New York, April 05, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Function-as-a-Service Global Market Report 2023" -
, Manjrasoft Pty Ltd., SixSqSàrl, VMware Inc., Red Hat, Cloudfare and Alibaba, Netlify.
The global function-as-a-service market grew from $8.36 billion in 2022 to $10.12 billion in 2023 at a compound annual growth rate (CAGR) of 21.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The function-as-a-service market is expected to grow to $22.08 billion in 2027 at a CAGR of 21.5%.
The function-as-a-service (FaaS) market includes revenues earned by entities by providing cloud computing services that enable cloud customers to develop applications and deploy functionalities.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Function-as-a-service (FaaS) refers to a category of cloud computing service that is used to build, run, manage and compute, application packages as functions without the need of having to maintain their own infrastructure.FaaS is a category of cloud computing services that.
It divides servers into functions. So, they can automatically scale into microservices without the requirement for independent infrastructure management.
North America was the largest region in the function-as-a-service market in 2022.Asia-Pacific expected to be the fastest-growing region in the forecast period.
The regions covered in the function-as-a-service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main services of function as a service are tablets, smartphones, gaming consoles and laptops/PCs.Tablets service refers to providing FaaS services to cloud customers to run on tablet devices.
The FaaS deployed on public, private and hybrid clouds. These services are used by small, medium and large enterprises in banking, financial services and insurance (BFSI), information technology (IT) and telecommunication, retail, healthcare and life sciences and other sectors.
The increase in app development activities is expected to drive the growth of the function-as-a-service (FaaS) market.Apps are becoming increasingly popular because of their ease of use and enhanced accessibility.
As the need for apps grows, so does the demand for app development platforms such as paid cloud/function-as-a-service.This serverless backend process creates a computer program or a set of programs to perform the client's allotted activities.
This growing app demand has resulted in increasing the use of FaaS services.According to the store stats 2022 report, by the swiss-based software company 42matters AG, on average, 1,300 new Android apps are released daily in the Google Play Store, and 1,130 new iOS apps are produced daily in the Apple App Store.
Therefore, the increase in app development activities drives the function-as-a-service market growth.
Strategic partnerships for enhancing capabilities are a key trend adopted in the function-as-a-service market.Strategic partnerships offer various advantages such as innovation through collaborative research and development, new solutions creation, enhancement of existing capabilities, and more.
The function of service companies is to partner with other key market players to enhance their capabilities, innovate and offer new solutions to customers. For instance, Red Hat, Inc., a US-based open-source software firm, and Microsoft Corporation, a US-based technology corporation have extended their partnership till at least 2024. Both companies have been active in open source communities, bringing major Microsoft technologies such as SQL Server and.NET to Red Hat Enterprise Linux and Red Hat OpenShift FaaS. The collaboration will continue as part of their expanded collaboration to create new ideas for the larger Linux community.
In September 2022, Vista Equity Partners, an American investment firm and Evergreen Coast Capital Corporation, a US-based private equity firm acquired Citrix Systems Inc for $16.5 billion. The acquisition will fuel the growth of Citrix to make it a global leader in enterprise software. Citrix Systems Inc is a US-based cloud computing and virtualization technology company that provides software as a service, cloud computing technologies, server, application and desktop virtualization, and networking.
The countries covered in the function-as-a-service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The function-as-a-service market research report is one of a series of new reports that provides function-as-a-service market statistics, including function-as-a-service industry global market size, regional shares, competitors with a function-as-a-service market share, detailed function-as-a-service market segments, market trends and opportunities, and any further data you may need to thrive in the function-as-a-service industry. This function-as-a-service market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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