Portland, OR, Nov. 16, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Function-as-a-Service market was pegged at $3.0 billion in 2018 and is estimated to hit $24.0 billion by 2026, registering a CAGR of 29.7% from 2019 to 2026. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Rise in the app development market, increase in shift from DevOps to serverless computing, and upsurge in need to eradicate server management challenges fuel the growth of the global function-as-a-service market. On the other hand, issues associated with third-party APIs restrains the growth to some extent. Nevertheless, emergence of function-as-a-service applications in growing IoT landscape and growth in the cloud infrastructure service market are anticipated to pave the way for numerous opportunities for the key players in the industry.
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Impact of COVID-19 Pandemic on Function-as-a-Service Market:
- The outbreak of the pandemic has led to a decline in demand for physical infrastructure and system software. On the contrary, there’s been a growing inclination toward adopting cloud models in business organizations across the world. This factor has boosted the global Function-as-a-Service market to a significant extent.
- Also, there’s been a steep increase in the use of back-end services on a flexible pay-as-you-go basis, which has impacted the market positively.
Get detailed COVID-19 impact analysis on the Function-as-a-service Market
The global Function-as-a-Service market is analyzed across user type, deployment model, organization size, industry vertical, and region. By user type, the developer-centric segment accounted for nearly three-fifths of the total market share in 2018 and is anticipated to rule the roost by the end of 2026. The operator-centric segment, on the other hand, would portray the fastest CAGR of 31.3% from 2019 to 2026.
By deployment model, the public cloud segment contributed to nearly three-fifths of the total market revenue in 2018 and is projected to retain its dominance throughout the forecast period. Simultaneously, the hybrid cloud segment would manifest the fastest CAGR of 34.8% till 2026.
By region, North America held the highest share in 2018, generating nearly half of the global market. At the same time, Asia-Pacific would register the fastest CAGR of 34.1% from 2019 to 2026. The other two regions studied in the report include North America and LAMEA.
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The leading market players analyzed in the global Function-as-a-Service market report include Google LLC, IBM Corporation, Rogue Wave Software, Inc., Microsoft Corporation, Oracle Corporation, Tibco Software Inc., SAP SE, Dynatrace LLC., Infosys Limited, and Amazon Web Services. These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures, and others to reinforce their status in the industry.
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