Serverless Apps Market size was over USD 11.26 billion in 2023 and is projected to exceed USD 175.07 billion by 2036, growing at over 23.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of serverless apps is evaluated at USD 13.38 billion. The growth of the market can be attributed to primarily to the growing adoption of serverless architecture among organizations as it helps in removal of expensive time-consuming approaches, such as purchasing new hardware component, installing, configuring, and troubleshooting. Along with this, rising need to eliminate management of servers, and escalating emphasis on serverless computing from DevOps are also expected to drive market growth significantly in the upcoming years. Furthermore, increasing implementation of cloud technologies, and emergence of serverless apps in expanding IoT landscape are projected to offer lucrative opportunities to the serverless apps market in the near future. As of 2020, more than 15% of large enterprises invest about USD 10 million annually on public clouds, up from just 5% in 2019. Whereas, about 75% of companies spend about USD 1 million every year on the same.
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
23.5% |
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Base Year Market Size (2023) |
USD 11.26 billion |
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Forecast Year Market Size (2036) |
USD 175.07 billion |
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Regional Scope |
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The market is segmented by end user into IT & telecommunication, BFSI, retail, government, and industrial, out of which, the IT & telecommunication segment is anticipated to hold the largest share in the global serverless apps market. This can be accounted to the rapidly growing adoption of serverless computing among app developers as a result of its high scalability and cost-effectiveness. Apart from this, rising demand to manage large volume of data and workflows in the IT sector is also predicted to boost the growth of the market segment in the future. Additionally, on the basis services, the professional segment is assessed to witness significant growth during the forecast period owing to the rising focus of enterprises to release new products and features, within their own vicinity, that meet the evolving expectations of consumers.
Our in-depth analysis of the global market includes the following segments:
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By Services |
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By Application |
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By End User |
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Regionally, the global serverless apps market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific industry is poised to account for largest revenue share by 2036, owing to increasing penetration of advanced technologies, and rising development of applications on a variety of industries in the region. The spending on tech goods and services reached a value of about USD 230 billion in China in 2019, whereas the same value accounted for USD 150 billion in Japan and USD 65 billion in India respectively. Moreover, the market in North America is expected to gather the largest share during the forecast period ascribing to the high adoption of cloud-based services, and well-established IT infrastructure in the region. In addition, strong presence of prominent market players is also projected to drive serverless apps market growth in the region in the near future.
Author Credits: Abhishek Verma
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