These days, requirements are growing faster than ever, and new technologies are being adopted, making systems bigger, more expensive, and more complex. Finding a suitable architecture for software creation in the last few years has been challenging. In software development, microservices architecture, or MSA, has emerged as the newest trend. Microservice-based applications scale horizontally well and enable the company to keep smaller, more agile development teams. The distributed nature of the microservice architecture has several limitations and disadvantages in addition to its many advantages. This research paper comprehensively examines microservices architecture with service-oriented and monolithic models by previously implemented models, where it is visible that, in most cases, microservices architecture works efficiently. In some instances, monolithic and Service-oriented architecture(SOA) also produces similar efficiency based on the application size. However, people still need to gain the proper knowledge to implement a microservices architecture. As a new technology, MSA has many drawbacks, and security is one of the significant issues that needs to be resolved. This study also discusses some potential advantages of microservices architecture. Among them, scaling is the most desirable property for different industries in developing applications or systems