Function as a Service Market Overview:
The global Function As A Service Market 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. The Function as a Service
Market is been valued at USD 6,213.77 million in 2020 and is expected to reach
USD of 11,932.95 million by 2027.
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Key Players:
Function as a Service Market Key Players
- Am
azon Web Services Inc - Dynatrace
LLC
- Fiorano
Software And Affiliates
- Flowgear
- Microsoft
Corporation
- SAP SE
- Tibco
Software Inc
- International
Business Machines Corporation
- Google
Inc
- Manjrasoft
Private Limited
- Rogue
Wave Private Limited
- Sixsq
Sarl
- Infosys
Limited
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.
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.
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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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