Market Synopsis
The current report by Market Research Future (MRFR) asserts that the global function as a service market 2020 is slated to acquire a substantial market valuation at a moderate CAGR over the review period.
Competitive Landscape
The top market players identified by MRFR in the global market are Google Inc. (U.S.), IBM (U.S.), Rogue Wave Software Inc. (U.S.), Microsoft Corporation (U.S.), TIBCO Software Inc. (U.S.), Amazon Web Services (U.S.), Infosys Ltd. (India), SAP SE (Germany), Fiorano Software & Affiliates (U.S.), Dynatrace LLC (U.S.), among others.
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Drivers and Restraints
The growing shift towards serverless computing is boosting the demand for the FaaS market. The growth of the function as a service (FaaS) market is majorly attributed to the increasing focus of enterprises towards agility of infrastructure and cost reduction. As these remain the key focal points for many enterprises, the popularity of serverless computing has been growing considerably over the past couple of years. The rise of microservices and serverless computing is fundamentally changing DevOps by blurring the lines between development and operations. This platform is automated and abstracted to the extent that it does not need an operations team to manage it. FaaS requires less management and provides ease in running and building applications such as storage, cache, servers, search, content delivery, database, and other services. Digitalization has augmented the demand for industrial manufacturers to adapt and advance leading-edge supplier and operations collaboration ecosystems. Companies are shifting from legacy DevOps trend to serverless computing on account of significantly high ease of deployment and management associated with it besides substantial cost savings that come with it. This increasing shift towards serverless computing is driving with it the demand for Function as a Service, thus enhancing the growth of the market. However, challenges associated with the running of numerous applications in a cloud environment, owing to the incompatibility of such applications with various cloud environments, is limiting the growth of this market to some extent.
Market Segmentation
The global function as a service market is analyzed on the basis of user type, application, service type, deployment, vertical, and region. On the basis of user type, the market is further bifurcated into operator centric and developer centric. On the basis of service type, the function as a service market is also classified into microservice monitoring, automation and integration, and management services, support and maintenance services, API management services, and others. On the basis of application, the function as a service market is further categorized into web-based and mobile apps, research, and academic application. On the basis of the cloud, the segment is further divided into a private cloud, public cloud, and hybrid cloud. The function as a service covers an extensive area of verticals such as manufacturing, healthcare, BFSI, IT and telecommunication, and many more.
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Regional Overview
The geographical overview global market has been conducted in four major regions, namely North America, Europe, the Asia Pacific, and the rest of the world (including Latin America and the Middle East and Africa).
North America is projected to hold the largest market share and lead the function as a service market in 2016, owing to the penetration of large enterprises situated in this region with stable technically sound employees providing continuous innovative technologies, high penetration into the rising industries of the market, and superior efficiency of cloud-based solution in the front office. These are some of the key driving aspects contributing to the growth of function as a service in North America. Asia-Pacific is anticipated to grow at the fastest rate over the review period. Companies in APAC are continuously trying to expand market efficiency and further improve customer satisfaction. This generates an opportunity for the FaaS solution and service providers.
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