Serverless Computing Market is expected to grow at a CAGR of 20.98%

According to TechSci Research report, “Serverless Computing Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2019-2029”, the Global Serverless Computing Market is expected to register robust growth during the forecast period. Advancements in computing technology enable organizations to incorporate a serverless environment, thereby augmenting the market. The benefits of Serverless Computing, such as unconditional development and deployment, and built-in scalability, among others, are playing an essential role in supporting the rapid adoption of Serverless Computing, thereby fueling the market's growth.

With the adoption of serverless architecture, organizations can effectively eliminate expensive and time-consuming approaches such as purchasing new hardware components, installing, configuring, and troubleshooting, thereby shifting the responsibility of managing servers, databases, and application logic, which reduces set-up and maintenance costs.

With the rapid technological shift in the business environment, companies are releasing new products and features, thereby focusing on reduced time-to-market to meet the exponentially growing consumer expectations. The increasing prominence of such trends is expected to drive the market during the forecast period. In the competitive marketplace, startups are anticipated to scale rapidly and deliver enhanced product and service features, thereby improving their business values. Hence, to achieve minimum lead time and positively impact their business, they are anticipated to adopt serverless technology, propelling the market's growth.

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Based on Service, The Professional segment emerged as the dominating segment in 2023. Based on solution, The digital era has dramatically accelerated the change and evolution of new products, services, and business models. Enterprises face pressure to release new features and products that meet customers' growing expectations. Serverless architecture offers significant advantages to SMEs in terms of flexibility and reduces overall infrastructure costs.

Significant innovations in the enterprise IT space have enabled business agility and improved resiliency, thereby driving cost-effectiveness. In such scenarios, serverless computing has emerged as a vital element for deploying cloud services and applications across the everchanging business environment. Further, hybrid and multi-cloud use in professional service computing has increased in recent years. For example, when a company wants to free up local resources for more sensitive data or applications, using a hybrid cloud enables it to do so without spending a ton of money on handling a temporary surge in demand.

Moreover, the growth of microservices and serverless computing is fundamentally changing DevOps by blurring the line between development and operations. Organizations are envisioned to scale rapidly in delivering enhanced features through their products and services offering, thereby improving their business values. Further, businesses are moving toward cloud services, adding to the existing competition. However, security remains a significant concern among adopters and cloud service providers, who continuously work with cybersecurity vendors to reduce any risk of cyber-attacks.

Based on Region, North America is projected to dominate the market throughout the forecast period.  North America is anticipated to capture the largest market share regarding revenue, owing to rapid advancement in technologies and the presence of various prominent players across the industries such as retail, BFSI, manufacturing, healthcare, and IT & Telecom, boasting of a large user base across the region.

Due to high digitalization and high adoption of new cloud computing services by enterprises to remain competitive in the dynamic market and deliver new features and products quickly, they are constantly innovating and adopting new technologies, thereby fueling the market's demand across the region.

Further, a startup called Lightbend Inc. is trying to get around the limitations of the serverless computing model that often prevent its adoption for more complex, data-hungry applications. In June last year, the company announced a new, open-source developer platform called Akka Serverless, which it said would set a new standard for cloud-native application development.

As developers assume more responsibility for managing their applications, many are starting to embrace platforms that automate IT infrastructure management on their behalf without intervention from an IT operations team. In June last year, Render, a provider of cloud services that automates DevOps processes, announced it is adding the ability to automatically scale compute and memory resources up and down in real-time as developers require. Such factors would cater to the market growth adoptions.

Key market players in the Global Serverless Computing Market are: -

Amazon Web Services Inc.

Microsoft Corp.

Google LLC

Alibaba Group Holding Limited

SAP SE

IBM Corp.

Iron.io

Oracle Corp.

Webtask.io

VMware Inc.

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“The global serverless computing market is propelled by several key drivers. Cost efficiency is a primary factor, as serverless architectures enable organizations to pay only for resources used, reducing unnecessary expenses. Scalability is crucial, with serverless platforms automatically adjusting resources based on demand, ensuring optimal performance. Developer productivity is enhanced as serverless models abstract infrastructure management tasks, allowing teams to focus on coding and accelerating time-to-market. The rise of event-driven architecture aligns with serverless computing, contributing to increased system responsiveness. Reduced operational complexity, support for multiple programming languages, and seamless integration with DevOps practices further drive the widespread adoption of serverless computing, while continuous innovation by cloud providers sustains the market's growth.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Serverless Computing Market - Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented by Service (Professional, Managed), Type (Hybrid, Multi-Cloud), End-user Industry (IT & Telecommunication, BFSI, Retail, Government, Industrial), By Region, and By Competition 2019-2029” provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Serverless Computing Market.

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