At CARG of 32.9% Application Container Market Size will surpass $4.98 Billion by 2023

The application container market size is estimated to be USD 1.20 Billion in 2018 and expected to reach USD 4.98 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 32.9% during the forecast period.

(EMAILWIRE.COM, August 09, 2019 ) According to recent market research report "Application Container Market by Service (Container Monitoring, Security, Data Management, Networking, Orchestration), Platform (Docker, Kubernetes), Application Area, Deployment Mode, Organization Size, Vertical, and Region - Global Forecast to 2023", The application container market size is estimated to be USD 1.20 Billion in 2018 and expected to reach USD 4.98 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 32.9% during the forecast period.

The major factors driving the growth of the application container market include the growing need for business agility and faster time to market, and large-scale modernization of existing business-critical applications.

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The modernization segment is estimated to account for the largest market share in 2018

The modernization segment is estimated to account for the largest market share in 2018. All the leading organizations are in the process of modernizing their legacy applications. Legacy applications are usually 5–20 years old with more rigid application environments and hinder innovations in an organization’s ecosystem. Containers isolate applications from the underlying infrastructure services and reduce the complexity of dealing with old legacy platforms and their portability. The application container technology enables organizations to develop their business applications at a faster rate and reduce the maintenance costs of managing their applications.

The BFSI vertical is expected to grow at a higher rate during the forecast period

The BFSI vertical depends upon various legacy applications. This vertical is in the phase of modernizing their legacy applications and incorporating various new and advanced technologies in their business applications. The application container technology not only helps in transforming legacy applications, but also simplifies backend integration and facilitates speedy app development, testing, and rollouts. Changes in banking regulations and the omnichannel approach to enhance customer services are expected to drive the application container services in the BFSI vertical.

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North America is expected to account for the largest market share during the forecast period

North America is expected to account for the largest market share during the forecast period. The region is one of the early users of the application container technology. The technological adoption in this region is high. Moreover, this region comprises a dense startup ecosystem, and all the leading cloud service providers are from this region. Trends, such as microservices and DevOps are in high demand in this region creating a favorable environment for the growth of the application container market.

The major vendors covered in the application container market include IBM (US), AWS (US), Microsoft (US), Google (US), VMware (US), Apprenda (US), Joyent (US), Rancher Labs (US), SUSE (Germany), Sysdig (US), Jelastic (US), Kontena (Finland), Mesosphere (US), Puppet (US), Twistlock (US), Weaveworks (UK), CA Technologies (US), Oracle (US), Nimble Storage (US), BlueData (US), Apcera (US), Cisco (US), Red Hat (US), Docker (US), and Portworx (US).