DUBLIN--(BUSINESS WIRE)--The "Cloud Microservices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Cloud Microservices Market was valued at USD 831.45 million in 2020 and is expected to reach USD 2701.36 million by 2026, registering a CAGR of approximately 21.7% over the forecast period (2021 - 2026).
Companies Mentioned
- Amazon Web Services Inc.
- Microsoft Corporation
- IBM Corporation
- Salesforce.com Inc.
- Tata Consultancy Services Limited
- Broadcom Inc. (CA Technologies)
- VMware Inc. (Pivotal Software Inc.)
- Infosys Ltd
- Oracle Corporation
- NGINX Inc.
- Syntel Inc.
- Idexcel Inc.
- RapidValue IT Services Private Limited
Key Market Trends
Manufacturing Sector Expected to Register a Significant Growth
- Due to the advancement in intelligent technology, the demand for microservice cloud is increasing in the manufacturing sector, as the traditional automation pyramid is dissolving. Moreover, manufacturing IT is moving toward service orientation and app-orientation.
- AWS (Amazon Web Services) pay-as-you-go microservices and serverless computing models reduce the cost of running the connected manufacturing plant or smart product programs, with minimum upfront investment and nearly unlimited on-demand capacity.
- "Cloud network manufacturing" provides a new way to business, as manufacturing companies found that they may not survive in the competitive market without the support of Information Technology (IT) and computer-aided capabilities. Microsoft is the dominant core technology supplier to the manufacturing industry, which provides manufacturers a digital twin of their OPC (Open platform communication) UA-enabled machines and significantly enhances security and certification management. Here, customers can control and manage their OPC twins directly from the cloud by using microservices running on Azure.
- ThyssenKrupp, a German multinational conglomerate, drew upon IoT technology to connect its elevators to the microservice cloud. The data collected from an elevator's sensors allows algorithms to process information and predict when maintenance is required before the elevator breaks down. This predictive maintenance is further enhanced by the use of augmented reality, with elevator technicians utilizing Microsoft HoloLens to receive remote, hands-free instructions from experts, while they are in the field.
North America to Account for Largest Market Share
- Due to the increasing adoption of advanced technologies, this region is gaining a high market share. Moreover, there is an increasing demand from North American companies, as they have adopted microservices architecture in financial, e-commerce, and travel services, which help in storing information and data cost-effectively and increasing the agility, efficiency, and scalability.
- As per ITU, digital Transformation technologies and services spend in Canada are set to exceed USD 16 billion sustained by the investment in emerging technologies, such as the cognitive/artificial intelligence (AI) systems, IoT, next-generation security, augmented reality or virtual reality, 3D printing, and robotics, which drives the cloud microservices.
- Walmart Canada refactored its software architecture to microservices. The company, which had not been able to handle the 6 million page views per minute it was getting at the time, realized instant results with a significant increase in its conversion rate overnight. Downtime was minimized, too, and the company was able to replace expensive commodity hardware with cheaper virtual x86 servers, resulting in an overall cost savings between 20 and 50 %. This gives a demand of cloud microservice in this sector.
- In United States, Microservices with IBM Cloud Functions and Cloud Foundry deploy a storefront shopping application that displays a catalog of antique computing devices where customers can make purchases and add review comments, which efficiently increase the growth of market.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Proliferation of the Microservices Architecture
4.3.2 Adoption of Hybrid Cloud Across Various End-user Industries
4.4 Market Restraints
4.4.1 Security and Compliance
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Forces Analysis
5 TECHNOLOGY ROADMAP
6 MARKET SEGMENTATION
6.1 By Deployment Mode
6.2 By Enterprise Size
6.3 By End-user Industry
6.4 Geography
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
8 INVESTMENT ANALYSIS
9 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/mzphyx
