Latin America accounted for more than 8% share in the serverless architecture market and is speculated to observe significant growth by the end of the analysis period. The booming internet of things (IoT) landscape in the region is projected to boost market demand in the region over the analysis time period.
From the application perspective, the serverless architecture market has been categorized into IT & telecom, retail, BFSI, healthcare, manufacturing, government, and media & environment. In 2020, the healthcare sub-segment accounted for over 11% share in the serverless architecture market revenue backed by the accelerating use of cloud computing for digitalization of patient records.
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Serverless architecture helps companies develop and run applications without the need for managing infrastructure. Since its outbreak, the COVID-19 pandemic has underlined the need for companies to employ optimal IT services and adopt suitable tech solutions in order to hold their footing in the rapidly growing business sector.
The security sub-segment in serverless architecture market is estimated to grow at a notable CAGR of around 24% through the forecast period. Increased stress on serverless security is projected to boost segmental adoption by 2027. The support & maintenance sub-segment holds a market share of approximately 9% due to the increasing outsourcing of cloud computing support services to third party service providers.
The serverless architecture market is expected to observe substantial growth by 2027 due to rising prevalence of cloud computing and increasing consumer inclination towards serverless solutions.
The retail sub-segment in serverless architecture market is estimated to see substantial growth at a CAGR of over 25% through the study timeframe primarily driven by soaring utilization of serverless computing, particularly to handle peak loads on ecommerce websites. Government applications are calculated to grow at a CAGR of nearly 23% over the projected timeline due to escalating use of public cloud platforms by government agencies.
In 2020, the manufacturing sub-segment held a market share of about 91% in the serverless architecture industry and is anticipated to expand at a considerable pace by 2027. Increasing use of cloud computing in industrial internet of things (IIoT) and smart automation in recent years is contributing sizably to segmental growth.
Moreover, remote work models have also prompted firms to opt for cloud-based solutions in order to reduce the need for infrastructure maintenance and promote uninterrupted business operations, which has propelled consumer interest towards serverless architecture.
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Training & consulting security is expected to expand rapidly at around 17% CAGR over the analysis period. Shortage of skilled cloud workers for a diverse range of applications is a key factor supporting segmental demand across the globe.
The MEA serverless architecture market is also expected to see steady growth by 2027, delivering a CAGR of more than 17% through the forecast timeline. Proliferating ecommerce and IT sectors across MEA are likely to drive regional market growth over 2021-2027.
The serverless architecture market has been bifurcated based on service, deployment model, organization size, application, and region. On the basis of service, the market has further been divided into API management, monitoring, automation & orchestration, support & maintenance, security, and training & consulting.
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