The new report by Expert Market Research titled, ‘Global Serverless Computing Market Share, Growth, Analysis, Report and Forecast 2023-2028’, gives a thorough analysis of the global serverless computing market. In the report, the market is examined based on its segments like service, type, end user and major regions.
Serverless Computing Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 22.2%
The serverless computing industry is driven by the rising demand for cost-effective computing. The growing efforts of various organisations to reduce capital expenditures on IT infrastructure is driving the adoption of serverless computing. As businesses strive to improve user experiences, they are deploying serverless computing for increased scalability and reliability, propelling market growth.
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Furthermore, the high security and low maintenance facilitated by serverless computing are increasing its use, driving market growth. The high security facilitated by serverless computing is increasing its adoption, providing positive impetus to the overall industry growth. Organisations are also leveraging serverless computing to reduce the standard release time of web and mobile applications as a result of increasing competitiveness, which is driving market growth.
Serverless Computing Industry Definition and Major Segments
Serverless computing is a cloud computing execution method that provides backend services on a pay-as-you-go basis. It increases an organisation’s cost-effectiveness while improving reliability and scalability, providing a faster time-to-market, and lowering operational expenses. Serverless computing is used in a variety of industries, including manufacturing, information technology, and banking.
On the basis of service, the industry can be segmented into:
• Professional
• Managed
On the basis of its type, the industry can be bifurcated into:
• Hybrid Cloud
• Multi-Cloud
On the basis of its end user, the industry can be divided into:
• IT and Telecommunication
• BFSI
• Retail
• Government
• Industrial
• Others
The regional markets include:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
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Serverless Computing Market Trends
More organisations are deploying serverless computing to eliminate the use of IT hardware and increase energy efficiency as they become more concerned with sustainability. Serverless computing assists organisations in meeting their environmental, social, and governance (ESG) goals by lowering their overall carbon footprint, thereby boosting market growth. Serverless computing’s compatibility with various programme execution methods is also hastening its adoption. The development of a unified platform of serverless computing for edge and cloud platforms is expected to boost market growth during the forecast period.
With advancements in technology, consumers are demanding more innovative and advanced solutions. The deployment of serverless computing for use in microservices is accelerating, allowing organisations to go-to-market quickly, while also boosting consumer experimentation, an aspect expected to boost market growth. The growing demand for innovative features and services in existing applications is expected to propel the serverless computing industry forward. Furthermore, the increasing accessibility of serverless computing is expected to drive market growth in the coming years.
Key Market Players
The major players in the global serverless computing market report are:
- Amazon Web Services Inc.
- Microsoft Corp.
- Google LLC
- Alibaba Group Holding Limited
- SAP SE
- IBM Corp.
- Oracle Corp.
- Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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