Function As a Service market
is expected to reach approximately USD 11,932.95 million by 2023 at a CAGR of
34.32% from 2018 to 2023

ReportBazzar has released its latest research-based report entitled ‘Function as a Service’ market.

The global function as a service market is growing due to business agility and scalability provisioned by function as service platforms, growing demand for serverless architecture, and the cost effectiveness of the function as a service architecture. However, architectural complexity and security concerns. The function as a service platform provides organizations with auto-scalable architecture which adds resources to handle extra activity when the load is more and reduces the resources when the load is reduced. The auto-scalar performs these activities automatically based on the scaling rules defined by the users.

The Global Function As a Service market is expected to reach approximately USD 11,932.95 million by 2023 at a CAGR of 34.32% from 2018 to 2023.

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The market has been segmented based on user-type, deployment, services, application, verticals and region.

By user-type, the market has been divided into developer-centric user and operator centric user. The developer centric user type is expected to dominate the global function as a service market. It is expected to generate high market value since the developer centric architecture of function as a service lets the cloud functions to build and deploy services at single level function. The operator centric user type is expected to be the fastest growing with the highest CAGR during the forecast period due to the ability of operator centric user type to easily manage, deploy and run applications.

By deployment, the market is sub-segmented into private, public and hybrid cloud. The public cloud is expected to generate the highest market share due to its faster deployment and easy access and it also offers the server computing models such as Microsoft Azure functions and Google Cloud function. The private cloud is expected to be the fastest growing during the forecast period since it can be owned, managed and operated by organizations and can support the multiple consumers due to which it can be adopted by many companies such as Uber. The hybrid cloud is expected to be the second fastest growing deployment type during the forecast period due to composition of public and private cloud features which enables the application and data portability.

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By services, the market is sub-segmented into automation & integration, microservice monitoring and management, API management, support & maintenance, training & consulting and others. Among these, the automation & integration service is expected to generate the highest market value during the forecast period. The automation & integration provides services and systems that create seamless integration between out of the box software, internally developed programs and other campus computing systems which due to which it is fueling the market growth. The microservice monitoring & management is expected to be the fastest growing market as these services enables to overcome the limitations and challenges of agility and scalability.

By application, the market is sub-segmented into research & academic, web & mobile based and others. Among these, the web & mobile based application is expected to contribute to the largest market share and the fastest growing market since the function as a service (FaaS) is easier to deploy and optimize in web and mobile based applications.

By verticals, the market is sub-segmented into manufacturing, banking, financial services and insurance (BFSI), retail, IT & telecommunication, government, medical and others. Among these, the manufacturing vertical is expected to be the highest revenue generating and fastest growing vertical in the forecast period since the function as a service helps manufacturing in reducing operational expense and capital expenditure which is fueling the growth of these services in manufacturing vertical.

Key Players

The key players in the global function as a service market are IBM Corporation (US), Google Inc (US), Microsoft Corporation (US), Amazon Web Services (US), SAP SE (Germany), Dynatrace LLC (US), Infosys Ltd (India), Rogue Wave Software Inc (US), TIBCO Software Inc (US), Fiorano Software & Affiliates (US).

Global Function as a Service Market Analysis and Forecast, 2017–2023.

• To provide a detailed analysis of the market structure along with a forecast of the various segments and sub-segments of the function as a service market
• To provide insights into factors affecting market growth
• To analyze the function as a service market based on Porter's Five Forces analysis
• To provide historical and forecast revenue of the market segments and sub-segments with respect to four main regions and their countries—North America, Europe, Asia-Pacific, and the rest of the world
• To provide country-level analysis of the market with respect to the current market size and future perspective
• To provide country-level analysis of the market for a segment on the basis of product, and end user.
• To provide strategic profiling of the key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market
• To track and analyze competitive developments such as joint ventures, strategic alliances, mergers & acquisitions, new product developments, and research and development in the function as a service market.

Target Audience

• Electronic component manufacturers
• Research organizations
• Original equipment manufacturers
• System Integrators
• network equipment vendors
• chipset vendors
• software/application providers
• user equipment manufacturers
• network infrastructure integrators
• Government Organizations
• Research/Consultancy firms

Key Findings 

• The global function as a service market is expected to reach USD 11,932.95 million by 2023.
• The developer centric user type segment led the market in 2017 with a value of USD 1,190.06 million; it is expected to register a CAGR of 33.3% during the forecast period. The operator centric segment is projected to register the highest CAGR of 36.9%
• By development type, public cloud is expected to dominate the market and is expected to grow with 33.1% CAGR. Whereas, private and hybrid cloud is expected to grow with 36.4% and 35% CAGR respectively.
• The automation & integration service is expected to generate the USD 538.9 million in 2017 and is projected to grow with 36.5% CAGR. Whereas, microservice monitoring services is expected to be the fastest growing service with 39.2% CAGR.
• Web & mobile based application is expected to generate USD 753.3 million in 2016 and is projected to grow with the fastest growing CAGR of 36.8%. Research and academic application are expected to grow with 32.9% CAGR.
• Manufacturing and BFSI sector are leading the market and is projected to grow with 37.1% and 36.4% CAGR respectively. Whereas, IT & Telecommunication vertical is expected to be the fastest growing vertical with 36% CAGR in the forecast period 2017-2023.
• The market in Asia-Pacific is projected to be the largest during the assessment period, followed by Europe.

Regional and Country-Level Analysis of the Function as a Service Market, Estimation and Forecast

Asia-Pacific is expected to be the largest and fastest-growing function as a service market at the highest CAGR of 37.70% during the forecast period. This growth can be attributed to improving network infrastructure and increasing adoption of cloud computing services.  China is a prominent market owing to increasing cloud computing industry and government initiatives to enhance netwirk security by improving security regulations and relevent laws. The Europe is the second-largest market for function as a service market due to the growing adoption of cloud services by government & industries.

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