Function-as-a-Service Key Drivers
“The Business Research Company recently released a comprehensive report on the Global Function-as-a-Service Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
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According to The Business Research Company’s, The function-as-a-service market size has grown rapidly in recent years. It will grow from $9.59 billion in 2023 to $11.39 billion in 2024 at a compound annual growth rate (CAGR) of 18.7%. The growth in the historic period can be attributed to rise of serverless computing, shift towards microservices architecture, demand for scalability and flexibility, focus on cost efficiency, simplified development and deployment..
The function-as-a-service market size is expected to see exponential growth in the next few years. It will grow to $23.69 billion in 2028 at a compound annual growth rate (CAGR) of 20.1%. The growth in the forecast period can be attributed to innovation and evolution in functionality, growing adoption in various industries, increasing role in iot and ai integration, integration with edge computing, expansion of ecosystem and vendor offerings.. Major trends in the forecast period include efforts towards cost optimization, automation and ci/cd integration, development of serverless frameworks, enhanced security and compliance measures, continuous improvement in scalability and performance, integration with edge computing..
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Market Drivers and Trends:
The increase in app development activities is expected to drive the growth of the function-as-a-service (FaaS) market. Apps are becoming increasingly popular because of their ease of use and enhanced accessibility. As the need for apps grows, so does the demand for app development platforms such as paid cloud/function-as-a-service. This serverless backend process creates a computer program or a set of programs to perform the client’s allotted activities. This growing app demand has resulted in increasing the use of FaaS services. According to the store stats 2022 report, by the swiss-based software company 42matters AG, on average, 1,300 new Android apps are released daily in the Google Play Store, and 1,130 new iOS apps are produced daily in the Apple App Store. Therefore, the increase in app development activities drives the function-as-a-service market growth.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Google Inc., Oracle Corporation, Microsoft Corporation, Amazon Web Services, SAP SE, International Business Machines Corporation, TIBCO Software Inc., Fiorano Software and Affiliates, Dynatrace LLC, FaunaDB, Infosys Ltd., VMware Inc., Red Hat Inc., Rackspace Inc., Joyent Inc., Iron. io Inc., OpenFaaS Ltd., Nuweba, Twistlock Ltd., StackPath LLC, Nimbella Inc., TriggerMesh Inc., Serverless Inc., Platform9 Systems Inc., Auth0 Inc., Cloudflare Inc., Kong Inc., Fission Labs Inc., Kubeless Inc., Bitnami Inc.
Function-as-a-Service Market 2024 Key Insights:
• The function-as-a-service market size is expected to see exponential growth in the next few years. It will grow to $23.69 billion in 2028 at a compound annual growth rate (CAGR) of 20.1%.
• App Development Surge Fueling Function-As-A-Service (FAAS) Market Growth
• Strategic Partnerships Driving Innovation In The Function-As-A-Service Market
• North America was the largest region in the function-as-a-service market in 2023
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