June 13, 2024
ICT

Serverless Architecture Market Size to Cross USD 106.12 Bn by 2033

The global serverless architecture market size accounted for USD 11.38 billion in 2023 and is expected to touch around USD 106.12 billion by 2033, growing at a CAGR of 25.02% from 2024 to 2033

Serverless Architecture Market Key Takeaways

  • 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 due to its ability to streamline application development and deployment processes. Serverless architecture, also known as Function as a Service (FaaS), enables developers to focus solely on writing and deploying code without the need to manage underlying infrastructure. This model has gained traction across various industries as organizations seek to optimize costs, improve scalability, and enhance agility in their software development practices.

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Growth Factors

Several key factors are driving the growth of the serverless architecture market. One major factor is the increasing adoption of cloud computing and microservices-based application development. Serverless architecture complements these trends by providing a more granular and cost-effective way to deploy and manage code. Additionally, the growing demand for real-time and event-driven applications in areas such as IoT (Internet of Things) and mobile computing is fueling the need for serverless solutions.

Region Insights

The adoption of serverless architecture varies across regions, with North America leading in terms of market share. This can be attributed to the presence of major cloud service providers and a strong ecosystem of technology startups in the region. Europe and Asia-Pacific are also witnessing rapid adoption driven by increasing digital transformation initiatives and a growing startup culture. Emerging economies in these regions are embracing serverless technologies to leapfrog traditional infrastructure limitations.

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 propelling the serverless architecture market include its cost-effectiveness, scalability, and ease of use. Organizations are attracted to the pay-as-you-go pricing model of serverless computing, which helps optimize IT budgets. The ability to auto-scale based on demand and the elimination of infrastructure management overheads are other compelling drivers. Moreover, serverless architectures promote faster time-to-market for applications, enabling businesses to stay competitive in dynamic market environments.

Opportunities

The serverless architecture market presents several opportunities for innovation and business growth. One promising opportunity lies in the expansion of serverless beyond traditional application use cases into areas like machine learning inference, edge computing, and serverless databases. Integrating serverless with emerging technologies opens up new avenues for developers and businesses to create efficient and scalable solutions.

Challenges

Despite its benefits, serverless architecture faces certain challenges that need to be addressed for widespread adoption. Vendor lock-in is a significant concern, as each cloud provider offers its own serverless platform with proprietary features. Interoperability between different serverless platforms and managing complex distributed systems pose technical challenges. Additionally, monitoring, debugging, and securing serverless applications require specialized tools and practices due to the inherent distributed nature of serverless computing.

Read Also: Virtual Production Market Size to Touch 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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