Function as a service is a cloud computing service which provides customers with a platform for developing, managing and running application functionalities without the complexity of building and maintaining the infrastructure. In addition, it provides a serverless way to execute modular pieces of code on the edge. Many organizations are adopting function as a service for improving developer velocity, increases the cost efficiency and built in scalability. It provides software developer to update a piece of code, which can be executed in response to any events, such as user clicking on an element in web application.
Several benefits such as reduced costs, enhanced scalability, quicker time to release boost and more flexibility boost the adoption of this technology among the enterprises. In addition, Rise in need to eliminate server management and rapid growth of the app development market along with shift from DevOps toward serverless computing drives the growth of the market. However, issues associated with third-part APIs such as lock-in problems, security & compliance concerns and other architectural complexities hinders the growth of the market. Furthermore, high growth of cloud-based services and a rise in IoT-based devices are expected to present major opportunities for the market growth during the forecast period.
The global function as a service market is segmented based on user type, deployment model, organization size, industry vertical, and region. In terms of user type, it is bifurcated into developer-centric and operator-centric. In terms of deployment model, the market is divided into hybrid cloud, public cloud and private cloud. Based on the organization size, it is bifurcated into large enterprises and SMEs. By industry vertical, it is classified into, BFSI, IT & telecom, healthcare, manufacturing, media & entertainment, public sector, retail & e-commerce, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the market, including Amazon Web Services, Google LLC, IBM Corporation, Microsoft Corporation, Oracle Corporation, Tibco Software Inc., SAP SE, Infosys Limited, Rogue Wave Software, Inc. and Dynatrace LLC. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
KEY BENEFITS
KEY MARKET SEGMENTS
BY USER TYPE
BY DEPLOYMENT MODEL
BY ORGANIZATION SIZE
BY INDUSTRY VERTICAL
BY REGION
KEY MARKET PLAYERS PROFILED IN THE REPORT
Several benefits such as reduced costs, enhanced scalability, quicker time to release boost and more flexibility boost the adoption of this technology among the enterprises. In addition, Rise in need to eliminate server management and rapid growth of the app development market along with shift from DevOps toward serverless computing drives the growth of the market. However, issues associated with third-part APIs such as lock-in problems, security & compliance concerns and other architectural complexities hinders the growth of the market. Furthermore, high growth of cloud-based services and a rise in IoT-based devices are expected to present major opportunities for the market growth during the forecast period.
The global function as a service market is segmented based on user type, deployment model, organization size, industry vertical, and region. In terms of user type, it is bifurcated into developer-centric and operator-centric. In terms of deployment model, the market is divided into hybrid cloud, public cloud and private cloud. Based on the organization size, it is bifurcated into large enterprises and SMEs. By industry vertical, it is classified into, BFSI, IT & telecom, healthcare, manufacturing, media & entertainment, public sector, retail & e-commerce, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the market, including Amazon Web Services, Google LLC, IBM Corporation, Microsoft Corporation, Oracle Corporation, Tibco Software Inc., SAP SE, Infosys Limited, Rogue Wave Software, Inc. and Dynatrace LLC. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
KEY BENEFITS
- The report provides an in-depth analysis of the global function as a service market, outlining current trends, key driving factors, and potential areas for product investments.
- Key players are analyzed with respect to their primary offerings, recent investments, and future development strategies.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in thefunction as a service industry.
- The quantitative analysis of the global function as a service market from 2018 to 2026 is provided to determine the market potential.
KEY MARKET SEGMENTS
BY USER TYPE
- Developer-Centric
- Operator-Centric
BY DEPLOYMENT MODEL
- Public Cloud
- Private Cloud
- Hybrid Cloud
BY ORGANIZATION SIZE
- Large Enterprises
- Small and medium enterprises
BY INDUSTRY VERTICAL
- BFSI
- IT & Telecom
- Healthcare
- Manufacturing
- Media & Entertainment
- Public Sector
- Retail & e-commerce
- Others
BY REGION
- North America
- U.S.
- Canada
- Europe
- UK
- France
- Germany
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
KEY MARKET PLAYERS PROFILED IN THE REPORT
- Amazon Web Services
- Google LLC
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- Tibco Software Inc.
- SAP SE,
- Infosys Limited
- Rogue Wave Software, Inc
- Dynatrace LLC
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: FUNCTION-AS-A-SERVICE MARKET, BY USER TYPE
CHAPTER 5: FUNCTION-AS-A-SERVICE MARKET, BY DEPLOYMENT MODEL
CHAPTER 6: FUNCTION-AS-A-SERVICE MARKET, BY ORGANIZATION SIZE
CHAPTER 7: FUNCTION-AS-A-SERVICE MARKET, BY INDUSTRY VERTICAL
CHAPTER 8: FUNCTION-AS-A-SERVICE MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILE
Executive Summary
According to the report titled, 'Function-as-a-Service Market by User Type, Deployment Model, Organization Size, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2018-2026,' the global Function-as-a-Service market size was valued at $3,017.00 million in 2018, and is projected to reach $24,007.00 million by 2026, registering a CAGR of 29.7% from 2019 to 2026.Several benefits such as reduced costs, enhanced scalability, quicker time to release boost and more flexibility boost the adoption of this technology among the enterprises. In addition, Rise in need to eliminate server management and rapid growth of the app development market along with shift from DevOps toward serverless computing drives the Function-as-a-Service market growth.
However, issues associated with third-part APIs such as lock-in problems, security & compliance concerns and other architectural complexities hinders the growth of the market. Furthermore, high growth of cloud-based services and a rise in IoT-based devices are expected to present major Function-as-a-Service market opportunity during the forecast period.
By user type, the developer-centric segment garnered major Function-as-a-Service market in 2018 and is expected to remain dominant during the forecast period. The growth of this segment is mainly attributed to significant rise in usage of FaaS as developers are finding increased utility in FaaS for simpler coding and developing as compared to other monolithic architectures. However, the operator-centric segment is expected to witness highest growth rate in the upcoming years as operators are shifting towards function-as-a-service model to provide secure & reliable multi-cloud connectivity services and introduce SDN to improve existing networks and achieve rapid service provisioning and network optimization.
Based on deployment model, the public cloud segment dominated the global Function-as-a-Service market share in 2018 and is expected to generate highest revenue during the forecast period owing to increasing adoption of Function-as-a-Service in public cloud as it can improve the functionality as well as overall development process, which is the major factor that drives the market growth in this segment. However, the hybrid cloud segment is expected to witness highest growth rate in the upcoming years. The growth of this segment is mainly attributed to the increase in adoption of hybrid cloud in IT service management models and growing demand for cost-effective, scalable and agile computing drives the market growth in hybrid cloud.
In terms of organization size, the large enterprise segment is expected to witness high adoption of Function-as-a-Service solutions and services. As the large enterprises are aiming to reduce their operational & maintenance costs and by adopting serverless computing, they can save these costs, which is the major driver for the Function-as-a-Service Market. For instance, large companies such as Major League Baseball, The Seattle Times, and Coca-Cola, have already adopted function-as-a-service to achieve the required scale without the overhead of managing and running the fleet of servers. However, the small and medium sized enterprises are expected to witness highest CAGR in the upcoming years as SME’s are focusing on its maintenance costs by adopting serverless computing, which is the major that drives the market growth in SMEs.
According to Rachita Rake, Research Analyst, ICT, “Asia-Pacific region is projected to generate the highest growth rate during the forecast period, which is attributed to a rise in the adoption of cloud technology trend in Asia-Pacific countries. Furthermore, increase in presence of major market players and expansion of existing players in Asian countries is expected to drive the market growth in this region.”
KEY FINDINGS OF THE STUDY
- Based on user type, the developer-centric segment dominated the global Function-as-a-Service market in 2018 and is expected to generate highest revenue during the forecast period. However, the operator-centric segment is expected to witness highest growth rate in the upcoming years.
- Based on deployment model, the public cloud segment dominated the market in 2018 and is expected to generate highest revenue during the forecast period. However, the hybrid cloud segment is expected to witness highest growth rate in the upcoming years.
- On the basis of organization size, the large enterprises dominated the global Function-as-a-Service market in 2018 and it is expected to remain dominant throughout the forecast period.
- In terms of industry verticals, the IT & Telecom segment dominated the global Function-as-a-Service industry in 2018 and is expected to generate highest revenue during the forecast period.
Some of the key industry players profiled in the FaaS market analysis include Amazon Web Services, Google LLC, IBM Corporation, Microsoft Corporation, Oracle Corporation, Tibco Software Inc., SAP SE, Infosys Limited, Rogue Wave Software, Inc. and Dynatrace LLC. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry. Also, the report focuses on the growth prospects, restraints, and Function-as-a-Service market trends.
Companies Mentioned
- Amazon Web Services
- Google LLC
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- Tibco Software Inc.
- SAP SE
- Infosys Limited
- Rogue Wave Software Inc.
- Dynatrace LLC
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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