USD 10.35 Billion
Function-as-a-Service Market Size, Share, Growth Analysis, By Type(Developer-Centric, Operator-Centric), By Deployment Model(Public Cloud, Private Cloud, Hybrid Cloud), By Organization Size(Large Enterprises, Small and medium enterprises), By Industry Vertical(BFSI, IT & Telecom, Healthcare, Manufacturing), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45A2147 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
120
|Figures:
72
Function-as-a-Service Market Insights
Global Function-as-a-Service Market size was valued at USD 10.35 Billion in 2022 and is poised to grow from USD 13.08 Billion in 2023 to USD 84.94 Billion by 2031, growing at a CAGR of 26.35% in the forecast period (2024-2031).
The function-as-a-service market is experiencing robust growth due to its inherent advantages in deployment, management, and operation. This expansion is further fueled by the maturation of hosted services and a paradigm shift from traditional DevOps to the more streamlined serverless computing model.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
developer-centric
Fastest Growth
developer-centric
Growth Rate
26.35% CAGR
Global Function-as-a-Service Market ($ Bn)
Country Share for North America Region (%)
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Function-as-a-Service Market Segmental Analysis
The global function-as-a-service market is segmented into five major segments i.e. by user type, deployment model, organization size, industry vertical and region. Based on user type the market is segmented as, developer-centric, operator-centric. Based on deployment model the market is segmented as, public cloud, private cloud, hybrid cloud. Based on organization size the market is segmented as, large enterprises, small and medium enterprises. Based on industry vertical the market is segmented as, BFSI, IT & telecom, healthcare, manufacturing, media & entertainment, public sector, retail & e-commerce, others. Based on region the market is segmented as, North America, Europe, Asia-Pacific, MEA, Latin America.
Analysis by Type
The developer-centric segment plays a crucial role in the Function-as-a-Service (FaaS) market, representing a key demographic that directly influences the adoption, usage, and evolution of FaaS solutions.
The operator-centric segment plays a significant role in the Function-as-a-Service (FaaS) market, representing the operational professionals and administrators responsible for managing and maintaining the infrastructure, security, and overall performance of FaaS platforms.
Analysis by Deployment Model
The public cloud segment plays a pivotal role in the Function-as-a-Service market, providing a scalable and accessible computing infrastructure for FaaS solutions. The scalability and flexibility of public cloud infrastructure align seamlessly with the dynamic nature of serverless computing.
The private cloud segment also plays a significant role in the Function-as-a-Service (FaaS) market, offering distinct advantages and addressing specific needs for organizations that prioritize private infrastructure. Private clouds provide enhanced security and control over data and infrastructure.
Global Function-as-a-Service Market By Type
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Function-as-a-Service Market Regional Insights
North America emerged as the dominant player in the market, capturing the largest share during the forecast period.. The region is poised for continued growth, anticipating a CAGR of 13% throughout the period. North America stands at the forefront of technological adoption, showcasing its advanced infrastructure and readiness to embrace innovative solutions.
The Asia-Pacific (APAC) region is anticipated to exhibit the highest CAGR of 4% in 2022. This remarkable growth is primarily attributed to the escalating adoption of cloud technology trends across various APAC countries. The region has become a focal point for technological advancements, with businesses increasingly recognizing the benefits of leveraging cloud solutions for enhanced efficiency, flexibility, and scalability.
Global Function-as-a-Service Market By Region
- Largest
- Fastest
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Function-as-a-Service Market Dynamics
Drivers
Shift from DevOps to Serverless Computing
- The Global Function-as-a-Service market is significantly driven by the increasing demand for blood and blood components, particularly in regions such as India where there is a substantial need for blood transfusions. The country alone witnesses an extensive requirement for blood due to factors like 60 million daily surgeries, 240 million primary operations, 331 million cancer-related procedures, and 10 million pregnancy complications.
Restraints
Application Portability Challenges
- The Function-as-a-Service market lies in the intricate challenge of ensuring the seamless portability of applications across diverse cloud environments. This becomes particularly pronounced as organizations increasingly operate within multi-cloud or hybrid cloud configurations.
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Function-as-a-Service Market Competitive Landscape
The competitive environment of the global function-as-a-service market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. To understand the competitive rivalry, we are comparing the revenue, expenses, resources, product portfolio, region coverage, market share, key initiatives, product launches, and any news related to the global function-as-a-service market.
Top Player’s Company Profiles
- SixSq SA.
- IBM
- Microsoft
- Google LLC
- Amazon Web Services, Inc.
- SAP SE
- Dynatrace LLC.
- Infosys Limited
- Preforce Software, Inc.
- TIBCO Software Inc.
- Fiorano Software and Affiliates.
- Manjrasoft Pty Ltd.
- Flowgear
- VMware, Inc.
- Oracle
Recent Developments
- In February 2023, Vodafone-Idea (Vi) made a significant announcement revealing that the government is set to acquire a substantial 33.4% stake in the financially struggling company.
- In March 2023, Axis Bank made a noteworthy announcement, confirming the successful completion of the acquisition of Citibank's consumer business and the consumer business of its non-banking financial company counterpart.
Function-as-a-Service Key Market Trends
Rising App Development Activities
- The surging demand for application development across diverse industries stands out as a pivotal driver propelling the growth of the function-as-a-service market. Organizations are strategically capitalizing on FaaS solutions to streamline and expedite the entire lifecycle of application development and deployment. By embracing FaaS, businesses can significantly reduce time-to-market, a critical factor in today's competitive landscape.
Function-as-a-Service Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Global function-as-a-service market analysis reveals a dynamic marketplace largely propelled by the surge in app development activities, a notable shift from traditional DevOps to the more streamlined serverless computing model, and a growing inclination to mitigate server administration complexities. However, challenges arise from third-party API difficulties, posing a hindrance to the market's continuous expansion. Looking ahead, the increasing prevalence of function-as-a-service applications within the burgeoning Internet of Things (IoT) landscape and the concurrent growth of the cloud infrastructure services industry present promising avenues for further development.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 10.35 Billion |
| Market size value in 2031 | USD 84.94 Billion |
| Growth Rate | 26.35% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Function-as-a-Service Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Function-as-a-Service Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Function-as-a-Service Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Function-as-a-Service Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Function-as-a-Service Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Function-as-a-Service Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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