New York, US, Nov. 11, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Function as a Service Market by User Type, Vertical, Service Type, Deployment, Application, and Region- Forecast 2027, the market is anticipated to acquire a valuation of approximately USD 11,932.95 million by the end of 2027. The reports further predict the market to flourish at a robust CAGR of over 28.9% during the assessment timeframe.
Function as a Service Market Overview:
Function-as-a-Service (FaaS) refers to the latest idea involving the server performing less processing and producing less infrastructure. It is a procedure with which the cloud service allows serverless application development and handles the whole process. With Function as a service, it is feasible to decide on the organization, as this makes easy availability of the currency exchange data. A FaaS customer runs their programming language without any requirement to address the difficulty of setting up their servers. The global Function as a Service Market has displayed massive expansion recently. The primary aspect causing an upsurge in the market's performance is its ease of deployment, operation, and management.
Furthermore, the growth of hosted services and the switch from DevOps to serverless computing are predicted to boost the market's growth over the forecasted era. The function-as-a-service market is substantially boosted by the aspects such as architectural difficulties and application portability across various cloud environments. Moreover, micro-service deployment offers an opportunity that is likely to catalyze the market's growth over the coming years.
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Competitive Analysis
The catalog for leading participants across the global Function as a Service Market includes players such as:
- Infosys Limited
- Amazon Web Services Inc
- Tibco Software Inc
- Dynatrace LLC
- International Business Machines Corporation
- Fiorano Software And Affiliates
- Google Inc
- Flowgear
- Manjrasoft Private Limited
- Microsoft Corporation
- Rogue Wave Private Limited
- SAP SE
- Sixsq Sarl
Report Scope:
| Report Metric | Details |
| Revenue forecast in 2027 | USD 11,932.95 Million |
| Growth Rate | CAGR of 28.9% from 2020 to 2027 |
| Base Year | 2019 |
| Study Period | 2020-2027 |
| Key Market Opportunities | Rapid advancement in the technology and the development of the application |
| Key Market Drivers | The increase in the introduction of the new application and the technology |
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Function as a Service Market USP Covered
Market Drivers
The market's growth is ascribed to the aspects such as an increase in the introduction of the new application, an increase in the usage of the application, and easy reuse of the code.
Market Restraints
On the other hand, spreading the pandemic and portability to the cloud may limit the market's performance.
Function as a Service Market COVID-19 Impact
The global market for Function as a service has witnessed some considerable setbacks during the pandemic, but by the end of 2020, the market picked up the pace. With the growing demand worldwide, the global market for Function as a service is anticipated to demonstrate high growth over the coming years.
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Function as a Service Market Segment Analysis
Among all the types, the developer-centric FaaS segment is predicted to ensure the leading position across the global market for Function as a service over the review timeframe. Developers are progressively utilizing the FaaS platform for coding due to their cost-saving advantages. In addition, they offer more accessible techniques for coding, not like other monolithic architectures. These services have assisted the market share of the function-as-a-service market globally.
Among all the services, the automation and integration service segment is anticipated to secure the top spot across the global Function as a Service Market over the review period. On the contrary, the microservice monitoring and management service is predicted to demonstrate the maximum growth rate over the assessment period. Companies will keep on requiring several service types to help them manage several platforms and improve micro services, which is likely to boost the market's growth over the coming years.
Among all the deployment models, the public cloud deployment option segment is predicted to hold the top spot across the global Function as a Service Market over the forecasted era. On the contrary, the hybrid cloud deployment strategy segment is anticipated to show the highest growth rate over the review era. Faster implementation and ease of access are believed to be the main parameter supporting the growth of the public cloud segment. Furthermore, the increased need for flexibility, reliability, and scalability will likely catalyze the segment's growth over the coming years.
Among all the end-users, the healthcare segment is anticipated to ensure the top position across the global Function as a Service Market over the coming years. the factors such as fewer costs, medical research, enhanced data usage, and rising demand for improved healthcare across the world are considered being the principal parameters supporting the growth of the segment. In addition, improving the quality of life is also anticipated to boost the segment's performance over the review period.
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Function as a Service Market Regional Analysis
The global Function as a Service Market as a service is analyzed across five critical geographies: Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
According to the analysis reports by MRFR, the North American region secured the top spot across the global market for Function as a service in the year 2020. The report further anticipates the regional market to thrive considerably at a robust CAGR of approximately 13% during the assessment era. The growth of the regional market is credited to the aspects such as the cost-effective nature and advancement in technology across the region. Furthermore, the key players' high availability is another crucial parameter supporting the regional market's performance.
The Asia-Pacific regional function as a service market is anticipated to show the highest growth rate over the coming years. the reports by MRFR anticipate the market to bolster considerably during the review era at a CAGR of approximately 4%. The regional market's growth is credited to the aspects such as the growing population, adoption of cloud technology, and development in many sectors after the pandemic.
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