Function-As-A-Service (Faas) Market Opportunity 2026: Transforming The Future Of Cloud Computing

Function-as-a-Service market

Increase in shift from DevOps to serverless computing, and surge in server management challenges augment the growth of the global function-as-a-service market.

PORTLAND, PORTLAND, OR, UNITED STATES, March 18, 2024 /EINPresswire / -- According to the report, the global function-as-a-service industry was estimated at $3.0 billion in 2018, and is anticipated to hit $24.0 billion by 2026, growing at a CAGR of 29.7% from 2019 to 2026.

Function-as-a-Service (FaaS) represents a cloud computing paradigm enabling users to develop diverse applications and deploy functionalities without the necessity of dedicated servers, thereby enhancing operational efficiency. This technology empowers developers to access backend services on a flexible pay-as-you-go framework, with charges based solely on their computational usage and a predetermined bandwidth allocation. FaaS stands out as one of the rapidly expanding cloud service models, significantly reducing the requirements for maintaining physical infrastructure and system software.

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Several benefits such as reduced costs, enhanced scalability, quicker time to release boost and more flexibility boost the adoption of this technology among the enterprises. In addition, Rise in need to eliminate server management and rapid growth of the app development market along with shift from DevOps toward serverless computing drives the Function-as-a-Service market growth. However, issues associated with third-part APIs such as lock-in problems, security & compliance concerns and other architectural complexities hinders the growth of the market. Furthermore, high growth of cloud-based services and rise in IoT-based devices are expected to present major Function-as-a-Service market opportunity during the forecast period.

Based on deployment model, the public cloud segment accounted for the maximum share in 2019, holding nearly three-fifths of the total share of the global function-as-a-service market. This is owing to increase in adoption of function as a service in public cloud as it can improve the functionality as well as overall development process. On the other hand, the hybrid cloud segment is estimated to portray the highest CAGR of 34.8% during the forecast period. This is attributed to the increase in adoption of hybrid cloud in IT service management models and growing demand for cost-effective, scalable and agile computing.

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In terms of organization size, the large enterprise segment is expected to witness high adoption of Function-as-a-Service solutions and services. As the large enterprises are aiming to reduce their operational & maintenance costs and by adopting serverless computing, they can save these costs, which is the major driver for the Function-as-a-Service Market. For instance, large companies such as Major League Baseball, The Seattle Times, and Coca-Cola, have already adopted function-as-a-service to achieve the required scale without the overhead of managing and running the fleet of servers. However, the small and medium sized enterprises are expected to witness highest CAGR in the upcoming years as SME's are focusing on its maintenance costs by adopting serverless computing, which is the major that drives the market growth in SMEs.

Based on user type, the developer-centric segment accounted for the highest share in 2018, contributing to nearly three-fifths of the total revenue of the global function-as-a-service market. This is attributed to significant rise in usage of FaaS as developers, and increased utility in FaaS for simpler coding and developing as compared to other monolithic architectures. On the other hand, the operator-centric segment would manifest the largest CAGR of 31.3% from 2019 to 2026. As operators are shifting towards function-as-a-service model to provide secure & reliable multi-cloud connectivity services. In addition, it aids to introduce SDN to improve existing networks and achieve rapid service provisioning and network optimization which fuels the growth of the market.

Geographically, North America held the largest share, holding nearly half of the global function-as-a-service market share in 2019, and will maintain its dominant contribution during the forecast period. As the region is most advanced in terms of technology adoption. In addition, the growth in demand for scalable and cost-effective computing, and availability of major market players in this region fuels the growth of the market. Contrarily, the region across Asia-Pacific is expected to grow at the highest CAGR of 34.1% during the forecast period. This is attributed to rise in adoption of cloud technology trend in Asia-Pacific countries. Furthermore, increase in presence of major market players and expansion of existing players in Asian countries is expected to drive the market growth in this region.

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The report focuses on the growth prospects, restraints, and trends of the Function-as-a-Service market analysis. The study provides Porter's five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the global market.

Key players in the industry:

.Amazon Web Services
.Google LLC
.IBM Corporation
.Microsoft Corporation
.Oracle Corporation
.Tibco Software Inc.
.SAP SE
.Infosys Limited
.Rogue Wave Software, Inc.
.Dynatrace LLC

These players have adopted various strategies to increase their market penetration and strengthen their position in the industry. Also, the report focuses on the growth prospects, restraints, and Function-as-a-Service market trends.

Impact of COVID-19 on the Function-as-a-Service (FaaS) Market:

.The Function-as-a-Service (FaaS) market is poised for a significant uptick amidst the COVID-19 pandemic, driven by the need to swiftly develop, run, and manage application functionalities. This surge is attributed to the avoidance of complex infrastructure building and maintenance, enabling seamless 'work from home' capabilities.

.During the lockdown period, the IT industry has embraced Function-as-a-Service due to its provision of serverless computing through serverless architecture. This adoption has ensured the continuity of operations, maintaining smooth and secure business processes.

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