Function-as-a-Service Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Global Function as a Service (FaaS): Snapshot
Serverless computing is all the rage these days as it shifts the task of running and managing the infrastructure from the company to its cloud provider. While software as a service (SaaS), infrastructure as a service (IaaS), and Platform as a Service (PaaS) are already well known and popular in the domain of serverless computing, there is another upcoming technology – function as a service (FaaS) – which is primed to become mainstream soon enough.
Function as a service (FaaS) is essentially a software framework offered by a service provider. It can be tailored easily to serve the business needs of the user by helping them to quickly develop an application or system. By doing away with the need for heavy investments in infrastructure and hardware, FaaS results in tremendous cost savings. Some of prominent participants in the market are also big guns of the likes of Microsoft Corporation, SAP SE, Amazon Web Services, Google, Inc., and IBM.
From a geographical perspective, North America outshines all others due to the presence of a large number of FaaS providers and savvy companies increasingly looking to up business agility and flexibility, particularly in the advanced U.S. and Canada market. Asia Pacific, on the other hand, is slated to expand at a good clip in the foreseeable future due to businesses booming in the developing economies in the region. China, India, Taiwan, South Korea, and other nations in the region, which are home to a growing number of software firms, are frontrunners in driving expansion in the Asia Pacific market.
Global Function-as-a-Service Market: Overview
Function-as-a-service (FaaS), a.k.a. serverless computing, is creating an evolution in the field of cloud computing as it plays a pivotal role in boosting IT agility by releasing developers from the taxing job of managing and provisioning servers. The next step in cloud infrastructure as a service (IaaS), FaaS cancels the need to administer servers and pay for them when not in use while making it a whole lot easier to leverage and scale complex automation areas. It is an event-driven computing service which executes functions and codes only when required.
Global Function-as-a-Service Market: Key Trends
The international FaaS market is prophesied to grow in the black at a knockout CAGR as organizations shift from DevOps to serverless computing. During the forecast period, there could also be other factors supporting the market growth, which include maturity of hosted services, scalability, and agility. The global market could be driven by the constant need articulated by most companies regarding the optimization of microservices and management of multiple platforms. As a result, services such as microservice management and monitoring and automation and integration are anticipated to gain a relentless impetus.
Issues pertaining to portability to the cloud could act as an obstacle in the global FaaS market. Nonetheless, the availability of robust pre-existing cloud infrastructure and easy management and deployment need are forecasted to make up for the market disincentive. Companies around the world are now implementing FaaS as a means to run, manage, and deploy applications. Keeping this ability of the product in view, the market is expected to see the domination of operator-centric FaaS and developer-center FaaS in the coming years. Besides for the deployment of different applications such as those relating to research and academic and mobile and web, FaaS can be employed to optimize their performance.
Global Function-as-a-Service Market: Market Potential
Delineated as the first serverless database, FaunaDB Serverless Cloud, introduced by a San Francisco startup, is making rounds on technology news columns with its real-time data replicating ability to ensure multi-cloud availability. The serverless revolution by Fauna Inc. is proud to seamlessly span Google Cloud Platform and Amazon Web Services. Later in 2017, the company is planning to offer support to the Microsoft Azure cloud. This latest offering is based on the adaptive operational database of FaunaDB that is capable of leveraging pay-as-you-go pricing, reduced operational overhead, elastic scaling, enhanced marketing time, and other cloud capabilities.
Global Function-as-a-Service Market: Regional Outlook
The North America FaaS market is prognosticated to lean on a colossal count of FaaS providers, surging want for business agility and flexibility, and towering rate of penetration into a gamut of industry verticals in the U.S. The researchers envisage the regional market to rake in a larger share of revenue in the coming years. Asia Pacific, on similar lines, is envisioned to secure a higher rate of growth during the forecast period. This could be due to the need to streamline business operations and enhance customer experiences with the help of significant investments in cloud service providers. As a result, Asia Pacific is predicted to register a telling CAGR.
Global Function-as-a-Service Market: Competitive Landscape
Players in the global FaaS market could be looking to boost customer satisfaction and focus on perpetual innovation in technology with a view to fortify their status in the industry. Additionally, partnerships, acquisitions, and new product developments are prime strategies projected to take precedence in the market. Some of the leading companies in the market are Dynatrace LLC, SAP SE, Amazon Web Services, Microsoft Corporation, Google, Inc., and IBM.
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Latest Trends and Cardinal Growth Prospects
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Existing and Future Insights in Growth
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Ascensions in Technology
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The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
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