Function as a Service Market Size, Share, Growth | Report, 2030
The Function as a Service Market is been valued at USD 6,213.77 million in 2020 and is expected to reach USD of 11,932.95 million by 2027.
Shraddha Nevase
The global Function As A Service is growing rapidly. Market growth attributes to the business agility and scalability provisioned by function as service platforms. The function as a service (FaaS) platform provides organizations with auto-scalable architecture that enables resources to handle extra activity even when the load is more and reduces resources when the load is reduced.
With the rising demand for auto-scalar performs to automatically scaling rules defined by the users, the market is projected to garner significant traction in the years to come. In this regard, Market Research Future (MRFR) asserts that the global function as a service market is forecasted to reach USD of 11,932.95 Million valuation by 2027, growing at a phenomenal 28.9% CAGR during the assessment period (2020-2027).
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Additional factors bolstering the market size include the high adoption of automation across business processes and the rising utilization of cloud technology within enterprises to enhance business operations. The augmenting demand for time and cost-effective manufacturing techniques and the spurting rise in the semiconductors and consumer electronics market acts as key driving forces.
Global Function as a Service Market – Segmentation
The report is segmented into user types, service types, applications, deployments, verticals, and region. The user type segment is sub-segmented into operator-centric and developer-centric. The service type segment is sub-segmented into automation & integration, microservice monitoring & management services, API management services, support & maintenance services, and others.
The application segment is sub-segmented into web-based & mobile applications, research & academic application, and others. The deployment segment is sub-segmented into public cloud, private cloud and hybrid cloud. The vertical segment is sub-segmented into BFSI, manufacturing, healthcare, IT & telecommunication, and others.
Function-as-a-Service Market – Geographical Analysis
North America dominates the global function as a service market. The largest market share attributes to the penetration of large enterprises in this region with strong, technically sound employees providing continuous innovative technologies. Besides, the high penetration of growing industries into the market and greater efficiency of cloud-based solutions in the front office contribute to the growth of function as a service in North America.
Europe stands second in the global function as a service market. The market is driven by the increasing automation and the smart device uses across the industrial sector. Additionally, the proliferation of the Internet acts as a key driving force for the growth of the regional market. The spurting growth in consumer electronics, automotive, aerospace & defense, and telecommunication industries stimulates market growth.
The Asia Pacific function as a service market is witnessing a rapid expansion. Factors such as the wide adoption of connected devices and the presence of sensor manufacturers substantiate function as a service market size. Besides, the presence of small and medium enterprises adopting cloud-based applications increasingly and government initiatives for the development of smart cities foster regional market growth.
Function as a Service Market – Competitive Analysis
Highly competitive, the function-as-a-service market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players adopt strategies such as mergers & acquisitions, collaborations, and product/technology development. Substantial investments are transpired to develop products and expand global footprints. Most players adopt organic business strategies, whereas tier I & II companies accentuate the inorganic business strategies to achieve their goals.
Major Players
Players leading in the market are Google Inc. (US), IBM (US), Microsoft Corporation (US), SAP SE (Germany), Amazon Web Services (US), Dynatrace LLC (US), Rogue Wave Software Inc. (US), Infosys Ltd. (India), TIBCO Software Inc. (US), and Fiorano Software & Affiliates (US).
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Industry/ Innovation/ Related News
May 25, 2021 ---- TidalScale, a leading software-defined server technology developer, announced a reseller agreement with Interdynamix, a leading provider of advanced infrastructure solutions in Canada. This agreement would enable TidalScale to deliver software-defined server technology to their vast client network throughout Canada.
Feb 10, 2021 ---- AWS announced Node.js version 14 supports for its function as a Service (FaaS), Lambda. Developers can now author AWS Lambda functions using Node.js' new features, such as top-level-await, enhanced diagnostics, modifications of the streams APIs, and a revised JavaScript engine for better performance.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.
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