Overview and Scope
Function-as-a-service (FaaS) refers to a category of cloud computing service that is used to build, run, manage, and compute, application packages as functions without the need of having to maintain their own infrastructure. FaaS is a category of cloud computing services that. It divides servers into functions. So, they can automatically scale into microservices without the requirement for independent infrastructure management.
Sizing and Forecast
The function-as-a-service market size has grown rapidly in recent years. It will grow from $9.59 billion in 2023 to $11.39 billion in 2024 at a compound annual growth rate (CAGR) of 18.7%. The growth in the historic period can be attributed to rise of serverless computing, shift towards microservices architecture, demand for scalability and flexibility, focus on cost efficiency, simplified development and deployment..
The function-as-a-service market size is expected to see exponential growth in the next few years. It will grow to $23.69 billion in 2028 at a compound annual growth rate (CAGR) of 20.1%. The growth in the forecast period can be attributed to innovation and evolution in functionality, growing adoption in various industries, increasing role in iot and ai integration, integration with edge computing, expansion of ecosystem and vendor offerings.. Major trends in the forecast period include efforts towards cost optimization, automation and ci/cd integration, development of serverless frameworks, enhanced security and compliance measures, continuous improvement in scalability and performance, integration with edge computing..
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Segmentation & Regional Insights
The function-as-a-service market covered in this report is segmented –
1) By Service: Tablets, Smartphones, Gaming Consoles, Laptops/PCs
2) By Deployment Model: Public Cloud, Private Cloud, Hybrid Cloud
3) By Enterprise: Small And Medium Enterprises, Large Enterprises
4) By End-User: Banking, Financial Services, And Insurance (BFSI), Information Technology (IT) And Telecommunication, Retail, Healthcare And Life Sciences, Other End-Users (Media And Entertainment, Government, Educational Institutions)
North America was the largest region in the function-as-a-service market in 2023. Asia-Pacific expected to be the fastest-growing region in the forecast period. The regions covered in the function-as-a-service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increase in app development activities is expected to drive the growth of the function-as-a-service (FaaS) market. Apps are becoming increasingly popular because of their ease of use and enhanced accessibility. As the need for apps grows, so does the demand for app development platforms such as paid cloud/function-as-a-service. This serverless backend process creates a computer program or a set of programs to perform the client’s allotted activities. This growing app demand has resulted in increasing the use of FaaS services. According to the store stats 2022 report, by the swiss-based software company 42matters AG, on average, 1,300 new Android apps are released daily in the Google Play Store, and 1,130 new iOS apps are produced daily in the Apple App Store. Therefore, the increase in app development activities drives the function-as-a-service market growth.
Key Industry Players
Major companies operating in the function-as-a-service market report are Google Inc., Oracle Corporation, Microsoft Corporation, Amazon Web Services, SAP SE, International Business Machines Corporation, TIBCO Software Inc., Fiorano Software and Affiliates, Dynatrace LLC, FaunaDB, Infosys Ltd., VMware Inc., Red Hat Inc., Rackspace Inc., Joyent Inc., Iron. io Inc., OpenFaaS Ltd., Nuweba, Twistlock Ltd., StackPath LLC, Nimbella Inc., TriggerMesh Inc., Serverless Inc., Platform9 Systems Inc., Auth0 Inc., Cloudflare Inc., Kong Inc., Fission Labs Inc., Kubeless Inc., Bitnami Inc.
The function-as-a-service market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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