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Global cloud microservice market set for growth in 2034
Wed, 3rd Jan 2024

The anticipated growth of the global cloud microservice market is considerable, having been valued at US$ 2.0 billion in 2024 and projected to reach US$ 11.3 billion by 2034. The predicted compound annual growth rate (CAGR) from 2024 to 2034 is a solid 19.1%. Particularly noteworthy is Australia's cloud microservice market, which is set to accelerate at a CAGR of 22.6% until 2034.

The cloud microservices industry plays a pivotal role in sectors such as telecommunications, facilitating virtualized network functions and encouraging scalable communication services. One of the key factors driving the continued growth of this market is the rising emphasis on observability and monitoring, which is integral for optimising performance and troubleshooting in distributed systems.

Sectors including finance and supply chain are demonstrating increasing interest in the integration of microservices with emerging technologies like blockchain, as this can boost security, transparency, and traceability. The marriage of edge computing with artificial intelligence is also an emerging trend, with microservices helping to create scalable, modular AI components that provide real-time processing at the edge of the network.

Microservices' customisation for specific industries is creating unique opportunities within sectors such as healthcare, finance, and e-commerce. Tailoring microservices to fit industry-specific needs fosters greater adoption. It is also vital that microservices are compatible with various cloud providers, as this prevents vendor lock-in and promotes solutions that enable straightforward operation and migration across multiple cloud platforms.

Highlighting the evolution of security measures is key - the growth in the use of service meshes, secure API gateways, and zero-trust architectures helps to tackle the ever-changing threat landscape. As organisations expand globally, they are turning to microservices to develop scalable, adaptable applications suited to diverse markets with shifting requirements.

By 2023, the global cloud microservice market was valued at US$ 1.7 billion, with demand expanding at a CAGR of 16.9% between 2019 and 2023. A significant share of this market is accounted for by large enterprises, predicted to hold 68.0% of the market in 2024.

According to Sudip Saha, Managing Director and Co-Founder of Future Market Insights, the cloud microservice market continues "to exhibit robust growth, driven by the escalating demand for scalable and agile solutions across diverse industries... As organisations increasingly prioritise digital transformation, the cloud microservice market remains a focal point for driving operational efficiency and delivering seamless, customer-centric experiences."

Within the cloud microservice market, some recent developments include Weaveworks' 2022 unveiling of GitOps 2022.03, designed to automate the delivery of reliable applications and enhance security operations. Furthermore, in 2020, Amazon Web Services introduced AWS Proton, which marked the debut of the first fully managed deployment service for serverless and container applications.