Function-as-a-Service Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

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Function-as-a-Service Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

Status : November, 2020 | Technology & Media | PPT format

Report Digest


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.

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

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

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

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.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?