Functions as a Service (FaaS) Market Size Worth $ 31.53 Billion at 32.3% CAGR, by 2026 – Report and Data

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Reports and data

Function-as-a-Service (FaaS) Market Size – $ 3.33 billion in 2018, Market Growth – 32.3% CAGR, Market Trends – Hosted Services Maturity.

NEW YORK, NY, USA, October 1, 2021 /EINPresswire.com/ – The constant need of most businesses to manage multiple platforms and optimize microservices is driving demand for the FaaS market.

The global Function-as-a-Service (FaaS) market is expected to reach $ 31.53 billion by 2026, according to a new report from Reports and Data. Function-as-a-service (FaaS) allows users to develop applications and deploy functionality without needing to maintain a server. This cloud computing model increases efficiency. It is typically used when building microservices such as data processors, web applications, IT automation, and chatbots.

Function-as-a-service (FaaS) is a software framework provided by service providers. The software is customized to explicitly meet the needs of users by helping them quickly develop an application or system. FaaS helps reduce costs by eliminating any need for hardware or infrastructure.

Some additional benefits of FaaS include that developers can spend more time on application-specific code and less time managing server logistics. It allows applications to be independent and scalable rather than integrated into a larger platform. Features like availability, support, and fault tolerance are inherently included. Customers are billed only for the amount of functionality performed, so money is not spent on idle resources.

Asia-Pacific is expected to grow with a higher CAGR of 32.8% during the forecast period. An increase in the employment of modern technological processes and a growing IT sector are expected to propel market demand in the region.

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Key Participants Google Inc., SAP SE, Microsoft Corporation, Infosys Limited, IBM Corporation, Tibco Software, Inc., Dynatrace LLC, Amazon Web Services Inc., Flowgear and Fiorano Software and Affiliates, among others.

Other key findings from the report suggest

• Automation and integration services are expected to hold the largest market share in the service type segment. Organizations need these services to help them manage multiple platforms and optimize the microservices that will drive the FaaS market.
• Oracle DevCS supports the definition of Fn project functions lifecycle control in CI / CD jobs. The company also added support that allows the company to leverage the cloud-hosted FaaS offering and CI / CD directly in this environment.
• Serverless mobile applications offer the same benefits as building a traditional web application with a serverless backend. The mobile web application route is cheaper and faster than the native mobile application route, especially when the motive is to support a wide range of devices. Web and mobile applications are expected to grow at a CAGR of 32.1% during the forecast period.
• The public cloud is expected to have a 40.0% market share in 2026. The main reason for the massive adoption of the public cloud is its easy access and faster deployment. In addition, the increasing demand for reliability, scalability and flexibility is expected to propel the growth of the market.
• FaaS in the BFSI segment had a 26.5% market share in 2018. Instead of dealing with the hassle of virtual servers, containers and application runtime environments, FaaS transfers tightly targeted blocks of code and configures them to be triggered by an event. FAAS applications also do not consume IaaS resources until an event occurs, which helps reduce pay-as-you-go charges.
• North America dominated the Function-as-a-Service market due to its high penetration rate in various industry verticals. An increase in the demand for agility and flexibility from businesses is also driving market demand. A large number of FaaS providers located in the United States are driving the market demand.

To identify key industry trends, click on the link below: https://www.reportsanddata.com/report-detail/function-as-a-service-faas-market

For the purpose of this report, reports and data have been segmented on the global Function-as-a-Service (FaaS) market on the basis of user type, service type, application, mode of deployment , vertical sector and region:

Outlook User Type (Revenue: USD Billion; 2016-2026)

Operator-centric functionality as a service
Developer-centric functionality as a service

Outlook Service Type (Revenue: USD Billion; 2016-2026)

Automation and integration services
API management services
Training and consultancy services
Microservices monitoring and management services
Support and maintenance services

Application Outlook (Revenue: USD Billion; 2016-2026)

Web and mobile application
Academic research and application

Deployment Model Outlook (Revenue: USD Billion; 2016-2026)

Public cloud
Private cloud
Hybrid cloud

Industry Vertical Outlook (Revenue: USD Billion; 2016-2026)

Banking, financial services and insurance
Telecommunications and IT
Government and public sector
Health and Life Sciences
Retail trade and consumer goods
Manufacturing
Media and entertainment

Regional Outlook (Revenue: USD billion; 2016-2026)

North America
Europe
Asia Pacific
MEA
Latin America

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The market report includes the main points from the table of contents:

• Features as a service (FaaS) market overview
• Global economic impact on industry
• Competition in the world market by manufacturers
• World production, income (value) by region
• Global supply (production), consumption, export, import by regions
• World production, revenue (value), price trend by type
• Global Market Analysis by Application
• Analysis of manufacturing costs
• Industrial chain, sourcing strategy and downstream buyers
• Analysis of the marketing strategy, distributors / traders
• Analysis of market effect factors
• Feature as a Service (FaaS) market forecast

To conclude, all aspects of the Function as a Service (FaaS) Market are quantitatively and qualitatively assessed to study the Global and Regional Market comparatively. This market research presents critical information and factual data about the market, providing an overall statistical study of this market on the basis of market drivers, its limitations, and future prospects.

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