Global Function-as-a-Service Market: Overview
Swift uptake of Function-as-a-Service (FaaS), a type of cloud computing service that provides a platform to customers to build, run, and manage application functionalities, on account of their easy deployment and execution ability, is expected to majorly boost their market globally. It can be deployed via public cloud, private cloud, and hybrid cloud. Both small and medium enterprises and large organizations are leveraging it fast to avoid the hassle of building and maintaining in-house infrastructure, typically associated with developing and launching an app.
A report by Transparency Market Research offers essential information about the global market for function-as-a-service. It does so by offering essential insights into the market dynamics and the extent to which they impact the growth of the market. It also presents a granular analysis of the factors promoting or hindering it. Further, the report profiles leading companies in the market and discusses their cost and revenue structure, business strategies, market shares, competitive edge, and operations. Further, the report leverages market-leading analytical tools to gauge the various threats and opportunities awaiting the key players.
Global Function-as-a-Service Market: Trends and Opportunities
Reduction in cost and improving efficiency are the two unique perceived benefits of function-as-a-service helping to spur its demand. The two prominent types of function-as-a-service are developer centric and operator centric. Among the two, developer-centric FaaS is slated to hold a sway over the market in the near future with developers increasingly taking to the platform for their coding needs in order to save costs. Further, they provide simpler methods for coding unlike other monolithic architectures. Such advantages have catalyzed overall growth in the global FaaS market.
One factor, countering the growth in the global function-as-a-service market is application portability issues on cloud environments. Based on service, the global market for function-as-a-service can be classified into microservice monitoring and management service, support and maintenance, automation and integration service, API management service, and training and consulting, among others including metering and billing. Among them, the micro service monitoring and management services is growing at a good clip because of its easy deployment, operation, and management. Banking, finance services and insurance, manufacturing, healthcare and life sciences, and other verticals have been frontrunners at adopting this application to address customer queries.
Further, the automation and integration is another segment that holds out a strong promise. The need to swiftly and effectively unite the associated microservices is driving the automation and integration services.
Global Function-as-a-Service Market: Regional Outlook
Geographically, the key segments of the global market for function-as-a-service are Asia Pacific, North America, Europe, and the Rest of the World. North America, at present, dominates the market owing to the presence of global giants in the domain, the high concentration of highly skilled manpower, and early adoption of new technologies in the region. Going forward, however, Asia Pacific is slated to clock maximum growth with companies in the region continuously endeavoring to better market efficiency and further augment customer satisfaction. This creates an opportunity for the FaaS solution and service providers.
Companies Mentioned in the Report
Some of the noteworthy companies competing in the global market for function-as-a-service, profiled in the report are SAP SE, IBM, Amazon Web Services, Google Inc., Infosys Ltd., TIBCO Software Inc., Microsoft Corporation, and Fiorano Software and Affiliates.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
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- Recommendations to companies for strengthening their foothold in the market
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