Function as a service (FaaS) refers to cloud services that enable serverless app development and management. This basically means that FaaS users are able to conduct their programming (and other tasks) without the hassle of managing their own server(s). Strings of code are triggered by events on the user end, and basically outsourced to remote servers that are able to execute the intended functions.
The function as a service platform provides organizations with auto-scalable architecture which adds resources to handle extra activity when the load is more and also reduces the resources when the load is reduced. The auto-scalar performs these activities automatically based on the scaling rules defined by the users. Therefore, the business agility and scalability provisioned by function as service platforms is driving the growth of Function as a Service Market growth.
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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Serverless function as a service computing comes with vendor dependencies with a further loss of control over the internal teams. Relying more on your vendor partners for administrative functions, security and others rises the security concerns. The immaturity of supporting services can also raise concerns for some technology professionals. The complete dependencies on a third-party provider and no control of the applications arises the security concerns. There is an issue with the credentials and the user permissions in the function as a service platform. Moreover, the security concerns related to SQL injections and other viruses and attacks are prevalent in the function as a service platform. Therefore, the security concerns related to function as a service are restraining the global function as a service market.
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.
Global Function as a Service Market Segmentation
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.
Market Research Analysis:
On geographic basis, global active electronic components market is studied in different regions as North America, Europe, Asia-Pacific and Rest of world. Asia Pacific is expected to grow at the highest rate during the forecast period. Companies in Asia Pacific are continuously trying to improve market efficiency and further enhance customer satisfaction. This creates an opportunity for the FaaS solution and service providers. North America is expected to hold the largest market share and dominate the FaaS market in 2016.
- By user type, developer centric is dominating the market and has generated 1.1906 million in 2016 and is expected to grow at 33% CAGR.
- By services, automation & integration service is dominating the market and has generated USD 538.9 million revenue in 2016 and is expected to grow with 36.5% CAGR.
- By vertical manufacturing and BFSI sector is leading the market and is projected to grow with 37% and 36.4% respectively.
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- Electronic component manufacturers
- Research organizations
- Original equipment manufacturers
- System Integrators
- network equipment vendors
- chipset vendors
- software/application providers
- user equipment manufacturers
- network infrastructure integrators
- Government Organizations
- Research/Consultancy firms
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