Serverless Computing Market -By Services (Automation & Integration, API (Application Programming Interface) Management, Monitoring, Security, Support & Maintenance, And Training & Consulting), By Enterprise (SME And Large Enterprise), By End User (Telecom & IT, BFSI (Banking, Financial Services, And Insurance), Government & Public, Health Care & Life Science, Media And Entertainment, Manufacturing, Retail & E-Commerce, And Others), and By Region - Global Opportunity Analysis and Industry

Serverless Computing Market size accounted 6361.54 million in 2020 is estimated to reach 69438.3 million by 2030 growing with a CAGR of 27% during the forecast period.In Serverless Computing Methodology, the management of server is handled by the cloud provider and provides the dynamic allocation of machine resources. Therefore, serverless architecture eliminates the requirement for server software and hardware management by the developer. In recent years, some of the major innovations in IT industry enabled business agility, and enhanced resilience. In such scenario, serverless computing was introduced as a major element for the deployment of cloud services and applications. As for instance, utilization of conventional cloud infrastructure to develop an application that checks the credit score using mobile phones for mobile banking, could take days and weeks for development and testing of the application. With the utilization of serverless computing such as AWS Lamba, similar application can be developed in hours.

Market Segmentation:

On the basis of services, global serverless computing market is divided into automation & integration, Application Programming Interface management, monitoring, security, support & maintenance, and training and consulting. Based on enterprise, serverless computing market is categorized into small & medium enterprise and large enterprise. Based on end user industry, market is segmented into telecom & it, BFSI (Banking, Financial Services, and Insurance), government & public, health care & life science, media and entertainment, manufacturing, retail & e-commerce, and others. On the basis of region, serverless computing market is categorized into North America, Europe, Asia Pacific, and RoW.

Market Dynamics and Factors:

The serverless computing market is anticipated to grow with a CAGR of 26.2% during the forecast period from 2020-2028 owing to the reduced operational cost and increased process agility provided by the technology. Furthermore, serverless architecture provides benefits such as easier operational management, faster set up, and zero system administration which attract customers to the serverless computing market. Due to the rapid evolution of artificial intelligence, internet of things, and machine learning companies are pressurized to release innovative products and features that meets the growing consumer expectations. Increasing importance of these trends is expected to propel the serverless computing market growth. Furthermore, serverless computing exploits cloud based computing to their full potential and allows the companies to concentrate on their core products and services instead of handling the traffic load on their IT infrastructure. Hence, the user can run the application on a third party server thereby reducing the deployment time. However, as the organization lack control over the infrastructure, addition of multiple customers to the same platform causes security threats and it is estimated to pose a threat to the serverless computing market progression.

Geographic Analysis:

North America dominates the market by contributing the largest serverless computing market share of 42.09% attributed to the presence of prominent players in the U.S such as Amazon Web Services, Inc., Google LLC, and CA Technologies. Large number of industries such as BFSI, manufacturing, healthcare, and retail boosts the user base in this region. Therefore, the competitive dynamic market compels the enterprises to deliver new products with innovative features thus leading to the adoption of new technologies. This in turn helped North American region to dominate in the serverless computing market.

Competitive Scenario:

Some of the major key players in the serverless computing industry are Alibaba Cloud, Amazon Web Services, Inc., CA Technologies, Google LLC, and IBM Corporation, Microsoft Corporation, Oracle Corporation, Dynatrace, Fiorano Software, Inc., Joyent Inc., ModuBiz Ltd, NTT Data Corporation, Rackspace Inc., TIBCO Software Inc., and Twistlock Inc.

Serverless Computing Market Report Scope