According to a research report titled ‘Serverless Architecture Market Size By Service, By Deployment Model (Public, Private, Hybrid), By Application (IT & Telecom, BFSI, Retail, Healthcare, Government, Manufacturing, Media & Entertainment), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, global serverless architecture market is reckoned to register notable gains over the forecast period 2021-2027.
 

As per the report findings, factors such as increasing product demand in DevOps practices, advancements in cloud computing technology, efforts to simplify server provisioning, increasing preference for microservices, and rising penetration of IoT are stimulating global serverless architecture market growth.
 

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Moreover, growing prevalence of remote work models and BYOD (bring your own device) culture has also prompted the adoption of cloud-based solutions in order to minimize infrastructure maintenance, which has further propelled industry development.
 

The COVID-19 pandemic significantly boosted the market outlook as it underlined the need for companies to deploy efficient IT services and adopt suitable tech solutions to maintain their footing in the rapidly expanding business sector.
 

On the downside, critical security concerns, and dearth of expertise & skilled professionals are likely to impede market expansion in the upcoming years.
 

Based on service type fragmentation of global serverless architecture industry, the security segment is slated to grow at 24% CAGR over 2021-2027, owing to increased emphasis on serverless security across numerous business verticals.
 

Considering the application spectrum, manufacturing segment captured 91% market share in 2020 and is anticipated record similar trends during the analysis timeline. This can be attributed to surging demand for cloud computing in smart automation and industrial internet of things (IIoT) in recent years.
 

Moving on to geographical scope, Latin America captured 8% of worldwide serverless architecture market share in the recent past and is slated to show remunerative growth over the forecast period, creditable to booming popularity of Internet of things (IoT) in the region. Meanwhile, Middle East & Africa market is expected to witness a CAGR of 17% through 2027, driven by its surging ecommerce and IT sectors.
 

Prominent players in global serverless architecture market sphere are Tibco Software Inc., NTT Data Corp., Dynatrace LLC, Capgemini SE, Asseco Poland SA, Tencent Holdings Ltd., Oracle Corp., Microsoft Corp., IBM Corp., Amazon Web Services Inc., Alphabet Inc. and Alibaba Group Holding Ltd.