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.

function-as-a-service-market

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.

Global Function as a Service: Overview

Function as a service (FaaS) could also be defined as a section of cloud computing service which provides a platform for customers to develop, manage and run applications functionalities without the complication of maintaining and building infrastructure which are typically involved in developing and launching new apps. Function as a service (FaaS) is a cloud service which enables service less management and app development. Function as a service enables the end users to conduct programming and other task without having to manage their servers. String of code are generated with events on the end users and outsourced to servers which are located away from the user who can execute the planned function. The application of function as a service to develop a new app enables the end user to have a server less architecture. The function as a service is mostly used while building micro services applications. Some of the key function as a service product from key players includes, Google cloud function, AWS Lambda and Microsoft Azure. The application of cloud computing provides organizations to shift their focus from IT infrastructure and give more attention to their core services and products. These days most businesses use cloud services. The application of cloud service provides exemptions from worrying about underlying infrastructure issues. The application of server less architecture provides improved efficiency, speeding time to market and helps in reduction of cost. The server less cloud is an evolutionary process in leveraging cloud computing to its full potential.

Global Function as a Service: Segmentation

The function as a service market by type has been segmented into developer centric faas and operator centric faas. The function as a service by service has been segmented into service monitoring and management, automation integration services, maintenance services, consulting services and others. The function as a service by end use industry has been segmented into defense and surveillance, telecommunication, banking and finance, healthcare, media and entertainment, hi tech industry, manufacturing and others. The global function as a service by geography has been segmented into North America, Latin America, Middle East and Africa, Asia Pacific and Europe.

Global Function as a Service: Regional Outlook

The market report deals in the forecast of the Function as a Service market in terms of revenue (USD million) as well as the CAGR for the forecast period 2016 to 2027. The competitive profiling of the key players in the global Function as a Service market has been comprehensively covered under the scope of the report. The key players in the Function as a Service Market have been competitively profiled across the five broad geographic regions. This competitive landscape is inclusive of the various business strategies adopted by these major players and their recent developments in the field of function as a service market. In order to provide a detailed insight into the market dynamics of global Function as a Service Market, the drivers and restraints affecting the industry are included in the study. Market dynamics include market opportunity, drivers and restraints and an extensive analysis of these factors are included in the report. Furthermore, market attractiveness breakdown has also been provided in the report. Therefore, the report provides a comprehensive study of the global Function as a Service market and also offers the forecast of the market for the period from 2017-2025.

Key Players Mentioned in the Report are:

Some of the key players operating in the function as a service market include Google Inc. (California, U.S.), International Business Machines Corporation (IBM) (New York, U.S.), Amazon Web Services Inc. (Washington, U.S), Microsoft Corporation (Washington, U.S.), Infosys Limited (Bangalore, Karnataka,India), SAP SE (Walldorf, Germany), Dynatrace LLC (Massachusetts, U.S.), Rogue Wave Software Inc. (Colorado, U.S.), VMware Inc. (U.S.) and Oracle Corporation (California, U.S.).

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

The market has been segmented as follows:

by Type

  • Developer centric FaaS
  • Operator centric FaaS

by Service

  • Service Monitoring and management
  • Automation integration services
  • Maintenance Services
  • Consulting Services
  • Others

by End Use Industry

  • Defense and Surveillance
  • Telecommunication
  • Banking and Finance
  • Healthcare
  • Media and Entertainment
  • Hi tech Industry
  • Manufacturing
  • Others

by Geography

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • The U.K.
    • Germany
    • The Netherlands
    • Rest of Europe
  • Asia Pacific
    • China(Including Taiwan)
    • India
    • Japan
    • Oceania
    • Rest of Asia Pacific
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • South Africa
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Others       

With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.

TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.

Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:

Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.

Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.

Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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