Westford, USA, Dec. 09, 2024 – SkyQuest projects that the serverless architecture market will attain a value of USD 50.86 billion by 2031, growing at a CAGR of 22.8% from 2024 to 2031.
The growth is attributed to the increasing emphasis on reducing operational costs and the growing adoption of cloud technologies. Organizations are shifting from CAPEX to OPEX approaches to enhance profitability and efficiency, creating new opportunities for serverless architecture providers.
In 2023, the market revenue was $9.84 billion. The public cloud segment is expected to dominate the market due to its scalability, flexibility, and cost efficiency, with major platforms like AWS Lambda, Microsoft Azure Functions, and Google Cloud Functions leading the way.
IT and telecommunications sectors are projected to be the fastest-growing segments, driven by the demand for scalable infrastructure to accommodate advancing technologies. North America remains the leading region, supported by the presence of major tech companies and widespread serverless architecture adoption.
Key players in this market include Amazon Web Services, Microsoft Corporation, Google LLC, and IBM Corporation, among others.