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.
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, life sciences, and other sectors.
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.
The function-as-a-service market size has grown rapidly in recent years. It will grow from $9.59 billion in 2023 to $11.39 billion in 2024 at a compound annual growth rate (CAGR) of 18.7%. The growth in the historic period can be attributed to rise of serverless computing, shift towards microservices architecture, demand for scalability and flexibility, focus on cost efficiency, simplified development and deployment.
The function-as-a-service market size is expected to see exponential growth in the next few years. It will grow to $23.69 billion in 2028 at a compound annual growth rate (CAGR) of 20.1%. The growth in the forecast period can be attributed to innovation and evolution in functionality, growing adoption in various industries, increasing role in iot and ai integration, integration with edge computing, expansion of ecosystem and vendor offerings. Major trends in the forecast period include efforts towards cost optimization, automation and ci/cd integration, development of serverless frameworks, enhanced security and compliance measures, continuous improvement in scalability and performance, integration with edge computing.
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.
The growing shift from DevOps is expected to propel the growth of the function-as-a-service (FaaS) market going forward. DevOps refers to a methodology in the software development and IT industries that aims to integrate and automate the work of software development (Dev) and IT operations (Ops) teams. FaaS, as a serverless computing model, inherently automates infrastructure management and resource provisioning, aligning with the automation principles of DevOps. For instance, in August 2023, according to Datadog, a US-based monitoring platform for cloud applications, in 2021, the adoption of serverless computing within organizations using Azure and Google Cloud increased by 6% and 7%, respectively, while AWS experienced a 3% growth rate. More than 70% of AWS customers and 60% of Google Cloud customers were currently utilizing one or more serverless solutions, with Azure at 49%. Therefore, the growing shift from DevOps is expected to propel the growth of the function-as-a-service market.
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.
Major players operating in the Function-as-a-Service market are focusing on partnerships and collaborations to work towards common goals that can be more effectively achieved by combining resources, expertise, or capabilities. For instance, in March 2023, Amazon Web Services Inc. (AWS), a US-based cloud computing services provider, formalized its strategic partnership with the New Zealand government, solidifying its commitment to provide computer cloud training to 100,000 individuals through 600 free online courses. This Memorandum of Understanding (MoU) establishes the framework for a lasting collaboration between AWS and the New Zealand government, focusing on cloud adoption, innovation, advanced digital skills, sustainability, and cybersecurity.
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.
Major companies operating in the in the function-as-a-service market report are Google Inc., Oracle Corporation, Microsoft Corporation, Amazon Web Services, SAP SE, International Business Machines Corporation, TIBCO Software Inc., Fiorano Software and Affiliates, Dynatrace LLC, FaunaDB, Infosys Ltd., VMware Inc., Red Hat Inc., Rackspace Inc., Joyent Inc., Iron. io Inc., OpenFaaS Ltd., Nuweba, Twistlock Ltd., StackPath LLC, Nimbella Inc., TriggerMesh Inc., Serverless Inc., Platform9 Systems Inc., Auth0 Inc., Cloudflare Inc., Kong Inc., Fission Labs Inc., Kubeless Inc., Bitnami Inc.
North America was the largest region in the function-as-a-service market in 2023. 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, Africa
The countries covered in the function-as-a-service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
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.
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.
This product will be delivered within 3-5 business days.
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, life sciences, and other sectors.
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.
The function-as-a-service market size has grown rapidly in recent years. It will grow from $9.59 billion in 2023 to $11.39 billion in 2024 at a compound annual growth rate (CAGR) of 18.7%. The growth in the historic period can be attributed to rise of serverless computing, shift towards microservices architecture, demand for scalability and flexibility, focus on cost efficiency, simplified development and deployment.
The function-as-a-service market size is expected to see exponential growth in the next few years. It will grow to $23.69 billion in 2028 at a compound annual growth rate (CAGR) of 20.1%. The growth in the forecast period can be attributed to innovation and evolution in functionality, growing adoption in various industries, increasing role in iot and ai integration, integration with edge computing, expansion of ecosystem and vendor offerings. Major trends in the forecast period include efforts towards cost optimization, automation and ci/cd integration, development of serverless frameworks, enhanced security and compliance measures, continuous improvement in scalability and performance, integration with edge computing.
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.
The growing shift from DevOps is expected to propel the growth of the function-as-a-service (FaaS) market going forward. DevOps refers to a methodology in the software development and IT industries that aims to integrate and automate the work of software development (Dev) and IT operations (Ops) teams. FaaS, as a serverless computing model, inherently automates infrastructure management and resource provisioning, aligning with the automation principles of DevOps. For instance, in August 2023, according to Datadog, a US-based monitoring platform for cloud applications, in 2021, the adoption of serverless computing within organizations using Azure and Google Cloud increased by 6% and 7%, respectively, while AWS experienced a 3% growth rate. More than 70% of AWS customers and 60% of Google Cloud customers were currently utilizing one or more serverless solutions, with Azure at 49%. Therefore, the growing shift from DevOps is expected to propel the growth of the function-as-a-service market.
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.
Major players operating in the Function-as-a-Service market are focusing on partnerships and collaborations to work towards common goals that can be more effectively achieved by combining resources, expertise, or capabilities. For instance, in March 2023, Amazon Web Services Inc. (AWS), a US-based cloud computing services provider, formalized its strategic partnership with the New Zealand government, solidifying its commitment to provide computer cloud training to 100,000 individuals through 600 free online courses. This Memorandum of Understanding (MoU) establishes the framework for a lasting collaboration between AWS and the New Zealand government, focusing on cloud adoption, innovation, advanced digital skills, sustainability, and cybersecurity.
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.
Major companies operating in the in the function-as-a-service market report are Google Inc., Oracle Corporation, Microsoft Corporation, Amazon Web Services, SAP SE, International Business Machines Corporation, TIBCO Software Inc., Fiorano Software and Affiliates, Dynatrace LLC, FaunaDB, Infosys Ltd., VMware Inc., Red Hat Inc., Rackspace Inc., Joyent Inc., Iron. io Inc., OpenFaaS Ltd., Nuweba, Twistlock Ltd., StackPath LLC, Nimbella Inc., TriggerMesh Inc., Serverless Inc., Platform9 Systems Inc., Auth0 Inc., Cloudflare Inc., Kong Inc., Fission Labs Inc., Kubeless Inc., Bitnami Inc.
North America was the largest region in the function-as-a-service market in 2023. 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, Africa
The countries covered in the function-as-a-service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
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.
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.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Function-as-a-Service Market Characteristics3. Function-as-a-Service Market Trends And Strategies31. Global Function-as-a-Service Market Competitive Benchmarking32. Global Function-as-a-Service Market Competitive Dashboard33. Key Mergers And Acquisitions In The Function-as-a-Service Market
4. Function-as-a-Service Market - Macro Economic Scenario
5. Global Function-as-a-Service Market Size and Growth
6. Function-as-a-Service Market Segmentation
7. Function-as-a-Service Market Regional And Country Analysis
8. Asia-Pacific Function-as-a-Service Market
9. China Function-as-a-Service Market
10. India Function-as-a-Service Market
11. Japan Function-as-a-Service Market
12. Australia Function-as-a-Service Market
13. Indonesia Function-as-a-Service Market
14. South Korea Function-as-a-Service Market
15. Western Europe Function-as-a-Service Market
16. UK Function-as-a-Service Market
17. Germany Function-as-a-Service Market
18. France Function-as-a-Service Market
19. Italy Function-as-a-Service Market
20. Spain Function-as-a-Service Market
21. Eastern Europe Function-as-a-Service Market
22. Russia Function-as-a-Service Market
23. North America Function-as-a-Service Market
24. USA Function-as-a-Service Market
25. Canada Function-as-a-Service Market
26. South America Function-as-a-Service Market
27. Brazil Function-as-a-Service Market
28. Middle East Function-as-a-Service Market
29. Africa Function-as-a-Service Market
30. Function-as-a-Service Market Competitive Landscape And Company Profiles
34. Function-as-a-Service Market Future Outlook and Potential Analysis
35. Appendix
Executive Summary
Function-as-a-Service Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on function-as-a-service market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
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- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
- All data from the report will also be delivered in an excel dashboard format.
Description:
Where is the largest and fastest growing market for function-as-a-service? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
Scope
- Markets Covered: 1) By Service: Tablets; Smartphones; Gaming Consoles; Laptops/PCs 2) By Deployment Model: Public Cloud; Private Cloud; Hybrid Cloud 3) By Enterprise: Small And Medium Enterprises; Large Enterprises
- Companies Mentioned: Google Inc.; Oracle Corporation; Microsoft Corporation; Amazon Web Services; SAP SE
- Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
- Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
- Delivery format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
- Google Inc.
- Oracle Corporation
- Microsoft Corporation
- Amazon Web Services
- SAP SE
- International Business Machines Corporation
- TIBCO Software Inc.
- Fiorano Software and Affiliates
- Dynatrace LLC
- FaunaDB
- Infosys Ltd.
- VMware Inc.
- Red Hat Inc.
- Rackspace Inc.
- Joyent Inc.
- Iron. io Inc.
- OpenFaaS Ltd.
- Nuweba
- Twistlock Ltd.
- StackPath LLC
- Nimbella Inc.
- TriggerMesh Inc.
- Serverless Inc.
- Platform9 Systems Inc.
- Auth0 Inc.
- Cloudflare Inc.
- Kong Inc.
- Fission Labs Inc.
- Kubeless Inc.
- Bitnami Inc.
Methodology
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