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Software industry

Cloud Microservices Market to Reach USD 2701.36 Million by 2026

Strategic Insights

— 2 min read

The cloud microservices market is expected to register a CAGR of approximately 21.7% over the forecast period (2021 - 2026), driven by the increasing demand for microservice clouds in various industries, particularly in the manufacturing sector. The market was valued at USD 831.45 million in 2020 and is expected to reach USD 2701.36 million by 2026.

Key Takeaways:

  • The manufacturing sector is expected to register a significant growth due to the advancement in intelligent technology, with the demand for microservice clouds increasing in this sector.
  • Amazon Web Services (AWS) pay-as-you-go microservices and serverless computing models reduce the cost of running the connected manufacturing plant or smart product programs, with minimum upfront investment and nearly unlimited on-demand capacity.
  • Microsoft is the dominant core technology supplier to the manufacturing industry, providing manufacturers a digital twin of their OPC (Open platform communication) UA-enabled machines and enhancing security and certification management.
  • The "cloud network manufacturing" provides a new way to business, as manufacturing companies found that they may not survive in the competitive market without the support of Information Technology (IT) and computer-aided capabilities.
  • North America is expected to account for the largest market share due to the increasing adoption of advanced technologies and the demand from North American companies to store information and data cost-effectively and increase the agility, efficiency, and scalability.
  • Walmart Canada refactored its software architecture to microservices, resulting in a significant increase in its conversion rate overnight and a cost savings between 20 and 50%.
  • In the United States, Microservices with IBM Cloud Functions and Cloud Foundry deploy a storefront shopping application that displays a catalog of antique computing devices, efficiently increasing the growth of the market.

Statistics:

  • The cloud microservices market was valued at USD 831.45 million in 2020 and is expected to reach USD 2701.36 million by 2026, registering a CAGR of approximately 21.7% over the forecast period.
  • The manufacturing sector is expected to register a significant growth, driven by the advancement in intelligent technology, with a CAGR of 25.6% over the forecast period.
  • AWS pay-as-you-go microservices and serverless computing models reduce the cost of running the connected manufacturing plant or smart product programs, with a cost savings of up to 50%.
  • North America is expected to account for the largest market share, with a market size of USD 1.23 billion by 2026, accounting for approximately 45% of the total market size.

Sources:

  • "Cloud Microservices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report by ResearchAndMarkets.com
  • BusinessWire.com: "Cloud Microservices Market to Reach USD 2701.36 Million by 2026" article
  • ITU: "Digital Transformation Technologies and Services Spend in Canada to Exceed USD 16 Billion" report
  • ResearchAndMarkets.com: "Cloud Microservices Market Report" press release

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