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 exponential valuation by
2027, growing at a phenomenal CAGR during the assessment period (2020 – 2027).
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.
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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).
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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Function as a Service Market Research Report:
Information by Technology (Hall Effect, Magneto Resistive, Variable
Reluctance), By Application (Automotive, Industrial, Aerospace & Defense,
Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle
East & Africa, and South America)—Forecast till 2030
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