The global function as a service (FaaS) market has been gaining pace in recent years as the associated services help end users carry out programming, manage, and run application along with other functions. All these processes are possible without the need to manage any of the services from a manual perspective. Thus, the presence of a platform that reduces the necessity of building and maintaining infrastructure in developing and running new applications has stoked the demand for quality FaaS. A notable benefit of this service involves a fantastic reduction in the cost of operations needed to for various organizations.
As per expert analysts, the global function as a service market had registered an initial valuation of US$1230.0 mn clocked in 2016. This revenue is further expected to reach the figure of US$4280.0 mn by the end of 2025. Such growth is prophesized to occur at a fantastic CAGR of 15.3% during the forecast period from 2017 to 2025.
Healthcare Sector To Continue Maintaining its Winning Stance
The global function as a service market is mainly divided into various segments on the basis of type, service, end use, and by region. From the perspective of type, the market is divided into two segments: developer centric FaaS and operator centric FaaS. By service, the global function as a service market consists of key segments such as - service Monitoring and management, automation integration services, maintenance services, consulting services, and others. Lastly, by end user industry, the function as a service sector comprises work domains in the form of defense and surveillance, telecommunication, banking and finance, healthcare, media and entertainment, hi-tech industry, manufacturing, and others.
In terms of end user industry, the healthcare sector has held a leading position in the market from the perspective of revenue gained. This is mainly due to a rising demand for improved healthcare facilities occurring in most walks of life all over the globe. Moreover, function as a service processes provide benefits such as improved data usage, less costs, and enhanced medical research. These factors make several organization deploy the processes in their day-to-day activities, thus making the segment gain splendid revenue.
North America to Dominate the Global Function as a Service Market
Geography-wise, the global function as a service market is spread across North America, South America, Europe, Asia Pacific, and the Middle East and Africa. Of these, North America gained most prominent in this sector from the perspective of revenue shares. Apart from North America, Europe bags the second spot in the function as a service market in terms of revenue growth. However, experts suggest that Asia Pacific is also anticipated to expand at a fast rate in future due to increasing employment of modern technological processes. Moreover, a mushrooming IT sector in Asia Pacific it is envisaged to stoke growth in the global function as a service market.
Oracle Corporation, Microsoft Corporation, Google Inc., New York, Amazon Web Services Inc., SAP SE, Dynatrace LLC, International Business Machines Corporation, Rogue Wave Software Inc., Infosys Limited, and VMware Inc., are key players operating in the global function as a service market.
Widespread Penetration of Cloud-Computing Services Boosts Function as a Service Market
The function as a Service (FaaS) has evolved rapidly on the back of trend of demand for microservices applications gathering momentum. Widespread penetration of cloud-computing services over the past 10 years has brought FaaS to the forefront, as it is considered as a unique type of serverless service category in cloud computing space. The FaaS market is witnessing strides from a growing number of enterprises aiming at cost-effective solutions to cloud migration. FaaS has earned preference for dynamic workloads or scheduled tasks, where the focus is on application code rather than infrastructure. Several benefits have spurred the demand for various products or services in the FaaS market. Rapidly expanding operations of IT-enabled organizations to different geographies call for the deployment of a strong and cost-efficient cloud infrastructure. The FaaS model typically offers the best combination of the total-cost-of-ownership and high-load applications that need scaling, whether upward or downward. Over the years, providers in the FaaS market are keenly aiming at making deployment easier. Growing incorporation of third-party services by governments in various developing nations is a key propelling the business prospects of FaaS. The need for improving computing has made FaaS highly attractive option in the cloud space. Growing popularity of Knative and Kubernetes is also boosting the proposition of FaaS.
The coronavirus and the emerging new variants of the virus have started and perpetuating the COVID-19 crisis respectively, massively disrupting the prevailing business models across all industries. A large part of the operations have been digitized faster than expected in 2020 and 2021. A responsive world has restructures the policy frameworks, which has opened new vistas of opportunities in some industries, including the FaaS market. The overhaul of the digital consumer connect technologies has also stirred the relevance of new strategic frameworks for key incumbents in the market. Long-standing beliefs continue to be challenges by the emerging COVID outbreaks in recent months, with impending new waves by the end of this year. All these trends are likely to shape the prospects of the FaaS market.
The market has been segmented as follows:
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Section 1 Preface
Section 2 Assumptions and Research Methodology
2.1 Assuptions and Acronyms Used
2.2 Research Methodolgy
Section 3 Executive Summary
3.1 Executive Summary
Section 4 Global Function as a Service Market: Market Overview
4.1 Introduction
4.2 Market Dynamics Drivers and Restraints Snapshot Analysis
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunities
4.3 Competitive Landscape
4.3.1 Market Attractiveness Analysis
4.3.2 Competitive Strategy adopted by leading players
4.4 Market Positioning of Key Players, 2016
Section 5 Global Function as a Service MarketAnalysisby Type
5.1 Key Findings
5.2 Introduction
5.3 Global Function as a Service Market Analysis, by Type, 2016 - 2025
Section 6 Global Function as a Service MarketAnalysis, By Service
6.1 KeyFindings
6.2 Introduction
6.3 Global Function as a Service Market Analysis, by Services, 2016 - 2025
Section 7 Global Function as a Service MarketAnalysis, By End Use Industry
7.1 KeyFindings
7.2 Introduction
7.3 Global Function as a Service Market Analysis, by End Use Industry, 2016 - 2025
Section 8 Function as a Service Market Analysis, By Region
8.1 Function as a Service Market Forecast, by Type Analysis
8.2 Function as a Service Market Forecast, by Services Analysis
8.3 Function as a Service Market Forecast, by Region End Use Industry
Section 9 North America Function as a Service MarketAnalysis
9.1 Key Findings
9.2 North America Function as a Service Market Size (US$ Mn) Forecast, by Devices, 2016–2025
9.3 North America Function as a Service Market Size (US$ Mn) Forecast, by services, 2016–2025
9.4 North America Function as a Service Market Size (US$ Mn) Forecast, End Use Industry, 2016–2025
9.5 North America Function as a Service Market Size (US$ Mn) Forecast, By Country, 2016–2025
Section 10 EuropeFunction as a Service MarketAnalysis
10.1 Key Findings
10.2 EuropeFunction as a Service Market Size (US$ Mn) Forecast, by Devices, 2016–2025
10.3 EuropeFunction as a Service Market Size (US$ Mn) Forecast, by services, 2016–2025
10.4 EuropeFunction as a Service Market Size (US$ Mn) Forecast, End Use Industry, 2016–2025
10.5 EuropeFunction as a Service Market Size (US$ Mn) Forecast, By Country, 2016–2025
Section 11 Asia PacificFunction as a Service MarketAnalysis
11.1 Key Findings
11.2 Asia PacificFunction as a Service Market Size (US$ Mn) Forecast, by Devices, 2016–2025
11.3 Asia PacificFunction as a Service Market Size (US$ Mn) Forecast, by services, 2016–2025
11.4 Asia PacificFunction as a Service Market Size (US$ Mn) Forecast, End Use Industry, 2016–2025
11.5 Asia PacificFunction as a Service Market Size (US$ Mn) Forecast, By Country, 2016–2025
Section 12 Middle East and AfricaFunction as a Service MarketAnalysis
12.1 Key Findings
12.2 Middle East and AfricaFunction as a Service Market Size (US$ Mn) Forecast, by Devices, 2016–2025
12.3 Middle East and AfricaFunction as a Service Market Size (US$ Mn) Forecast, by services, 2016–2025
12.4 Middle East and AfricaFunction as a Service Market Size (US$ Mn) Forecast, End Use Industry, 2016–2025
12.5 Middle East and AfricaFunction as a Service Market Size (US$ Mn) Forecast, By Country, 2016–2025
Section 13 Latin AmericaFunction as a Service MarketAnalysis
13.1 Key Findings
13.2 Latin AmericaFunction as a Service Market Size (US$ Mn) Forecast, by Devices, 2016–2025
13.3 Latin AmericaFunction as a Service Market Size (US$ Mn) Forecast, by services, 2016–2025
13.4 Latin AmericaFunction as a Service Market Size (US$ Mn) Forecast, End Use Industry, 2016–2025
13.5 Latin America Function as a Service Market Size (US$ Mn) Forecast, By Country, 2016–2025
Section 14 Company Profiles
14.1 Google Inc.
14.1.1 Company Details
14.1.2 Company Description
14.1.3 Business Overview
14.1.4 SWOT Analysis
14.1.5 Financial Overview
14.1.6 Strategic Overview
14.2 International Business Machines Corporation (IBM)
14.2.1 Company Details
14.2.2 Company Description
14.2.3 Business Overview
14.2.4 SWOT Analysis
14.2.5 Financial Overview
14.2.6 Strategic Overview
14.3 Amazon Web Services Inc.
14.3.1 Company Details
14.3.2 Company Description
14.3.3 Business Overview
14.3.4 SWOT Analysis
14.3.5 Financial Overview
14.3.6 Strategic Overview
14.4 Microsoft Corporation
14.4.1 Company Details
14.4.2 Company Description
14.4.3 Business Overview
14.4.4 SWOT Analysis
14.4.5 Financial Overview
14.4.6 Strategic Overview
14.5 Infosys Limited
14.5.1 Company Details
14.5.2 Company Description
14.5.3 Business Overview
14.5.4 SWOT Analysis
14.5.5 Financial Overview
14.5.6 Strategic Overview
14.6 SAP SE
14.6.1 Company Details
14.6.2 Company Description
14.6.3 Business Overview
14.6.4 SWOT Analysis
14.6.5 Financial Overview
14.6.6 Strategic Overview
14.7 Dynatrace LLC
14.7.1 Company Details
14.7.2 Company Description
14.7.3 Business Overview
14.7.4 SWOT Analysis
14.7.5 Financial Overview
14.7.6 Strategic Overview
14.8 Rogue Wave Software Inc.
14.8.1 Company Details
14.8.2 Company Description
14.8.3 Business Overview
14.8.4 SWOT Analysis
14.8.5 Financial Overview
14.8.6 Strategic Overview
14.9 VMware Inc.
14.9.1 Company Details
14.9.2 Company Description
14.9.3 Business Overview
14.9.4 SWOT Analysis
14.9.5 Financial Overview
14.9.6 Strategic Overview
14.10 Oracle Corporation
14.10.1 Company Details
14.10.2 Company Description
14.10.3 Business Overview
14.10.4 SWOT Analysis
14.10.5 Financial Overview
14.10.6 Strategic Overview
List of Tables
TABLE 1 Global Function as a Service Market Size (US$ Mn) Forecast, by Type, 2016–2025
TABLE 2 Global Function as a Service Market Size (US$ Mn) Forecast, by Services, 2016–2025
TABLE 3 Global Function as a Service Market Size (US$ Mn) Forecast, End Use Industry, 2016–2025
TABLE 4 North America Function as a Service Market Size (US$ Mn) Forecast, by Type, 2016–2025
TABLE 5 North America Function as a Service Market Size (US$ Mn) Forecast, by Services, 2016–2025
TABLE 6 North America Function as a Service Market Size (US$ Mn) Forecast, End Use Industry, 2016–2025
TABLE 7 Europe Function as a Service Market Size (US$ Mn) Forecast, by Type, 2016–2025
TABLE 8 Europe Function as a Service Market Size (US$ Mn) Forecast, by Services, 2016–2025
TABLE 9 Europe Function as a Service Market Size (US$ Mn) Forecast, End Use Industry, 2016–2025
TABLE 10 Asia Pacific Function as a Service Market Size (US$ Mn) Forecast, by Type, 2016–2025
TABLE 11 Asia Pacific Function as a Service Market Size (US$ Mn) Forecast, by Services, 2016–2025
TABLE 12 Asia Pacific Function as a Service Market Size (US$ Mn) Forecast, End Use Industry, 2016–2025
TABLE 13 Middle East and Africa Function as a Service Market Size (US$ Mn) Forecast, by Type, 2016–2025
TABLE 14 Middle East and Africa Function as a Service Market Size (US$ Mn) Forecast, by Services, 2016–2025
TABLE 15 Middle East and Africa Function as a Service Market Size (US$ Mn) Forecast, End Use Industry, 2016–2025
TABLE 16 Latin America Function as a Service Market Size (US$ Mn) Forecast, by Type, 2016–2025
TABLE 17 Latin America Function as a Service Market Size (US$ Mn) Forecast, by Services, 2016–2025
TABLE 18 Latin America Function as a Service Market Size (US$ Mn) Forecast, End Use Industry, 2016–2025
List of Figures
FIG. 1 Function as a Service Market Attractiveness Analysis, by Systems, 2016
FIG. 2 Market Share of key players, (%), 2016
FIG. 3 Global Developer centric FaaS Function as a Service Market Revenue (USD Mn), by Type Analysis, 2016 - 2025
FIG. 4 Global Operator centric FaaS Market Revenue (USD Mn), by Type Analysis, 2016 - 2025
FIG. 5 Global Service Monitoring and ManagementFaaS Function as a Service Market Revenue (USD Mn), by Services Analysis, 2016 - 2025
FIG. 6 Global Automation Integration Services FaaS Market Revenue (USD Mn), by Services Analysis, 2016 - 2025
FIG. 7 Global Maintenance Services FaaS Function as a Service Market Revenue (USD Mn), by Services Analysis, 2016 - 2025
FIG. 8 Global Consulting Services FaaS Market Revenue (USD Mn), by Services Analysis, 2016 - 2025
FIG. 9 Global Others FaaS Function as a Service Market Revenue (USD Mn), by Services Analysis, 2016 - 2025
FIG. 10 Global Defense and SurveillanceFaaS Function as a Service Market Revenue (USD Mn), by Services Analysis, 2016 - 2025
FIG. 11 Global Telecommunication Integration Services FaaS Market Revenue (USD Mn), by End Use Industry, 2016 - 2025
FIG. 12 Global Banking and Finance Services FaaS Function as a Service Market Revenue (USD Mn), by End Use Industry, 2016 - 2025
FIG. 13 Global Healthcare FaaS Market Revenue (USD Mn), by End Use Industry, 2016 - 2025
FIG. 14 Global Media and Entertainment Services FaaS Function as a Service Market Revenue (USD Mn), by End Use Industry, 2016 - 2025
FIG. 15 Global Hi tech Industry FaaS Market Revenue (USD Mn), by End Use Industry, 2016 - 2025
FIG. 16 Global Manufacturing FaaS Function as a Service Market Revenue (USD Mn), by End Use Industry, 2016 - 2025
FIG. 17 Global Others FaaS Market Revenue (USD Mn), by End Use Industry, 2016 - 2025
FIG. 18 U.S. Function as a Service Market Analysis, Revenue
FIG. 19 Canada Function as a Service Market Analysis, Revenue
FIG. 20 Mexico Function as a Service Market Analysis, Revenue
FIG. 21 U.K Function as a Service Market Analysis, Revenue In Million
FIG. 22 Germany Function as a Service Market Analysis, Revenue In Million
FIG. 23 The Netherlands Function as a Service Market Analysis, Revenue
FIG. 24 Rest of Europe Function as a Service Market Analysis, Revenue
FIG. 25 China (Including Taiwan) Function as a Service Market Analysis, Revenue
FIG. 26 India Function as a Service Market Analysis, Revenue
FIG. 27 Japan Function as a Service Market Analysis, Revenue
FIG. 28 Oceania Function as a Service Market Analysis, Revenue
FIG. 29 Rest of Asia Pacific Function as a Service Market Analysis, Revenue
FIG. 30 UAE Function as a Service Market Analysis, Revenue
FIG. 31 Saudi Arabia Function as a Service Market Analysis, Revenue
FIG. 32 South Africa Function as a Service Market Analysis, Revenue
FIG. 33 Others Function as a Service Market Analysis, Revenue
FIG. 34 Brazil Function as a Service Market Analysis, Revenue
FIG. 35 Argentina Function as a Service Market Analysis, Revenue
FIG. 36 Others Function as a Service Market Analysis, Revenue
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Function as a Service Market
*86 figures and 60 tables includes