Function As A Service Faas Market Size, Type Analysis, Application Analysis, End-Use, Industry Analysis, Regional Outlook, Competitive Strategies And Forecasts, 2023-2032

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Market Snapshot

CAGR:5.92
2023
2032

Source: Market Expertz

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Study Period 2019-2032
Base Year 2023
Forcast Year 2023-2032
CAGR 5.92
Information & Technology-companies
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Report Overview


Function as a Service (FaaS) Market Analysis Report 2023-2032

The Function as a Service (FaaS) Market is poised for substantial growth, with an estimated Compound Annual Growth Rate (CAGR) of 18.92% from 2022 to 2032. This growth is projected to result in a market size expansion of USD 13,409.87 million. The Function as a Service industry is driven by several factors, including the rise of serverless computing, the demand for efficient and cost-effective application deployment, and the focus on event-driven architectures.

Function as a Service Market Overview

Drivers

The growth of the FaaS market is driven by the increasing adoption of serverless computing. Serverless architectures allow developers to focus on writing code without managing infrastructure. FaaS platforms abstract away server management, enabling efficient and scalable deployment of applications.

Furthermore, the demand for efficient and cost-effective application deployment is a significant driver. FaaS platforms charge based on actual usage, making them cost-efficient for businesses with varying workloads. This pay-as-you-go model eliminates the need for provisioning and maintaining excess resources.

Trends

Microservices and event-driven architectures are key trends in the FaaS market. Microservices enable the decomposition of applications into smaller, manageable components, which can be deployed and scaled independently. FaaS platforms align well with microservices for modular and efficient application development.

Moreover, event-driven architectures leverage FaaS to respond to specific events, triggers, or actions. This approach enables businesses to build responsive and scalable applications that react to real-time events.

Restraints

Vendor lock-in and security concerns present significant hurdles in the FaaS market. FaaS platforms may use proprietary programming models and APIs, leading to vendor lock-in. Businesses must consider portability and compatibility when selecting FaaS providers.

Additionally, security is a critical consideration. Deploying functions on shared infrastructure requires robust security measures to prevent data breaches, unauthorized access, and other threats.

Function as a Service Market Segmentation By Application

Among the application segments, the Enterprise segment is expected to witness substantial growth during the forecast period. Enterprises require FaaS platforms to develop and deploy applications with agility and scalability. FaaS enables businesses to respond to changing market demands and deliver innovative solutions.

Moreover, the Startup segment is also on the rise. Startups leverage FaaS to build prototypes, Minimum Viable Products (MVPs), and scalable applications without investing heavily in infrastructure.

Function as a Service Market Segmentation By Type

Within the FaaS type segment, the Event-driven segment is expected to play a significant role in market growth. Event-driven FaaS platforms excel in processing and responding to real-time events, such as user actions, data updates, and IoT triggers.

Additionally, the Compute-driven segment remains relevant. Compute-driven FaaS platforms are suitable for executing computational tasks and functions without the need for continuous event triggers.

Regional Overview:

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North America is projected to be a major contributor to the global FaaS market growth, accounting for approximately 50% of the market share during the forecast period. The region's leadership is attributed to the high adoption of cloud computing, the presence of tech giants, and the demand for scalable and agile application development.

Europe also holds a significant share in the FaaS market, driven by the digital transformation of businesses, the expansion of cloud services, and the need for cost-efficient IT solutions. The Asia-Pacific region is witnessing rapid growth, fueled by the adoption of digital technologies, the growth of startups, and the demand for cloud-native applications.

The FaaS market faced disruptions during the COVID-19 pandemic as businesses accelerated their cloud migration efforts and focused on optimizing costs. The pandemic underscored the importance of flexible and scalable application deployment.

Function as a Service Market Customer Landscape

The FaaS market report encompasses an analysis of the customer lifecycle, from early adopters to late adopters. It delves into adoption rates across regions, providing insights into customer penetration. Additionally, the report identifies key purchase criteria and factors influencing price sensitivity, aiding businesses in devising effective growth strategies.

Major Function as a Service Market Companies

Companies in the FaaS market are implementing various strategies to enhance their market presence, including service enhancements, partnerships, acquisitions, and the development of user-friendly developer tools.

  • Amazon Web Services, Inc. (AWS Lambda): AWS Lambda offers a serverless FaaS platform that enables developers to run code in response to events. It provides scalability, automatic scaling, and integration with other AWS services.
  • Microsoft Corporation (Azure Functions): Azure Functions is Microsoft's FaaS offering, integrated with Azure cloud services. It enables developers to build event-driven applications, APIs, and microservices.
  • Google Cloud (Cloud Functions): Google Cloud Functions is a serverless FaaS platform that allows developers to write code that responds to events. It integrates with Google Cloud services and offers auto-scaling and pay-as-you-go pricing.

The competitive landscape analysis in the report offers comprehensive insights into market players, assessing their strengths, weaknesses, and positioning. The qualitative and quantitative data aids in categorizing companies based on their focus and dominance in the market.

Segment Overview

The FaaS market report forecasts revenue growth at global, regional, and country levels and provides a comprehensive analysis of trends and growth opportunities from 2019 to 2032.

  • Application Outlook (USD Million, 2019 - 2032)
    • Enterprise
    • Startup
  • Type Outlook (USD Million, 2019 - 2032)
    • Event-driven
    • Compute-driven
  • Geography Outlook (USD Million, 2019 - 2032)
    • North America
      • United States
      • Canada
    • Europe
      • United Kingdom
      • Germany
      • France
      • Rest of Europe
    • APAC
      • China
      • Japan
      • India
      • Rest of APAC
    • South America
      • Brazil
      • Argentina
      • Chile
      • Rest of South America
    • Middle East & Africa
      • United Arab Emirates
      • South Africa
      • Saudi Arabia
      • Rest of Middle East & Africa

TABLE OF CONTENTS: GLOBAL FUNCTION-AS-A-SERVICE (FAAS) MARKET

Chapter 1. MARKET SYNOPSIS

1.1. Market Definition

1.2. Research Scope & Premise

1.3. Methodology

1.4. Market Estimation Technique

Chapter 2. EXECUTIVE SUMMARY

2.1. Summary Snapshot, 2016 – 2027

Chapter 3. INDICATIVE METRICS

3.1. Macro Indicators

Chapter 4. FUNCTION-AS-A-SERVICE (FAAS) MARKET SEGMENTATION & IMPACT ANALYSIS

4.1. Function-as-a-Service (FaaS) Segmentation Analysis

4.2. Industrial Outlook

4.3. Price Trend Analysis

4.4. Regulatory Framework

4.5. Porter’s Five Forces Analysis

    4.5.1. Power Of Suppliers

    4.5.2. Power Of Buyers

    4.5.3. Threat Of Substitutes

    4.5.4. Threat Of New Entrants

    4.5.5. Competitive Rivalry

Chapter 5. FUNCTION-AS-A-SERVICE (FAAS) MARKET BY User Type INSIGHTS & TRENDS

5.1. Segment 1 Dynamics & Market Share, 2019 & 2027

5.2. Operator-Centric Function-as-a-Service

    5.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    5.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

5.3. Developer-Centric Function-as-a-Service

    5.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    5.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 6. FUNCTION-AS-A-SERVICE (FAAS) MARKET BY Application INSIGHTS & TRENDS

6.1. Segment 2 Dynamics & Market Share, 2019 & 2027

6.2. Web-Based and Mobile Application

    6.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    6.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

6.3. Research and Academic Application

    6.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    6.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 7. FUNCTION-AS-A-SERVICE (FAAS) MARKET REGIONAL OUTLOOK

7.1. Function-as-a-Service (FaaS) Market Share By Region, 2019 & 2027

7.2. NORTH AMERICA

    7.2.1. North America Function-as-a-Service (FaaS) Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.2.2. North America Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.2.3. North America Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.2.4. North America Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.5. U.S.

    7.2.5.1. U.S. Function-as-a-Service (FaaS) Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.2.5.2. U.S. Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.2.5.3. U.S. Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.2.5.4. U.S. Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.6. CANADA

    7.2.6.1. Canada Function-as-a-Service (FaaS) Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.2.6.2. Canada Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.2.6.3. Canada Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.2.6.4. Canada Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3. EUROPE

    7.3.1. Europe Function-as-a-Service (FaaS) Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.2. Europe Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.3. Europe Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.4. Europe Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.5. GERMANY

    7.3.5.1. Germany Function-as-a-Service (FaaS) Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.5.2. Germany Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.5.3. Germany Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.5.4. Germany Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.6. FRANCE

    7.3.6.1. France Function-as-a-Service (FaaS) Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.6.2. France Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.6.3. France Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.6.4. France Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.7. U.K.

    7.3.7.1. U.K. Function-as-a-Service (FaaS) Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.7.2. U.K. Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.7.3. U.K. Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.7.4. U.K. Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4. ASIA-PACIFIC

    7.4.1. Asia Pacific Function-as-a-Service (FaaS) Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.4.2. Asia Pacific Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.4.3. Asia Pacific Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.4.4. Asia Pacific Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

 7.4.5. CHINA

     7.4.5.1. China Function-as-a-Service (FaaS) Market Estimates And Forecast, 2016 – 2027, (USD Million)

     7.4.5.2. China Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

     7.4.5.3. China Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

     7.4.5.4. China Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.6. INDIA

     7.4.6.1. India Function-as-a-Service (FaaS) Market Estimates And Forecast, 2016 – 2027, (USD Million)

     7.4.6.2. India Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

     7.4.6.3. India Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

     7.4.6.4. India Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.7. JAPAN

     7.4.7.1. Japan Function-as-a-Service (FaaS) Market Estimates And Forecast, 2016 – 2027, (USD Million)

     7.4.7.2. Japan Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.4.7.3. Japan Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.4.7.4. Japan Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.8. AUSTRALIA

    7.4.8.1. Australia Function-as-a-Service (FaaS) Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.4.8.2. Australia Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

     7.4.8.3. Australia Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.4.8.4. Australia Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.5. MIDDLE EAST AND AFRICA (MEA)

    7.5.1. Mea Function-as-a-Service (FaaS) Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.5.2. Mea Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.5.3. Mea Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.5.4. Mea Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.6. LATIN AMERICA

     7.6.1. Latin America Function-as-a-Service (FaaS) Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.6.2. Latin America Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.6.3. Latin America Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.6.4. Latin America Function-as-a-Service (FaaS) Market Estimates And Forecast By Production Process, 2016 –2027, (USD Million)

    7.6.5. Latin America Function-as-a-Service (FaaS) Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

Chapter 8. COMPETITIVE LANDSCAPE

8.1. Market Share By Manufacturers

8.2. Strategic Benchmarking

    8.2.1. New Product Launches

    8.2.2. Investment & Expansion

    8.2.3. Acquisitions

    8.2.4. Partnerships, Agreement, Mergers, Joint-Ventures

8.3. Vendor Landscape

     8.3.1. North American Suppliers

     8.3.2. European Suppliers

     8.3.3. Asia-Pacific Suppliers

     8.3.4. Rest Of The World Suppliers

Chapter 9. COMPANY PROFILES

9.1. Google Inc

    9.1.1. Company Overview

    9.1.2. Financial Performance

    9.1.3. Product Insights

    9.1.4. Strategic Initiatives

9.2. SAP SE

    9.2.1. Company Overview

    9.2.2. Financial Performance

    9.2.3. Product Insights

    9.2.4. Strategic Initiatives

9.3. Microsoft Corporation

    9.3.1. Company Overview

    9.3.2. Financial Performance

    9.3.3. Product Insights

    9.3.4. Strategic Initiatives

9.4. Infosys Limited

    9.4.1. Company Overview

    9.4.2. Financial Performance

    9.4.3. Product Insights

    9.4.4. Strategic Initiatives

9.5. IBM Corporation

    9.5.1. Company Overview

    9.5.2. Financial Performance

    9.5.3. Product Insights

    9.5.4. Strategic Initiatives

9.6. Tibco Software

    9.6.1. Company Overview

    9.6.2. Financial Performance

    9.6.3. Product Insights

    9.6.4. Strategic Initiatives

9.7. Dynatrace LLC

    9.7.1. Company Overview

    9.7.2. Financial Performance

    9.7.3. Product Insights

    9.7.4. Strategic Initiatives

9.8. Amazon Web Services Inc

    9.8.1. Company Overview

    9.8.2. Financial Performance

    9.8.3. Product Insights

    9.8.4. Strategic Initiatives

9.9. Flowgear

    9.9.1. Company Overview

    9.9.2. Financial Performance

    9.9.3. Product Insights

    9.9.4. Strategic Initiatives

9.10. Fiorano Software and Affiliates

    9.10.1. Company Overview

    9.10.2. Financial Performance

    9.10.3. Product Insights

    9.10.4. Strategic Initiatives

RESEARCH METHODOLOGY

A research methodology is a systematic approach for assessing or conducting a market study. Researchers tend to draw on a variety of both qualitative and quantitative study methods, inclusive of investigations, survey, secondary data and market observation.

Such plans can focus on classifying the products offered by leading market players or simply use statistical models to interpret observations or test hypotheses. While some methods aim for a detailed description of the factors behind an observation, others present the context of the current market scenario.

Now let’s take a closer look at the research methods here.

Secondary Research Model

Extensive data is obtained and cumulated on a substantial basis during the inception phase of the research process. The data accumulated is consistently filtered through validation from the in-house database, paid sources as well reputable industry magazines. A robust research study requires an understanding of the overall value chain. Annual reports and financials of industry players are studied thoroughly to have a comprehensive idea of the market taxonomy.

Primary Insights

Post conglomeration of the data obtained through secondary research; a validation process is initiated to verify the numbers or figures. This process is usually performed by having a detailed discussion with the industry experts.

However, we do not restrict our primary interviews only to the industry leaders. Our team covers the entire value chain while verifying the data. A significant number of raw material suppliers, local manufacturers, distributors, and stakeholders are interviewed to make our findings authentic. The current trends which include the drivers, restraints, and opportunities are also derived through the primary research process.

Market Estimation

The market estimation is conducted by analyzing the data collected through both secondary and primary research. This process involves market breakdown, bottom-up and top- down approach.

Moreover, while forecasting the market a comprehensive statistical time series model is designed for each market. Macroeconomic indicators are considered to understand the current trends of the market. Each data point is verified by the process of data triangulation method to arrive at the final market estimates.

Final Presentation

The penultimate process results in a holistic research report. The study equips key industry players to undertake significant strategic decisions through the findings. The report encompasses detailed market information. Graphical representations of the current market trends are also made available in order to make the study highly comprehensible for the reader.

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