The global function as a service (FaaS) market has been gaining pace in recent years as the associated services help end users carry out programming, manage, and run application along with other functions. All these processes are possible without the need to manage any of the services from a manual perspective. Thus, the presence of a platform that reduces the necessity of building and maintaining infrastructure in developing and running new applications has stoked the demand for quality FaaS. A notable benefit of this service involves a fantastic reduction in the cost of operations needed to for various organizations.
As per expert analysts, the global function as a service market had registered an initial valuation of US$1230.0 mn clocked in 2016. This revenue is further expected to reach the figure of US$4280.0 mn by the end of 2025. Such growth is prophesized to occur at a fantastic CAGR of 15.3% during the forecast period from 2017 to 2025.
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Healthcare Sector To Continue Maintaining its Winning Stance
The global function as a service market is mainly divided into various segments on the basis of type, service, end use, and by region. From the perspective of type, the market is divided into two segments: developer centric FaaS and operator centric FaaS. By service, the global function as a service market consists of key segments such as – service Monitoring and management, automation integration services, maintenance services, consulting services, and others. Lastly, by end user industry, the function as a service sector comprises work domains in the form of defense and surveillance, telecommunication, banking and finance, healthcare, media and entertainment, hi-tech industry, manufacturing, and others.
In terms of end user industry, the healthcare sector has held a leading position in the market from the perspective of revenue gained. This is mainly due to a rising demand for improved healthcare facilities occurring in most walks of life all over the globe. Moreover, function as a service processes provide benefits such as improved data usage, less costs, and enhanced medical research. These factors make several organization deploy the processes in their day-to-day activities, thus making the segment gain splendid revenue.
North America to Dominate the Global Function as a Service Market
Geography-wise, the global function as a service market is spread across North America, South America, Europe, Asia Pacific, and the Middle East and Africa. Of these, North America gained most prominent in this sector from the perspective of revenue shares. Apart from North America, Europe bags the second spot in the function as a service market in terms of revenue growth. However, experts suggest that Asia Pacific is also anticipated to expand at a fast rate in future due to increasing employment of modern technological processes. Moreover, a mushrooming IT sector in Asia Pacific it is envisaged to stoke growth in the global function as a service market.
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Oracle Corporation, Microsoft Corporation, Google Inc., New York, Amazon Web Services Inc., SAP SE, Dynatrace LLC, International Business Machines Corporation, Rogue Wave Software Inc., Infosys Limited, and VMware Inc., are key players operating in the global function as a service market.
