Global Serverless Apps Market Highlights Over 2022 - 2031
The global serverless apps market is estimated to garner a large amount of revenue by growing at a CAGR of ~23% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to primarily to the growing adoption of serverless architecture among organizations as it helps in removal of expensive time-consuming approaches, such as purchasing new hardware component, installing, configuring, and troubleshooting. Along with this, rising need to eliminate management of servers, and escalating emphasis on serverless computing from DevOps are also expected to drive market growth significantly in the upcoming years. Furthermore, increasing implementation of cloud technologies, and emergence of serverless apps in expanding IoT landscape are projected to offer lucrative opportunities to the market in the near future. As of 2020, more than 15% of large enterprises invest about USD 10 million annually on public clouds, up from just 5% in 2019. Whereas, about 75% of companies spend about USD 1 million every year on the same.
The market is segmented by end user into IT & telecommunication, BFSI, retail, government, and industrial, out of which, the IT & telecommunication segment is anticipated to hold the largest share in the global serverless apps market. This can be accounted to the rapidly growing adoption of serverless computing among app developers as a result of its high scalability and cost-effectiveness. Apart from this, rising demand to manage large volume of data and workflows in the IT sector is also predicted to boost the growth of the market segment in the future. Additionally, on the basis services, the professional segment is assessed to witness significant growth during the forecast period owing to the rising focus of enterprises to release new products and features, within their own vicinity, that meet the evolving expectations of consumers. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global Serverless Apps Market Regional Synopsis
Regionally, the global serverless apps market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the increasing penetration of advanced technologies, and rising development of applications on a variety of industries in the region. The spending on tech goods and services reached a value of about USD 230 billion in China in 2019, whereas the same value accounted for USD 150 billion in Japan and USD 65 billion in India respectively. Moreover, the market in North America is expected to gather the largest share during the forecast period ascribing to the high adoption of cloud-based services, and well-established IT infrastructure in the region. In addition, strong presence of prominent market players is also projected to drive market growth in the region in the near future.
The global serverless apps market is further classified on the basis of region as follows:
Our in-depth analysis of the global serverless apps market includes the following segments:
By End User
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing adoption of serverless architecture among organizations, and rising need to eliminate management of servers.
The market is anticipated to attain a CAGR of ~23% over the forecast period, i.e., 2022-2031.
The major players in the market are Microsoft Corporation, Amazon Web Services, Inc., Google LLC, Alibaba Group Holding Ltd., IBM Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by services, application, end user, and by region.
The IT & telecommunication segment is anticipated to hold largest market size and is estimated grow at a notable CAGR over the forecast period and display significant growth opportunities.
Lack of awareness about serverless resources in underdeveloped regions are estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the increasing penetration of advanced technologies, and rising development of applications on a variety of industries in the region.
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