OVERVIEW:
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 Industry is forecasted to reach USD 6,213.77 million in 2018 and is expected to reach USD of 11,932.95 million by 2023.
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.
Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global function as a service market based on vertical, service type, application, user type, and deployment.
By type, the market is bifurcated into developer centric & operator centric. Among these, developer centric segment will dominate the market in the forecast period.
By service type, the market is bifurcated into micro service monitoring & management services, API management services, support and maintenance services, automation and integration, and others. Among these, the automation and integration segment will lead the market over the forecast period.
By application, the market is bifurcated into research and academic application & web based and mobile application. Among these, the web based, and mobile application segment will have the lions share in the market over the forecast period.
By deployment, the market is bifurcated into hybrid cloud, public cloud, and private cloud. Among these, public cloud will command the largest share in the market in the forecast period.
By function, the market is bifurcated into telecommunication, BFSI, manufacturing, IT, healthcare, and others. Among these, the BFSI segment will spearhead the market in the forecast period.
Regional Analysis
By region, the global function as a service market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW). Of these, North America will head the market over the forecast period. Penetration of large enterprises with strong technically sound employees offering constant innovative technologies, high penetration into the growing industries of the market, greater efficiency of cloud-based solution in the front office, increasing need for business agility and flexibility, large number of FaaS providers located in the US, rising technological advancement of services and solutions, and pre-existing mature cloud infrastructure are adding to the global function as a service market share in the region.
In the APAC region, the function as a service (FaaS) market is predicted to have healthy growth over the forecast period. Companies constantly trying to improve market efficiency and improve customer satisfaction and large investments being made in cloud service providers are adding to the global function as a service market growth in the region.
Key Players
The prominent players profiled in the global function as a service market report include Fiorano Software & Affiliates (U.S.), TIBCO Software Inc. (U.S.), Rogue Wave Software Inc. (U.S.), Infosys Ltd. (India), Dynatrace LLC (U.S.), SAP SE (Germany), Amazon Web Services (U.S.), Microsoft Corporation (U.S.), Google Inc. (U.S.), and IBM (U.S.), among others.
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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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