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.

Get a sample of the report @

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

Request customization of the report @

Thank you for reading our report. Customization of this report is available as per the client’s requirements. Please connect with us to know more about the report and our team will ensure you get the report tailored according to your needs.

Get Explore Latest Research Report by Reports and Data:

Flexible Substrates Market @

Agriculture Drones Market @

Network Encryption Market @

Applicant Tracking System Market @

Enterprise Video Market @

About Reports and Data

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, TouchPoints, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provide our clients with the ability to secure an edge over their respective competitors.

Contact Us:

John W

Head of Business Development

Reports and Data | Web:

Direct Line: +1-212-710-1370