Global Function-as-a-Service Market Analysis 2024 – Size and Share Analysis

Posted by Ramakrishna TBRC on January 10th, 2024

The Function-as-a-Service by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Function-as-a-Service, The function-as-a-service market size has grown rapidly in recent years. It will grow from .59 billion in 2023 to .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 .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..

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.

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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)

Strategic partnerships for enhancing capabilities are a key trend adopted in the function-as-a-service market. Strategic partnerships offer various advantages such as innovation through collaborative research and development, new solutions creation, enhancement of existing capabilities, and more. The function of service companies is to partner with other key market players to enhance their capabilities, innovate and offer new solutions to customers. For instance, Red Hat, Inc., a US-based open-source software firm, and Microsoft Corporation, a US-based technology corporation have extended their partnership till at least 2024. Both companies have been active in open source communities, bringing major Microsoft technologies such as SQL Server and.NET to Red Hat Enterprise Linux and Red Hat OpenShift FaaS. The collaboration will continue as part of their expanded collaboration to create new ideas for the larger Linux community.

The function-as-a-service market report table of contents includes:
1. Executive Summary
2. Function-as-a-Service Market Characteristics
3. Function-as-a-Service Market Trends And Strategies
4. Function-as-a-Service Market - Macro Economic Scenario
5. Global Function-as-a-Service Market Size and Growth
31. Global Function-as-a-Service Market Competitive Benchmarking
32. Global Function-as-a-Service Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Function-as-a-Service Market
34. Function-as-a-Service Market Future Outlook and Potential Analysis
35. Appendix

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Ramakrishna TBRC

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Ramakrishna TBRC
Joined: December 17th, 2019
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