Function-as-a-Service (FaaS) Market is Expected to Witness Speedy...

Function-as-a-Service (FaaS) Market is Expected to Witness Speedy Growth of USD billion by 2028

Posted 2023-03-28 10:46:13

The global Function-as-a-Service (FaaS) Market is forecast to reach USD 53.08 Billion by 2028, according to a new report by Reports and Data. Function-as-a-service (FaaS) allows users to develop applications and deploy functionalities without any need to maintain a server. This cloud computing model increases efficiency. It is generally used when creating microservices such as data processors, web applications, IT automation, and chatbots.

Function-as-a-service (FaaS) is a software framework provided by the service providers. The software is customized to explicitly serve the requirements of the users by helping them to develop an application or system quickly. FaaS saves costs by removing any need for hardware or infrastructure.

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Further key findings from the report suggest

Automation and Integration Services are expected to hold the larger market share under the service type segment. Organizations require these services to help them manage several platforms and optimizing the microservices which will drive the FaaS market.
Oracle’s DevCS supports the Fn project functions life cycle command definition in CI/CD jobs. The company also added support that enables the company to leverage the hosted FaaS offering in the cloud and CI/CD directly into that environment.
Serverless mobile apps offer the same benefits as building a typical web application with a serverless backend. The mobile web app route is cheaper and faster than the native mobile app route, specifically, when the motive is to support a wide range of devices. Web-Based and Mobile Application is forecasted to grow with a CAGR of 32.1% during the forecast period.
The public cloud is forecasted to hold a market share of 40.0% in the year 2028. The primary reason for the high adoption of public cloud is its easy access and quicker deployment. Furthermore, increasing demand for reliability, scalability, and flexibility is expected to propel the growth of the market.
FaaS in the BFSI segment held a market share of 26.5% in the year 2018. Instead of handling the hassles of virtual servers, containers, and application runtimes, FaaS transfer narrowly purposeful blocks of code, and set them to be triggered by a precise event. FAAS applications also do not consume IaaS resources until an event occurs, which helps to reduce pay-per-use fees.
North America dominated the market for Function-as-a-Service owing to its high penetration rate into different industry verticals. A rise in demand for business agility and flexibility are also boosting the market demand. A large number of FaaS providers situated in the U.S. are driving market demand.

Key companies profiled in the report include:

Google Inc., SAP SE, Microsoft Corporation, Infosys Limited, IBM Corporation, Tibco Software, Inc., Dynatrace LLC, Amazon Web Services Inc., Flowgear, and Fiorano Software and Affiliates, among others.

User Type Outlook (Revenue: USD Billion; 2018-2028)

Operator-Centric Function-as-a-Service
Developer-Centric Function-as-a-Service

Service Type Outlook (Revenue: USD Billion; 2018-2028)

Automation and Integration Services
API Management Services
Training and Consulting Services
Microservice Monitoring and Management Services
Support and Maintenance Services

Application Outlook (Revenue: USD Billion; 2018-2028)

Web-Based and Mobile Application
Research and Academic Application

Deployment Model Outlook (Revenue: USD Billion; 2018-2028)

Public Cloud
Private Cloud
Hybrid Cloud

Industry Vertical Outlook (Revenue: USD Billion; 2018-2028)

Banking, Financial Services, and Insurance
Telecommunications and IT
Government and Public Sector
Healthcare and Life Sciences
Retail and Consumer Goods
Manufacturing
Media and Entertainment

Based on Region market is segmented into:

North America
Europe
Asia-Pacific
South America
Middle East Africa

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