Serverless Architecture Market: Rapidly Evolving Industry…… COVID-19….


The global serverless architecture market size is expected to reach USD 19.84 billionby 2025 at a 26.0% CAGR during the forecast period, according to a new study by Grand View Research, Inc. Growing demand for economizing operations and increasing profitability has been driving the market. Emergence of cloud technology, coupled with advancements in serverless computing, has further strengthened the market. As the business model of serverless operations is execution based, enterprises can eliminate the cost of provisioning and maintaining the server round the clock. Charges are billed on number of executions, which in turn, reduces cost.
Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.
Application development processes are a major beneficiary of a serverless architecture. DevOps and agile development culture within an organization are driving enterprises to change the way they develop business applications fundamentally. Monolithic applications are paving the way for application programming interface (API), micro-services, and function-based execution units, resulting in a paradigm shift of organizational mindset. These trends have changed the way enterprises approach IT infrastructure. In such an environment, serverless architecture enables organizations to streamline their operations, hire optimal resources, and allow developers to focus on core product development.
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Cloud service providers (CSP) manage serverless architecture, enabling the platform to provide automatic scaling, enterprise-level global security, and promote continuous building, integration, and development efforts. Such factors positively impact an enterprise’s time-to-market, market share, and sustainability.
From a business perspective, serverless architecture eliminates the cost of hiring back-end infrastructure engineers, provides process agility, and reduces overall operational cost by a significant amount. From a developer perspective, it offers reduced liability and zero system administration as well as fosters adoption of microservices and nano-services.
Further key findings from the study suggest that:
·         By service, the monitoring segment is anticipated to register the highest CAGR of 28.8% over the forecast period. The automation & integration service segment, on the other hand, holds the dominant share and was valued at USD 830.6million in 2017
·         Based on organization, the large enterprises segment is expected to retain its dominance in the market, valuing an estimated USD 13.80 billion by 2025. The SME segment is anticipated to register the highest CAGR of 28.6% over the forecast period
·         By way of vertical, media & entertainment is expected to register the highest CAGR of 30.3% over the forecast period
·         North America was valued at USD 1.32 billion in 2017 and is expected to hold a dominant revenue share in the market by 2025. Asia Pacific is anticipated to witness the highest CAGR of 29.7% over the forecast period
·         Key players in the market include Amazon Web Services Inc.; Google LLC; Microsoft Corporation; and Oracle Corporation.
However, there are several risks involved in deploying serverless architecture. As CSPs control the underlying infrastructure, users cannot customize/optimize the infrastructure to suit specific needs of an enterprise and developer. Moreover, as the organization has no control over the infrastructure, adding multiple customers on the same platform may raise security concerns. Furthermore, as a consumer, there is no authorization to do penetration tests and vulnerability scanning on infrastructure underlying the serverless offerings. Thus, increasing need for compliance concerns adopters and thereby acts as a restraint to market growth.
The global serverless architecture market size was valued at USD 3.14 billion in 2017. It is anticipated to register a CAGR of 26.0% over the forecast period. Rising awareness regarding benefits of serverless architecture such as increased process agility and reduced operational cost is one of the primary growth stimulants for the market. Moreover, from a developer perspective, benefits such as faster set up, easier operational management, and zero system administration are boosting their applications. Furthermore, emergence of cloud-based technologies along with third-party vendors to manage server component is likely to stoke the growth of the market.
With the adoption of serverless architecture, organizations can effectively eliminate expensive traditional and time-consuming approaches such as purchasing new hardware component, installing, configuring, and troubleshooting. It shifts the responsibility of managing servers, databases, and application logic, which reduces set-up and maintenance costs. Advancements in computing technology are enabling organizations to incorporate serverless environment, thereby augmenting the market.
Browse Press Release of this report:
https://www.grandviewresearch.com/press-release/global-serverless-architecture-market
Grand View Research has segmented the global serverless architecture market on the basis of service, organization, vertical:
Serverless Architecture Services Outlook (Revenue, USD Million, 2015 - 2025)
·         Automation and Integration
·         API Management
·         Monitoring
·         Security
·         Support and Maintenance
·         Training and Consulting
·         Others
Serverless Architecture Organization Outlook (Revenue, USD Million, 2015 - 2025)
·         Large Enterprise
·         SME
Serverless Architecture Vertical Outlook (Revenue, USD Million, 2015 - 2025)
·         BFSI
·         Government & Public
·         Healthcare & Life Sciences
·         Manufacturing
·         Media & Entertainment
·         Retail & E-commerce
·         Telecom & IT
·         Others
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.


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