July 17, 2024
ICT

Serverless Architecture Market Size to Rise USD 106.12 Bn by 2033

The global serverless architecture market size was exhibited at USD 11.38 billion in 2023 and is predicted to rise around USD 106.12 billion by 2033, growing at a CAGR of 25.02% from 2024 to 2033.

Key Points

  • The North America serverless architecture market size accounted for USD 5.12 billion in 2023 and is expected to attain around USD 47.75 billion by 2033.
  • North America led the market with the largest market share of 45% in 2023.
  • By service, the automation and orchestration segment has held the major market share of 23% in 2023.
  • By deployment model, the private deployment segment is projected to have the highest growth during the forecast period.
  • By organization size, the large enterprise segment has contributed more than 64% in 2023.
  • By application, the healthcare segment dominated the market in 2023.

Serverless Architecture Market Size 2024 to 2033

The serverless architecture market has witnessed significant growth in recent years, driven by the increasing adoption of cloud computing and the demand for scalable, cost-effective solutions. Serverless architecture, also known as Function-as-a-Service (FaaS), enables developers to focus on writing code without managing underlying infrastructure. This approach eliminates the need to provision or maintain servers, allowing for efficient and flexible deployment of applications.

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Growth Factors:

Several factors contribute to the growth of the serverless architecture market. Firstly, the rise of microservices and containerization has propelled the adoption of serverless computing, enabling organizations to build and deploy applications in a modular and scalable manner. Additionally, the cost-effectiveness of serverless computing, where users only pay for actual usage rather than provisioning fixed resources, appeals to businesses seeking to optimize their IT budgets.

Regional Insights:

The adoption of serverless architecture varies by region. North America leads in terms of market share due to the presence of major cloud providers offering robust serverless platforms. Europe and Asia-Pacific are also experiencing rapid adoption, driven by increasing digital transformation initiatives and the need for agile and scalable application development.

Serverless Architecture Market Scope

Report Coverage Details
Growth Rate from 2024 to 2033 CAGR of 25.02%
Serverless Architecture Market Size in 2023 USD 11.38 Billion
Serverless Architecture Market Size in 2024 USD 14.22 Billion
Serverless Architecture Market Size by 2033 USD 106.12 Billion
Largest Market North America
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered By Service, By Deployment Model, By Organization Size, and By Application
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

 

Serverless Architecture Market Dynamics

Drivers:

Key drivers fueling the serverless architecture market include the growing demand for real-time and event-driven applications. Serverless computing enables quick response times and seamless scalability, making it ideal for use cases such as IoT (Internet of Things), e-commerce, and mobile app backends. Additionally, the simplicity and reduced operational overhead of serverless platforms attract developers and enterprises looking to accelerate innovation.

Opportunities:

The serverless architecture market presents several opportunities for vendors and developers. Continuous advancements in serverless technologies, such as improved performance, support for more programming languages, and enhanced security features, open new avenues for application development. Furthermore, expanding use cases across industries like healthcare, finance, and gaming provide fertile ground for market growth.

Challenges:

Despite its benefits, serverless architecture faces challenges related to vendor lock-in and complexity in managing distributed applications. Organizations must carefully evaluate vendor offerings and ensure compatibility with existing systems. Additionally, debugging and monitoring serverless applications can be more challenging compared to traditional architectures due to the ephemeral nature of serverless functions.

Read Also: Virtual Production Market Size to Rise USD 9.85 Bn by 2033

Serverless Architecture Market Recent Developments

  • In February 2024, KT Corp, a South Korean operator, is re-establishing itself as an AICT company and has collaborated with AWS for GenAI and private 5G development.
  • In March 2024, DBOS, Inc., a leading player in developing the first cloud-native operating system, announced the launch of the DBOS Cloud, a transactional serverless application development platform that makes cloud applications rapidly and easily available for development, security, and deployment. DBOS raised seed funding of $8.5 million from Construct Capital, Engine Ventures, GutBrain Ventures, and Sinewave.
  • In February 2024, the governing body of Fluence, Fluence DAO, and the first of the decentralized serverless computing network announced the launch of FLT and network on Ethereum Mainnet with the Fluence Platform which deployed on the InterPlanetary Consensus (IPC), which makes Fluence’s “Cloudless” computing platform available for the first time.

Serverless Architecture Market Companies

  • Amazon Web Services, Inc.
  • Alibaba Cloud
  • CA Technologies
  • Dynatrace
  • Fiorano Software, Inc.
  • Galactic Fog IP, Inc.
  • Google LLC
  • IBM Corporation
  • Joyent Inc.
  • Microsoft Corporation
  • ModuBiz Ltd.
  • Manjrasoft Pty Ltd.
  • NTT Data
  • Oracle Corporation
  • Platform9 Systems, Inc.
  • Realm
  • Rackspace Inc.
  • TIBCO Software Inc.
  • Tarams Technologies
  • Twistlock

Segments Covered in the Report

By Service

  • Automation and Orchestration
  • API Management
  • Monitoring
  • Security
  • Support and Maintenance
  • Training and Consulting

By Deployment Model

  • Private
  • Public
  • Hybrid

By Organization

  • Large Enterprises
  • Small And Medium Enterprises

By Application

  • Healthcare
  • Telecom and IT
  • BFSI
  • Government and Public
  • Media and Entertainment
  • Retail and E-commerce
  • Manufacturing

By Geography

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East & Africa

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Prathamesh

I have completed my education in Bachelors in Computer Application. A focused learner having a keen interest in the field of digital marketing, SEO, SMM, and Google Analytics enthusiastic to learn new things along with building leadership skills.

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