(IT-NEWSWIRE.COM, June 30, 2020 ) The demand for CaaS is majorly driven by the benefits of cost-effectiveness and increased productivity. Due to the increasing popularity of microservices, the adoption rate of the CaaS technology among enterprises is expected to gain major traction during the forecast period.
According to report "Containers as a Service Market by Service Type (Management and Orchestration, Security, Monitoring and Analytics, Storage and Networking), Deployment Model (Public, Private, and Hybrid), Organization Size, Vertical, and Region - Global Forecast to 2022", the CaaS market size is expected to grow from USD 930.4 Million in 2017 to USD 4,080.4 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 34.4%.
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The management and orchestration service segment is expected to have the largest market share during the forecast period.
Management and orchestration services provide users enterprise-grade framework for integrating and managing the containers at scale. They also simplify the process of creating, managing, and deploying various containers at the same time. Moreover, they offer various features, such as provisioning hosts, running multiple containers, rescheduling failed containers, interconnecting multiple containers, and adding or removing containers.
The Banking, Financial Services, and Insurance (BFSI) vertical is expected to grow at the highest CAGR during the forecast period.
The BFSI vertical is expected to grow at the highest rate during the forecast period, due to the increased adoption of containers for modernizing, automating, and accelerating the technology environments. Enterprises are consistently focusing on improving the IT performance, reducing costs, and delivering an enhanced digital banking experience. Moreover, the exponential increase in the number of fintech companies has triggered a rise in the adoption of container services.
Asia Pacific (APAC) is projected to grow at the highest CAGR during the forecast period.
North America is estimated to have the largest market share in 2017, while APAC is projected to be the fastest growing region with the highest CAGR, as enterprises in the APAC region are seeking a more cost-effective approach for developing and deploying applications at a faster rate. Therefore, the growth opportunities are higher in the APAC region.
The major market vendors providing the CaaS technology are Apcera (California, US), AWS (Washington, US), Docker (California, US), Google (California, US), IBM (New York, US), and Microsoft (Washington, US).
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Mr. Aashish Mehra