Published Date: 26-May-2023
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According to a new report, published by KBV research, The Global Cloud Microservices Platform Market size is expected to reach $4 billion by 2029, rising at a market growth of 20.1% CAGR during the forecast period.
The Services segment is showcasing a CAGR of 23% during (2023 - 2029). Cloud microservices platforms provide various services to assist businesses in developing, deploying, and managing cloud-based applications built on microservices. The services come in various forms and aid in and administrating microservices-based applications. A few of these services include consulting and advisory services, education and training, application development and integration, as well as continuous support and maintenance.
The Public segment is leading the Global Cloud Microservices Platform Market by Deployment Type in 2022 thereby, achieving a market value of $2.1 billion by 2029. Microservices architecture adoption by enterprises and the rising demand for cloud-based solutions are the two main drivers of the usage of public clouds. Public cloud-based solutions offer businesses more scalability, flexibility, and cost efficiency. Businesses can create and deploy systems as a collection of independent, small services that can be expanded and upgraded separately, accelerating time-to-market and fostering more agile development methods.
The Customer Relationship Management segment has shown the growth rate of 20.4% during (2023 - 2029). Customer relationship management (CRM) systems have a lot of advantages for firms when properly established and managed. The most significant use of CRM is in improving the client experience. CRM systems allow businesses to create individualized customer experiences that may increase customer satisfaction and loyalty by better recognizing and predicting client needs, wants, and behaviors. The segment is growing as microservices aid enterprises in managing CRM more efficiently.
The IT & Telecommunications segment is leading the Global Cloud Microservices Platform Market by End User in 2022 thereby, achieving a market value of $1.3 billion by 2029. The segment's expansion is predominantly driven by the rising demand for flexible and scalable application development and implementation solutions, as well as the expanding use of microservices architecture and cloud computing in the IT and telecoms sectors. Compared to the construction of traditional monolithic applications, microservices architecture has several advantages, including a quicker time to market, increased scalability, and higher fault tolerance.
The North America market dominated the Global Cloud Microservices Platform Market by Region in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $1.4 billion by 2029. The Europe market is experiencing a CAGR of 19.4% during (2023 - 2029). Additionally, The Asia Pacific market would showcase a CAGR of 21.2% during (2023 - 2029).
Full Report: https://www.kbvresearch.com/cloud-microservices-platform-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Oracle Corporation, IBM Corporation, Infosys Limited, Cisco Systems, Inc., Tata Consultancy Services Ltd., Amazon Web Services, Inc. (Amazon.com, Inc.), SAP SE, Microsoft Corporation, F5 Networks, Inc., and Salesforce, Inc.
By Deployment Type
By End User
Unique Offerings from KBV Research
North America Cloud Microservices Platform Market size & Opportunities 2023-2029
Europe Cloud Microservices Platform Market & Growth Forecast 2023-2029
Asia Pacific Cloud Microservices Platform Market Share & Industry Outlook to 2029
LAMEA Cloud Microservices Platform Market Growth, Trends & Forecasts 2023-2029