Global Function as a Service Market Driven by the Economic Disruption Caused By COVID 19 2020| Size, Share, Future Trends, Demand, Dynamics Emerging Technologies and Forecast 2023

Global Function as a Service Market Driven by the Economic Disruption Caused By COVID 19 2020| Size, Share, Future Trends, Demand, Dynamics Emerging Technologies and Forecast 2023

” Function as a Service Market “
The global active electronic component market is growing rapidly, over 10% of CAGR and is poised to secure USD 330 billion by the end of the review period.

Market Highlights

The serverless architecture has many benefits, as it reduces time to market, reduces operating costs, reduces software complexity and others. Therefore the need for serverless architecture drives the feature as a market for services. The factors which drive this sector include the need to integrate the associated microservices quickly and efficiently. Automation and integration services help reduce the computation time and drive the application’s overall efficiency, which further contributes to this market ‘s growth. Work as a service means computing, i.e. through serverless architecture, without any physical damage. The software developers take advantage of it to deploy a function, action, or piece of business logic individually. In a lesser time, it requires individual processing. Function as service is trend in developers, many developers are taking on Function as a service platform for new applications development.

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Competitive Dynamics

Some of the key players in the market are Google Inc. (U.S.), IBM (U.S.), Microsoft Corporation (U.S.), Amazon Web Services (U.S.), Fiorano Software & Affiliates (U.S.), Dynatrace LLC (U.S.), SAP SE (Germany), Infosys Ltd. (India), TIBCO Software Inc. (U.S.), Rogue Wave Software Inc. (U.S.), among others.

Market Segmentation

As a service sector, the global role is segmented by user type, device type , application, distribution, vertical, and area.

The section will be further divided into operator centric and developer centric based on the user form. Developer centric dominates the market by user type, generating 1.19 million in 2016 and is expected to grow at 33% CAGR. The FaaS segment is expected to hold the largest market share while the operator-centered FaaS segment is expected to rise to the highest CAGR.

The category is further categorized according to service type into automation and integration, microservice monitoring and management services, API management services, support and maintenance services and others. The automation and integration service category is expected to hold the largest market share while the microservice monitoring and management service is expected to rise in the forecast period to the highest CAGR. By services, automation & integration service dominates the market, generating revenue of USD 538.9 million in 2016 and is slated to grow at CAGR 36.5%.

The category is further categorized according to application into web-based and mobile application, research and academic application.

Cloud-based segment further divides the market into public cloud , private cloud, and hybrid cloud.

The work as a service encompasses a wide range of verticals such as BFSI, manufacturing , healthcare, IT and telecommunication, and more. The vertical manufacturing sector and BFSI sector are the market leaders and are projected to grow by 37% and 36.4% CAGRs respectively.

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Regional Analysis

For regions such as North America, Asia Pacific , Europe and the rest of the world, geographic study of the active electronic components market is being studied. North America is expected to hold the largest market share and dominate the role as a service market in 2016, owing to the dominance of large companies located in this area with strong technologically sound employees delivering continuous advanced technology , high dominance into the rising business sectors, and greater productivity in the front office cloud-based solutions. These are some of the big drivers for rising work as a service in North America. During the forecast period Asia-Pacific is projected to grow at the fastest rate. APAC companies are continuously endeavoring to improve market efficiency and further improve customer satisfaction. This provides an incentive for the service providers and the FaaS solution.

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