According to a new report ‘Global Serverless Architecture Market’, published by KBV research, the global serverless architecture market size is expected to reach $14 billion by 2024, growing at a CAGR of 23.4% during the forecast period.
The awareness of benefits associated with serverless architecture has increased over time.
Some of the benefits driving the growth of this market include reduced operational cost and increased process agility.
Further, from the perspective of a developer, benefits like easier operational management, faster set up, and zero system administration are advancing their implementations.
The Asia Pacific market is expected to witness a CAGR of 23% during 2018 - 2024.
The banking, financial services and insurance (BFSI) market dominated the global serverless architecture market, growing at a CAGR of 21.9 % during the forecast period.
The manufacturing market is expected to witness a CAGR of 24.1%, the government market should see 24.9%, and the telecom & IT market is expected to witness the highest CAGR of 23% during 2018 - 2024.
Past few years have witnessed momentous innovations in the sector of enterprise IT, which in turn has allowed business agility, enhanced flexibility, and steered cost effectiveness.
Serverless computing has developed as a key element for deploying cloud applications and services.
For example, adopting conventional cloud Infrastructure-as-a-Service model in order to optimise functionality which returns credit score check for people using mobile as a mobile banking application could consume days or weeks in developing, testing, and eventually delivering the functionality.
Nevertheless, by adopting serverless computing like AWS Lambda, this functionality can be developed within just a few hours.
The automation and integration services market dominated the global serverless architecture market by service type 2017.
The API management services market is expected to witness a CAGR of 22.7% during 2018 - 2024.
Additionally, the training & consulting market is expected to witness the highest CAGR of 23.8% during that period.