growth, driven by the escalating demand for scalable and agile solutions across diverse industries, our comprehensive market research study underscores the pivotal role of cloud microservices in fostering innovation, enhancing flexibility, and optimizing resource utilization. As organizations increasingly prioritize digital transformation, the cloud microservice market remains a focal point for driving operational efficiency and delivering seamless, customer-centric experiences." - says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
Scope of Report:
Attribute
Details
Estimated Market Size in 2024
US$ 2.0 billion
Projected Market Valuation in 2034
US$ 11.3 billion
Value-based CAGR 2024 to 2034
19.1%
Forecast Period
2024 to 2034
Historical Data Available for
2019 to 2023
Market Analysis
Value in US$ billion
Key Regions Covered
North America Latin America Western Europe Eastern Europe South Asia and Pacific East Asia The Middle East & Africa
Key Market Segments Covered
Component Content Enterprise Size End User Region
Key Countries Profiled
The United States Canada Brazil Mexico Germany France France Spain Italy Russia Poland Czech Republic Romania India Bangladesh Australia New Zealand China Japan South Korea GCC countries South Africa Israel
Key Companies Profiled
Amazon Web Services, Inc.
Atos SE
Broadcom
dexcel Inc.
Infosys Limited
IBM Corporation
Oracle
Salesforce, Inc.
Tata Consultancy Services Limited
Recent Developments:
In 2022, Weaveworks unveiled the availability of GitOps 2022.03, aiming to automate the delivery of reliable applications and enhance security operations. The solution is designed to simplify the deployment and administration of Kubernetes clusters and applications on a large scale, particularly catering to the needs of enterprises.
In 2020, Amazon Web Services, Inc. introduced AWS Proton, marking the inception of the first entirely managed deployment service tailored for container and serverless applications. Proton empowers platform teams to seamlessly integrate and synchronize various tools essential for infrastructure provisioning, code deployments, monitoring, and updates.
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
