Delray Beach, FL, Oct. 04, 2024 (GLOBE NEWSWIRE) -- The Serverless Computing Market is expected to grow from USD 21.9 billion by 2024 to USD 44.7 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 15.3% during the forecast period, according to a new report by MarketsandMarkets™. The trend of efficient and scalable cloud solutions, AI & automation trends, and the rise in remote work are opening new opportunities for Serverless Computing, which will drive growth worldwide. The global Serverless Computing Market report also consists of detailed case studies to understand how this technology has enabled key clients across different verticals. All that combined will increase operational productivity, decrease infrastructure management burden, and support innovation in application development, driving solid growth in serverless computing worldwide.
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216- Tables
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282 - Pages
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Serverless Computing Market Dynamics:
Drivers:
- Increasing technological advancements
- Ongoing innovation in development tools and frameworks
- Better fault isolation and ease of integration using microservices architectures
- Shift from DevOps to serverless computing
Restraints:
- Loss of control over infrastructure
- Risk of vendor lock-in
Opportunities:
- Microservice-based deployment
- Serverless backends in mobile and web development
- Increasing number of verticals utilizing distributed workloads
List of Key Companies in Serverless Computing Market:
- AWS (US)
- Microsoft (US)
- IBM (US)
- Google (US)
- Oracle (US)
- Alibaba Cloud (China)
- Tencent Cloud (China)
- Twilio (US)
- Cloudflare (US)
- MongoDB (US)
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As per service type, compute holds the largest share during the forecast period.
Compute services play a vital role in the Serverless Computing Market by enabling code execution and application deployment without server management. This group consists of serverless functions and serverless containers. Serverless functions, also known as Function-as-a-Service (FaaS), allow developers to run separate tasks in response to particular events with automatic scalability and resource control. Serverless containers enable running containerized applications in a serverless setting, supporting microservices and complex applications without requiring server management. These computer services maximize resource usage, reduce latency, and facilitate quick application expansion. By utilizing these technologies, companies can enhance their development procedures and optimize cloud-native architectures, which results in enhanced speed and effectiveness in deploying and managing applications.
As per the deployment model segment, the hybrid cloud will grow at the highest CAGR during the forecast period.
Hybrid cloud deployments provide a flexible approach in the Serverless Computing Market, combining public and private cloud environments. This model enables organizations to utilize the scalability and cost-effectiveness of serverless computing in the public cloud while keeping sensitive or critical applications in a private cloud for improved control and security. Hybrid cloud setups allow for smooth interaction among various cloud environments, helping organizations efficiently allocate resources and handle workloads according to their requirements. This method provides for multiple situations, like expanding applications with public cloud resources during busy periods while keeping core functions and data in a private cloud. The hybrid model enables better disaster recovery and compliance management, offering a flexible solution that adjusts to changing operational needs.
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As per organization size, large enterprises hold the largest share during the forecast period.
Large enterprises leverage serverless solutions to efficiently address their complex, high-volume operational needs in the Serverless Computing Market. They benefit from serverless computing’s ability to automatically scale resources based on demand, ensuring seamless performance even during peak usage. Large enterprises utilize serverless architectures to manage extensive, distributed applications with minimal infrastructure overhead, focusing on innovation rather than server maintenance. They also use advanced functions like improved security measures, adherence to regulatory guidelines, and connection with other cloud services for complete solutions. Large enterprises can enhance cost management, streamline development cycles, and increase responsiveness by implementing serverless computing while retaining the flexibility and scalability necessary for their vast operations.
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