Cloud Microservices Market Forecast to Grow at 22.6% CAGR from 2024 to 2031 | SkyQuest Technology

Skyquest Technology

Cloud Microservices Market size was valued at USD 1.3 billion in 2022 and is poised to grow from USD 1.59 billion in 2023 to USD 8.14 billion by 2031, growing at a CAGR of 22.6% in the forecast period (2024-2031).

The global Cloud Microservices market is growing and changing rapidly as cloud computing gains popularity and there is a rising demand for flexible and scalable software applications. Cloud microservices offer a modular and distributed approach to application development, enabling businesses to create and deploy applications more efficiently. This market is characterized by a growing emphasis on DevOps procedures, containerization technologies, and a goal for shorter time-to-market. Furthermore, the increasing popularity of cloud-native architectures, as well as the migration of legacy systems to the cloud, are fueling demand for cloud microservices.

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Top Player’s Company Profiles

• Amazon Web Services (AWS) – United States
• Microsoft Corporation – United States
• Google LLC – United States
• IBM Corporation – United States
• Oracle Corporation – United States
• Salesforce.com, Inc. – United States
• Pivotal Software, Inc. – United States
• Red Hat, Inc. – United States
• VMware, Inc. – United States
• SAP SE – Germany
• ServiceNow, Inc. – United States
• Dell Technologies, Inc. – United States
• Cisco Systems, Inc. – United States
• Alibaba Cloud – China
• Tencent Cloud – China
• Huawei Technologies Co., Ltd. – China
• Fujitsu Ltd. – Japan
• NEC Corporation – Japan
• Infosys Limited – India
• Wipro Limited – India

Accelerating Digital Transformation: Role of Microservices in Cloud-Based Development

The growth of the market in the global scenario is the rapid, cross-industry propagation of micro-services architecture. Microservices are small, independently deployable, and self-contained services that could be developed, deployed, and scaled independently to offer better flexibility and agility in software development. This trend has arisen due to the need of the business to rapidly deliver software products and react to market demand changes, improving scalability and resilience. The microservices architecture will enable an organization to decompose monolithic applications into manageable, smaller components with fast development cycles and easier maintenance, thus enabling access to resources in the cloud. The global Cloud Microservices market is seeing an increase in demand as businesses recognize the benefits of this architectural approach for enabling faster innovation and digital transformation.

Competitive Forces at Play: R&D and Strategic Partnerships in Cloud Microservices Sector

The global Cloud Microservices market is characterized by a combination of established and emerging businesses. Most of the businesses are involved in R&D activities to enhance Cloud Microservices in terms of performance and efficiency. Besides this, strategic alliances, partnerships, and acquisitions are some of the very common strategies adopted by businesses to increase market share. The competitive landscape is based on technological changes, government regulations, and capabilities to offer cost-effective and long-term solutions.

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Segments covered

Component

Platform and Services (Consulting Services, Integration Services and Training, Support, & Maintenance Services)

Organization Size

SMEs and Large Enterprises

Deployment Mode

Public Cloud, Private Cloud and Hybrid Cloud

Application

Retail and Ecommerce, Healthcare, Media & Entertainment, BFSI, IT & ITes, Government, Transportation & Logistics, Manufacturing, Telecommunication and Others

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Major Technological Developments by Key Players

• June 2024: Infogain and Gradial formed a strategic alliance to change Fortune 2000 organizations’ marketing content operations. Through this collaboration, Infogain’s creative strategy and transformation knowledge will come together with Gradial’s airport automation to help large enterprises with numerous digital channels in consolidating their marketing content operations through one automated source.
• March 2024: NVIDIA will make hundreds of its enterprise-grade generative AI micro-services available for businesses to use in developing and deploying unique apps while retaining the ownership and control of the intellectual property on their respective platforms.
• March 2024: Google Cloud and NVIDIA announced a partnership to improve the ease of building, scaling, and managing generative AI systems.

Key to Scalable, Maintainable, and Agile Cloud Solutions

The globalcloud microservices market is growing rapidly due to the increasing adoption of microservice architecture by firms to build systems that can scale and be flexible in nature. Cloud microservices help in the development and deployment of complex systems as a loosely coupled set of services, which makes it easier to maintain, scale, and bring them to market rapidly. The key businesses offer cloud microservices platforms and solutions for the development, deployment, and management of applications based on microservices. This market is further bound to exhibit growth, as more and more enterprises are rapidly embracing cloud-native approaches for effective enhancement of capabilities connected with the development and delivery of software.

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