Function as a Service Market 2018: Emerging Technologies, Global Opportunities, Challenges, Key Vendors Analysis, Future Plans and Industry to Set Phenomenal Growth by Forecast 2023

Market Research Future
Market Research Future published a research report on “Function as a Service Market Research Report- Global Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

Market Highlights

According to Market Research Future analysis, global function as a service market has been valued at USD ~11,932 million by the end of forecast period with ~34% of CAGR during forecast period 2017 to 2022

Function as a service is a developer centric architecture that lets the cloud functions to build and deploy services at the level of a single function. It also provides a connective layer of logic that allows to write code to connect and extend cloud services. Therefore, the developer centric user types are the major contributors of the Function As A Service Market.

Applications that are both resilient and scalable is an essential part of any application architecture. Using function as a service provides a flexible way of adding scalability and resilience to the architecture. It also helps in reducing costs as the resources are adjusted according to the requirement of an application. The function as a service architecture is auto-scalable, when traffic or load rises, Auto-scalar adds resources to handle the extra activity and removes resources when the traffic or load lowers to help in reducing the costs. It also eliminates the need to manage servers on cloud, and replaces them with pervasive use of functional computing resources. Therefore, the cost effectiveness of the function as a service architecture is driving the growth of function as a service market.

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Key Players

The prominent players in function as a service market are – IBM (U.S.), Google Inc. (U.S.), Microsoft Corporation (U.S.), Amazon Web Services (U.S.), SAP SE (Germany), Dynatrace LLC (U.S.), Infosys Ltd. (India), Rogue Wave Software Inc. (U.S.), TIBCO Software Inc. (U.S.), Fiorano Software & Affiliates (U.S.), among others.

Commenting on the report, an analyst from Market Research Future (MRFR)’s team said: 

In this competitive environment, all organizations are striving for speed and scalability. For any company it is very important to be scalable properly to fulfil the increasing customer demands. Business agility is a way of seeking all the operations and resources in a flexible and responsive manner. Function as a services enables the organizations to achieve business agility, thereby allowing them to adjust rapidly to the changing market conditions and reduces costs. Cloud provides different opportunities for the companies for being more productivity and competitive.

By Region, MRFR analysis shows that the comprehensive understanding of market dynamics, the global  active electronic components market is analyzed across key geographies namely North America, Europe, China, Japan, India and among others. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in function as a service market in North America is attributed to the technical advancements and increasing investments in cloud based solutions in that region.

The global function as a service market is segmented on the basis of user type, service type, application, deployment, vertical and region. On the basis of user type the segment is further classified into operator centric and developer centric. On the basis of service type the segment is further classified into automation and integration, microservice monitoring and management services, API management services, support and maintenance services and others. On the basis of application the segment is further classified into web based and mobile application, research and academic application. On the basis of cloud the segment is further divided into public cloud, private cloud and hybrid cloud. The function as a service covers wide area of verticals such as BFSI, manufacturing, healthcare, IT and telecommunication and many more.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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Intended Audience

  • Technology investors
  • Research/Consultancy firms
  • Software providers
  • Cloud Service providers
  • Professional Service providers
  • Solution providers
  • Integration service providers
  • Application development platform providers
  • Managed Service Providers (MSPs)
  • System integrators

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