Drivers and Restraints
The global market for function as a service, according to a report by Market Research Future (MRFR), is rising rapidly over ~10% of CAGR and is expected to reach at USD ~ 330 billion by the end of the review period.
Several factors are influencing the growth of the global market for function as a service. The serverless architecture has numerous benefits as it reduces time to market, reduces operational costs, reduces the complicated nature of software and others. Therefore, the demand for serverless architecture is driving the function as a service market over the review period.
The factors fueling the function as a service market include the need to quickly and effectively integrate the associated microservices. Automation and integration services help decrease the computation time and raise the overall efficiency of the application which is further contributing to the growth of this market over the review period.
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Some of the key market players in the market are Google Inc. (U.S.), IBM (U.S.), Microsoft Corporation (U.S.), SAP SE (Germany), Amazon Web Services (U.S.), Dynatrace LLC (U.S.), Infosys Ltd. (India), Rogue Wave Software Inc. (U.S.), TIBCO Software Inc. (U.S.), Fiorano Software & Affiliates (U.S.), among others.
The global market for function as a service is segmented on the basis of user type, application, service type, deployment, and vertical. Based on user type, the market is bifurcated into operator centric and developer centric. On the basis of service type, the market is segmented into automation and integration, microservice monitoring and management services, support and maintenance services, API management services, and others. Based on application, the function as a service market is segmented into web-based and mobile applications, research, and academic application. Based on the cloud, the market is segmented into a public cloud, private cloud, and hybrid cloud. The function as a service covers a wide area of verticals such as BFSI, healthcare, manufacturing, IT and telecommunication and many more.
The regional analysis of the active electronic components market is being studied for regions such as Asia Pacific, North America, Europe and the Rest of the World.
North America is slated to hold the largest market share and lead the function as a service market and is expected to witness a significant growth trajectory over the review period, due to the penetration of large enterprises situated in this region with stable technologically skilled employees providing constant innovative technologies, high penetration into the increasing industries of the market, and better efficiency of cloud-based solution in the front office. These are some of the significant driving factors contributing to the expansion of function as a service in North America.
Europe is also one of the major regional markets for function as a service and is slated to gain traction over the assessment period. The established ICT industry and the presence of significant market players in developed economies such as Germany, the Netherlands, and the UK, is expected to drive the function as a service market in Europe over the forecast period.
Asia-Pacific is anticipated to rise at the fastest growth rate during the review period. Organizations in APAC are continually trying to enhance market efficiency and further improve customer satisfaction. This creates substantial growth opportunities for the FaaS solution and service providers over the review period.
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The major market players are poised to contribute substantially towards the market share over the review period, owing to the increasing focus towards investing in research and development activities for advancing technology in the market, consequently raising the demand in the market.
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