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Function as a Service Market 2020-2023 COVID-19 Pandemic Impact, Size, Share Analysis, Emerging Technologies, Sales Revenue, Challenges and Forecast


iCrowdNewswire   Jan 5, 2021  1:11 PM ET

Market Highlights

Function as a Service (FaaS) is the concept of serverless computing via serverless architectures. Software developers can leverage this to deploy an individual “function”, action, or piece of business logic. The serverless architecture has many benefits as, it reduces time to market, lowers the operational costs, reduces the complexity of software and others. Therefore, the demand for serverless architecture is driving the function as a service market.

The factors driving this sector include the need to quickly and efficiently integrate the associated microservices. Automation and integration services help reduce the computation time and drive the overall efficiency of the application which is further contributing to the growth of this market.

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Function as a service indicates computing without a physical sever i.e. via serverless architecture. The software developers take advantage of it to deploy an individual “function”, action, or piece of business logic. It enables individual processing in a less time. Function as service is trending in developers, many developers are adopting function as a service platform for developing new applications. On the basis of deployment type, the function as a service market is sub segmented into public cloud, private cloud and hybrid cloud.

Global Function as a Service Market Segmentation

The global Function as a Service Market is segmented on the basis of user type, service type, application, deployment, vertical and region.

On the basis of user type the segment is further classified into operator centric and developer centric.

On the basis of service type the segment is further classified into automation and integration, microservice monitoring and management services, API management services, support and maintenance services and others.

On the basis of application the segment is further classified into web based and mobile application, research and academic application.

On the basis of cloud the segment is further divided into public cloud, private cloud and hybrid cloud. The function as a service covers wide area of verticals such as BFSI, manufacturing, healthcare, IT and telecommunication and many more.

Key players

Some of the key players in the market are IBM (U.S.), Google Inc. (U.S.), Microsoft Corporation (U.S.), Amazon Web Services (U.S.), SAP SE (Germany), Dynatrace LLC (U.S.), Infosys Ltd. (India), Rogue Wave Software Inc. (U.S.), TIBCO Software Inc. (U.S.), Fiorano Software & Affiliates (U.S.), among others

Market Research Analysis:

On geographic basis, global active electronic components market is studied in different regions as North America, Europe, Asia-Pacific and Rest of world.

Asia Pacific is expected to grow at the highest rate during the forecast period. Companies in Asia Pacific are continuously trying to improve market efficiency and further enhance customer satisfaction. This creates an opportunity for the FaaS solution and service providers. North America is expected to hold the largest market share and dominate the FaaS market in 2016.

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