Function as a Service Market
The competition among the players operating in the global function as a service market is anticipated to intensify over the years owing to unique product categories introduced by leading companies, states Transparency Market Research (TMR) in a research report. The premier companies operating in the global function as a service market are Amazon Web Services Inc., Microsoft Corporation, VMware Inc., and Google Inc. are some of the leading players in the global market.
As indicated by the report, the global market for function as a service stood at US$ 1.23bn in 2016 and is foreseen to achieve US$ 4.28bn by the end of 2025, expanding at a CAGR of 15.3% during 2017 to 2025. As far as regions are concerned, North America ruled the worldwide function as a service market in 2016.
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Function as a service is a cloud service which enables service less management and app development. Function as a service enables the end users to conduct programming and other task without having to manage their servers. String of code are generated with events on the end users and outsourced to servers which are located away from the user who can execute the planned function. The application of function as a service to develop a new app enables the end user to have a server less architecture. The function as a service is mostly used while building micro services applications.
Growing Applications to have Positive Impact on Market
The global function as a service market is predicted to grow in the black at a knockout CAGR as organizations shift from DevOps to serverless computing. During the forecast period, there could also be other factors supporting the market growth, which include maturity of hosted services, scalability, and agility. The global market could be driven by the constant need articulated by most companies regarding the optimization of micro services and management of multiple platforms. As a result, services such as micro service management and monitoring, and automation and integration are anticipated to gain impetus.
North America is expected to lean on a colossal count of the global function as a service market provider. By surging the want for business agility and flexibility, and towering rate of penetration into a gamut of industry verticals in the U.S
The global function as a service market has been segmented as follows:
- Developer centric Function as a service
- Operator centric Function as a service
- Service Monitoring and management
- Automation integration services
- Maintenance Services
- Consulting Services
End Use Industry
- Defense and Surveillance
- Banking and Finance
- Media and Entertainment
- Hi tech Industry
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