Product ID: SQMIG45I2091
Report ID:
SQMIG45I2091 |
Region:
Global |
Published Date: March, 2024
Pages:
197
|
Tables:
62 |
Figures:
75
Global Serverless Architecture Market size was valued at USD 8.01 billion in 2022 and is poised to grow from USD 9.84 billion in 2023 to USD 50.86 billion by 2031, growing at a CAGR of 22.8% in the forecast period (2024-2031).
The global market for serverless architecture is experiencing substantial growth due to the increasing recognition of its advantages, including enhanced operational agility and reduced costs. This shift towards serverless architecture is driven by its appeal to developers, who benefit from faster setup, simplified operational management, and the elimination of system administration tasks. Furthermore, the market is being fueled by the emergence of cloud-based technologies and the availability of third-party vendors to manage server components. By adopting serverless architecture, organizations can eliminate the need for expensive and time-consuming traditional approaches such as purchasing hardware, installation, configuration, and troubleshooting. This shift in responsibility for managing servers, databases, and application logic results in lower setup and maintenance costs. The continuous advancements in computing technology enable organizations to incorporate serverless environments, thereby contributing to market growth. Additionally, the market dynamics are evolving rapidly due to the proliferation of artificial intelligence, machine learning, and the Internet of Things (IoT). Companies face mounting pressure to release new products and features quickly, while also meeting the rising expectations of consumers. These trends are expected to favor the growth of the market. Serverless architecture represents a revolutionary step in leveraging the full potential of cloud-based technologies. It allows enterprises to focus on their core products and services rather than managing IT infrastructure traffic. By running applications on third-party servers, users can significantly reduce deployment time. In recent years, significant innovations in the enterprise IT space have facilitated business agility, improved resiliency, and enhanced cost-effectiveness. Within this landscape, serverless computing has become a critical element for deploying cloud services and applications. For example, developing a functionality that provides credit score checks for mobile users as part of a mobile banking application using the traditional cloud Infrastructure-as-a-Service model would take days or weeks for development, testing, and delivery. However, with serverless computing platforms like AWS Lambda, the same functionality can be developed within a few hours.
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Product ID: SQMIG45I2091