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Global Serverless Apps Market to Record ~23% CAGR during 2022-2031; Enterprise Adoption Targeting Serverless Architecture and Fast Expanding IT & Telecommunication Industry to Magnify Market Growth

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Key Companies Covered in the Global Serverless Apps Market Research Report by Research Nester are Microsoft Corporation, Amazon Web Services, Inc., Google LLC, Alibaba Group Holding Ltd., IBM Corporation, Cisco Services Inc., Oracle Corporation, Rackspace Inc., Platform9 Systems Inc., TIBCO Software Inc., and other key market players.

New York, Aug. 04, 2022 (GLOBE NEWSWIRE) -- Owing to benefits such as cost efficiency, scalability, quick data recovery, and overall enterprise agility, cloud data mobility is garnering attention which is expected to aid serverless apps adoption. Recent statistics suggest over 34% of organizations globally have transferred more than 51% of enterprise workload to the cloud in April 2021. Additionally, a little over 21% are anticipated to run on private cloud platforms, followed by another 23% on hybrid cloud systems. During 2020, on-premise workloads were expected to diminish from 35% of all workloads now to 25%.

Research Nester has published a detailed market report on ‘Global Serverless Apps Market’ for the forecast period, i.e., 2022 – 2031 which includes the ongoing industry innovations and recent trends being adopted by the major industry players to achieve their business targets. Apart from that, the inclusive data on market size, growth rate, market revenue share, growth opportunities, and challenges for the market players along with worldwide analysis on five major regions – North America, Latin America, Europe, Asia Pacific and Middle East & Africa has been provided in the report.

It was noticed that 85% of businesses use multiple clouds. Businesses using a hybrid approach (combining public and private clouds) increased to 60% in 2019 from 53% in 2018. The global serverless apps market is estimated to grow at a CAGR of ~23% over the forecast period. The market's expansion is largely shaped by enterprises' increasing use of serverless architecture, which helps eliminate costly and time-consuming procedures including buying new hardware components, installing, configuring, and troubleshooting. Along with this, increasing server management requirements, growing DevOps focus on serverless computing, and rising usage of DevOps are anticipated to substantially fuel market expansion in the years to come. It was found during one survey that DevOps has decreased bugs by up to 40%, and in many situations, pre-production bugs have decreased by up to 45%.

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Furthermore, in the near future the serverless apps industry is estimated to be greatly benefited by the growing use of cloud technologies and the appearance of serverless apps in the IoT landscape which is steadily expanding. More than 35 billion IoT devices are anticipated to be in use globally by 2025. In addition to this, the increasing investment in innovations and research and development activities across the globe is predicted to fuel the market growth over the forecast period. Prior to the pandemic, investments in innovation were at an all-time high. In 2019, R&D grew at an unprecedented rate of 8.5 percent, as stated by World Intellectual Property Organization.

On the basis of geographical analysis, the global serverless apps market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa region. Out of these, the market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of the region's growing adoption of cutting-edge technologies, increasing internet users, and the rapid expansion of technology applications across a range of sectors. For instance, over 700 million people in India used the internet in 2020 and by 2040, it is predicted that the number will increase to around 2 billion users. Also, China is also gearing up towards improved IoT infrastructure as is evident from its action plan, China Standards 2035 strategy which was launched in 2018. The strategy is poised to offer a template solution for governments and tech companies in their endeavors to improve IoT, AI, and 5G solutions in the country. Further, in June 2022 Tuya Inc. best known for its IoT solutions has declared its partnership with Telkom Indonesia to diversify cloud-based services across Indonesia. Further, the increasing investment in R&D activities in the region is predicted to boost the market growth over the forecast period.

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Moreover, the market in North America region is estimated to garner the largest market share during the forecast period owing to the region's strong IT infrastructure and widespread use of cloud-based services. Additionally, the market is anticipated to expand in the near future due to strong presence of key industry players who provide more effective technological solutions. For instance, in April 2021, Platform9 revealed that Rackspace Technology, a leading provider of end-to-end multi-cloud technology solutions, has made a strategic investment with Platform9 that offers SaaS managed Kubernetes across distributed cloud; to launch Rackspace Managed Platform for Kubernetes (MPK), which will enable a unified multi-cloud vision.

The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).

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The global serverless apps market is segmented by end user into IT & telecommunication, BFSI, retail, government, and industrial. Out of these, the IT & telecommunication segment is anticipated to hold the largest market share over the forecast period attributed to serverless computing's rapidly expanding appeal among app developers owing to its high scalability and cost-effectiveness. In addition, the increasing demands for the management of massive amounts of data and workflows in the IT industry, rising investment by developing nations, and the growing number of subscribers in the field are estimated to foster the segment's future expansion. According to the India Brand Equity Foundation, total telecom subscriber base in India as of December 2021 hit 1178.41 million, allowing the rural subscription base to be 44.40% in December 2021. Wireless internet data consumption in the country skyrocketed to 32,397 petabytes in 2021 from 4,200 petabytes in 2018. Additionally, total mobile phone subscription till 2020 in Japan stood at approximately 187 million.

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Further, the global serverless apps market is segmented by services into professional and managed. Out of these, the professional segment is anticipated to witness significant growth over the forecast period on account of businesses' increasing focus on releasing new features and goods locally to match consumer expectations who have significant internet consumption. According to recent statistics, 5 billion people, or nearly 65% of the global population, are expected to be online in 2021. Since 2019, there has been a rise of about 18%, with an estimated 810 million individuals using the internet.

The global serverless apps market is also segmented on the basis of application.

Global Serverless Apps Market, Segmentation by Application

  • Real-Time File/Stream Processing

  • Web Application Development

  • IoT Backend

  • Others

Some of the prominent key players and their company profiling mentioned in the global serverless apps market research report include Microsoft Corporation, Amazon Web Services, Inc., Google LLC, Alibaba Group Holding Ltd., IBM Corporation, Cisco Services Inc., Oracle Corporation, Rackspace Inc., Platform9 Systems Inc., TIBCO Software Inc., and other key market players. The profiling enfolds growth opportunities, challenges, and market trends prevalent for the growth of the market during the forecast period.

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