Cloud microservices or microservice architecture is a set of services and software technique that supports the development and deployment of architectural cloud applications. it also facilitates continuous distribution of large and complex applications. Furthermore, cloud microservices & applications enable organizations to simplify their deployment by providing right tools and support vendors, to meet business-specific needs.
Microservice architecture is a method adopted to build applications by breaking them into multiple services. Every service created is kept ‘discrete,’ i.e. one service concentrates to perform one function at a time. Each service is managed by a team, which takes complete ownership of that particular service. Similarly, there are many small services; thus, development, testing, and deployment of all these services are carried out separately. Microservice has evolved due to the reaction of ‘vendor-driven’ Service-Oriented Architecture (SOA). SOA is an architectural pattern software, wherein application services provide services to other components via communication protocols over various operational networks. Thus, SOA plays an important role in microservice architecture design, which facilitates the necessary modifications required to make cloud microservices more effective.
Cloud microservices is an arrangement for building applications to support agile delivery and scalable deployment, both on-premises and over the cloud. Microservice provides various benefits. These include (i) helping larger applications remain unaffected by the failure of a few services (ii) removal of long-term dependency on one technology stack; (iii) and easy to learn and manage.
Growth in digital transformation, rise in customer-centered businesses, and expansion of microservice architecture are factors driving the global cloud microservice & application market. However, concerns about data security and regulatory compliances may act as restraints of the cloud microservice & application market.
Geographically, North America is the leading region of the cloud microservice & application market. It is followed by Asia Pacific and Europe & Middle East. The cloud microservice & application market in Asia Pacific is expected to expand at a rapid pace during the forecast period, led by technological advancements in various industry verticals such as BFSI, retail, education, government, transportation & logistics, and health care. In the coming years, the cloud microservice & application industry is anticipated to focus more on untapped smaller markets such as Africa and South America, to lower the dependency on developed and large markets such as North America.
Based on industry vertical, Banking, Financial Services, and Insurance (BFSI) is likely to be the dominant segment of the global cloud microservice & application market during the forecast period. This can be ascribed to the increase in financial services, information technology automation, and transformations in economy and banking services across the globe. The cloud microservices architecture helps BFSI organizations streamline business operations, thereby advancing the application development process and improving customer experience.
Industries have started investing significantly in information technology. Thus, demand for specialized software applications has been rising, leading to generation of more occupations in these industries. Rapid technological advancements are estimated to expand the portfolio of products of the cloud microservice & application market. However, rapid technological transformations are compelling companies to modify their offerings as and when required to withstand the competition in the market.
The cloud microservice & application market is dominated by large businesses with firm footprint in the technological industry. Major players operating in the cloud microservice & application market are IBM, Microsoft Azure, CA Technologies, Amazon AWS, Infosys, Salesforce, Contino, Macaw Software Inc., Oracle, Syntel Inc., SAP HANA, Netifi Inc., Software AG, RapidValue Solutions, Tata Consultancy Services Limited, Idexcel, Inc., CoScale, and SRB Technologies (RoboMQ).