The invigorating business environment across the globe has given rise to frequent advancements in technologies as well as the use of connected devices, IT systems, and digital solutions. The surge in technological innovations has led to an increase in digital transformation.
The global Covid-19 Impact on Cloud microservices Market value in 2017 was $584.4 million and can touch a valuation of $2,146.7 million by 2023, affirms Market Research Future (MRFR). The market shows positive signs of achieving a CAGR of 25.0% during the forecast period (2018-2023).
Primary Drivers and Key Barriers
Organizations all over the world are implementing the latest applications across verticals to retain customers using innovative methods.
Furthermore, to cater to organizational needs, new applications are being deployed for an agile environment, which leads to rapid development and high-security performance as well as cost-effectiveness.
The microservices architecture helps in building and deploying a variety of applications and also offers greater flexibility compared to the monolithic architecture. It offers a variety of benefits, such as scalability, lower operational cost and faster Time to Market (TTM).
Cloud microservices are assisting businesses in simplifying the software development process. As a result, businesses are using the cloud microservices approach that helps them develop advanced business applications.
The global Covid-19 Impact on Cloud microservices Market has been segmented with respect to segments like component, organization size, deployment, and verticals.
The market, based on the component, consists of platform, and services. Services types covered in the report are integration services, maintenance & support services, and consulting services.
Depending on the organization size, the market includes small and medium-sized enterprises and large enterprises.
Deployment-based segments in the market are public cloud, private cloud, and hybrid cloud. Several cloud microservices users opt for hybrid cloud deployment type since the hybrid cloud is an integrated service that makes use of both private and public clouds. The hybrid cloud deployment mode offers reduced risk, more control, better performance, and cost-efficiency.
Given the vertical segment, the market includes healthcare, retail and e-commerce, BFSI, media & entertainment, government, IT & telecommunication, manufacturing and transportation, and logistics, among others.
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IBM Corporation (US), Microsoft Corporation (US), Salesforce.com Inc (US), Infosys Limited (India), Oracle Corporation (US), CA Technologies, SmartBear Software (US), Amazon Web Services (US), Syntel (US), Software AG (Germany), are among some of the top players in the worldwide Covid-19 Impact on Cloud microservices Market.
Beside the top players, some other companies that contribute close to 30–35 % in the Covid-19 Impact on Cloud microservices Market include CoScale (Belgium), Pivotal Software (US), Kontena (Finland), Macaw (US), Netifi (US), Contino (UK), OpenLegacy (US), Unifyed (US), RapidValue Solutions (US), RoboMQ (US), Marlabs (US), TCS (India), NGINX (US), Weaveworks (UK), Idexcel (US), to mention a few.
The global Covid-19 Impact on Cloud microservices Market has been extensively studied on the basis of regions like Europe, North America, Asia Pacific (APAC), and the rest of the world (RoW), which includes Africa, Latin America, and the Middle East.
North America has been recognized as the leading market for cloud microservices, given the fact that it is open to the latest technologies like microservices architecture. A number of industries and verticals are making extensive use of cloud microservices to expand their business efficiency.
Well-developed sectors like healthcare, media and entertainment, manufacturing, banking, financial services, and insurance, telecommunication, retail and e-commerce, IT and ITes, transportation and logistics, government in the region boosts the demand for cloud microservices.
Europe comes close second to North America, with respect to revenue generation. The region houses highly developed nations like the United Kingdom (UK), Germany and France that boast of high industrialization. Several players in the region make sizeable investments in research and development (R&D) to develop advanced cloud microservices technology.
APAC is believed to be the fastest growing region in the global Covid-19 Impact on Cloud microservices Market. The fast-paced market growth in the region is the result of the rising number of enterprises deploying their business as well as facilities to obtain minimal cost in offering services to customers.
Additionally, given the proliferation of online retail, various retailers in the region are now making use of innovative technologies like big data analytics, cloud computing, social media networks and digital stores.