Future of Computing: Serverless Apps Market Size Is Poised for Explosive Growth and Will Reach Over 17350 Million at CAGR 23.45% by 2030 Report by Zion Market Research
NEW YORK, March 3, 2023 /PRNewswire/ -- As per Zion Market Research study, The global serverless apps market size was worth around USD 3215 Million in 2022 and is predicted to grow to around USD 17350 Million by 2030 with a compound annual growth rate (CAGR) of roughly 23.45% between 2023 and 2030.
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Serverless Apps Market: Overview
Serverless refers to a form of independent, small, and loosely coupled cloud services or also known as a cloud-native development model allowing information technology (IT) professionals to build and run applications without having to worry about managing physical servers. It does not mean that the applications do not have servers of any form, but in this case, they are far away from the applications. A third-party cloud service provider is the one responsible for setting up the IT infrastructure, monitoring, and maintaining it.
App developers are only responsible for developing the code, packaging it in containers like Linux, and deploying it. Once the code is live or deployed, serverless apps can automatically respond to the demand by either scaling up or down as required. Public-cloud serverless services typically are chargeable only on demand and hence it does not cost anything when the serverless function is not being used. Serverless is different from other cloud services and the key point of differentiation is the responsible authority for the scaling up & down of apps.
For instance, in other forms of cloud-based services, the third-party vendor is responsible for managing the scaling as well as the entire cloud infrastructure. However, serverless technology allows deployment in containers that do not require external help for the scaling process and can do this on their own. The infrastructure-as-a-service (IaaS) cloud computing model is widely used in this regard where users have to purchase capacity units which means that public cloud providers can be prepaid to buy always-on server components that help in running the application.
The users have the authority or the control to up the server capacity in case of increased demand and to downgrade the capacity when the demand is less. Although a noteworthy point is that the cloud infrastructure is always active even when the app is not in use.
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Zion Market Research published the latest report titled "Serverless Apps Market Segmentation By Services (Managed, and Professional), By Application (Web Application Development, Real-Time File/Stream Processing, IoT Backend, and Others), By End-User (BFSI, IT & Telecommunication, Government, Retail, and Industrial), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2023 – 2030" into their research database.
Serverless Apps Market: Growth Drivers
The global serverless apps market is projected to grow owing to the rising interest and investments by world leaders in deploying serverless apps and technology in general in the healthcare sector. The medical industry has moved toward digital transformation at an accelerated rate in the post-pandemic world. As per a 2021 article by TechMagic, there is an increase of around 19.3% in cloud migration in the healthcare industry. This can be attributed to an exponential rise in workload during and post Covid-19.\
The vast amount of data cannot be handled by normal servers and require advanced technology for a smooth flow in the processes. This is also coupled with the rapid changes that are present in normal medical apps making them difficult to access all at once. With the deployment of serverless technology, developers can alter, fix, or update the app as quickly as possible without affecting the app's performance. Since serverless apps help in reducing latency periods owing to asynchronous data processing and scalable storage. These factors are the main reasons why one of the largest and fastest-growing industries, the healthcare segment, is keen on moving toward serverless apps which are projected to aid global market expansion.
Serverless Apps Market: Restraints
The serverless apps industry has witnessed a tremendous amount of technological advancements in the last few years. Many individuals or companies that are not very well endowed with technical knowledge find it difficult to keep up with the ever-advancing IT sector. There are a lot of businesses and organizations that are still in the initial phase of deploying older technologies and are not at par with current trends in the IT segment which has resulted in a lack of knowledge about serverless apps thus restricting the global market growth. However, with every passing year, more companies are accepting IT in their infrastructure, and the global market is expected to gain from these events.
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Serverless Apps Market: Opportunities
Owing to the vast potential that serverless technology holds, government sectors like the military and other services are deploying and investing in this cutting-edge science. The high adoption rate is further propelled by aid provided by private creators of serverless apps to help them navigate through the processes. These factors are expected to contribute to the creation of multiple growth opportunities for the global serverless apps market since other sectors may be encouraged to adopt the systems in their working scenario.
Serverless Apps Market: Challenges
Since third-party vendors are involved in the process, there are certain limitations when it comes to running high-operation computing. Even in the absence of these limitations, certain types of applications may find serverless technology as cost-ineffective. There are also some security concerns since server-security responsibility is on a third party and the user. These factors may challenge the serverless apps industry expansion
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Global Serverless Apps Market: Segmentation
Based on services, the global market segments are managed and professional. The global market may witness high growth in the professional segment since many large-scale corporations are focusing on deploying in-house products and features, to be used on their premises. For instance, Netflix, a world leader in providing online streaming services, is regarded as a pioneer in serverless architecture. The company has managed to provide 7 billion hours of video programs to more than 60.5 million customers across the globe.
Based on end-user, the global market is divided into BFSI, IT & telecommunication, government, retail, and industrial. The global market generated the highest revenue in the IT & telecommunication sector owing to increased resource utilization of resources by app developers resulting in higher user use of serverless apps. As per Amazon Web Services (AWS), more than 75% of businesses plan to adopt serverless technologies in the coming years.
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The global serverless apps market is expected to generate the highest revenue from North America owing to increased investments in cloud-based services along with an extremely high adoption rate. The technological advancements in regions like the USA and Canada are expected to generate high regional revenue. A large section of key market players is present in North America which may also assist in occupying a huge section of the global market share owing to the strategic decisions undertaken by these entities to expand their global footprint.
The digital transformation of the healthcare sector is expected to become a leading contributor to regional revenue. For instance, as per a 2015 article by HealthAffairs, more than 77% of leading healthcare providers spent more than USD 20,000 on their respective systems.
Asia-Pacific may also grow at a high CAGR due to increased government spending on technological upgradation in countries like Japan, China, and India. As per a CNBC report in 2021, China spent over USD 378 billion on research & development activities in 2020 breaking all of its records. Japan on the other hand houses the world's largest IT sector in the world. In 2019, the software industry in the country generated a revenue of 16 trillion Japanese Yen.
Global Serverless Apps Market is segmented as follows:
Serverless Apps Market: By Services Outlook (2023-2030)
Serverless Apps Market: By Application Outlook (2023-2030)
Serverless Apps Market: By End User Outlook (2023-2030)
Serverless Apps Market: By Region Outlook (2023-2030)
Middle East & Africa
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