Portland, OR, July 01, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global function-as-a-service (FAAS) market generated $3.01 billion in 2018, and is estimated to reach $24.00 billion by 2026, registering a CAGR of 29.7% from 2020 to 2026. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Increase in the app development activities, shift from DevOps to serverless computing, and rise in need to eliminate server management challenges drive the growth of the global function-as-a-service (FaaS) market. However, issues associated with third-party APIs hinder the market growth. On the other hand, emergence of function-as-a-service applications in growing IoT landscape and growth of the cloud infrastructure services market offer new opportunities in the coming years.
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Covid-19 scenario:
- During the coronavirus pandemic, the demand for function-as-a-service has been increased to provide platform to develop, run, and manage application functionalities without the complexity of building and maintaining the infrastructure during ‘work from home’ facilities.
- Function-as-a-service has been adopted by the IT industry to continue all the operations smoothly and securely. Moreover, FaaS provides serverless computing via serverless architecture in the lockdown period.
The report offers a detailed segmentation of the global function-as-a-service (FaaS) market based on user type, deployment model, organization size, industry vertical, and region.
Get detailed COVID-19 impact analysis on the Function-as-a-Service Market
Based on deployment model, the public cloud segment contributed to the largest share in 2019, accounting for nearly three-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. However, the hybrid cloud segment is expected to register the highest CAGR of 34.8% from 2019 to 2026.
Based on user type, the developer-centric segment accounted for the largest share in 2019, holding nearly three-fifths of the total share, and is expected to maintain the largest share throughout the forecast period. However, the operator-centric segment is estimated to portray the highest CAGR of 31.3% during the forecast period.
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Based on region, North America contributed the highest share, accounting for nearly half of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 34.1% from 2019 to 2026.
Leading market players analyzed in the research include Amazon Web Services, Tibco Software Inc., Google LLC, SAP SE, IBM Corporation, Infosys Limited, Microsoft Corporation, Rogue Wave Software, Inc., Oracle Corporation, and Dynatrace LLC.
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