Function as a service (FaaS) is defined as a segment of cloud computing service which is flexible in terms of deployment. It provides a platform for customers to develop, manage and run various applications functionalities without any complications of maintaining and helps to build infrastructure. Function as a service (FaaS) typically involves in development and launch new applications. Function as a service (FaaS) enables consumers or end users to conduct programming and other tasks without the need for server management. A string of codes is generated with events established by the needs of the end users and are outsourced to servers which are located far away, which can execute the desired function. The function as a service is mostly used while building microservices applications and enhances serverless architecture.
According to the study “Global Function as a service Market Research Report – Forecast till 2023”, few functions as a service (FaaS) products from major players are Google cloud function, AWS Lambda, and Microsoft Azure. Various applications of cloud computing divert IT organizations to focus more on core services and products. The various applications of cloud services provide exemptions from worrying about underlying infrastructure issues. The serverless architecture provides improved efficiency, speeding time to market and helps in reduction of cost. Therefore, the serverless cloud is an evolutionary process in leveraging cloud computing to its full potential.
The major types of function as a service (FaaS) market are developer-centric FaaS and operator-centric FaaS. FaaS is again categorized into automation & integration, microservice monitoring & management services, API management services, support & maintenance services, and training & consulting. All microservices are designed to speed up deployment cycles, foster innovations, and ownership, improve maintainability and scalability of software applications which enable them to significantly contribute to the market growth. Function as a service (FaaS) is used in various industries such as defense and surveillance, telecommunication, banking and finance, healthcare, media and entertainment, hi-tech industry, manufacturing, web & mobile based, research & academic and other applications. FaaS requires less management and provides ease in building and running applications such as servers, storage, databases, content delivery, cache, search, and other services. FaaS is utilized in mobile backend processing which is set of HTTP APIs that are initialized from a mobile client using the WebHook URL. Digitalization demands industrial manufacturers to adapt and develop leading-edge operations and supplier collaboration ecosystems.
Various leading competitors in function as a service (FaaS) market are Google Inc. (California, U.S.), International Business Machines Corporation (IBM) (New York, U.S.), Amazon Web Services Inc. (Washington, U.S), Microsoft Corporation (Washington, U.S.), Infosys Limited (Bangalore, Karnataka,India), SAP SE (Walldorf, Germany), Dynatrace LLC (Massachusetts, U.S.), Rogue Wave Software Inc. (Colorado, U.S.), VMware Inc. (U.S.), Oracle Corporation (California, U.S.), TIBCO Software Inc. (US) and Fiorano Software & Affiliates (US). FaaS market is characterized by the presence of both international and regional players. The continuous rise in the adoption of FaaS, has led to considerable growth opportunities. All the leading players are increasingly focusing on expanding their product portfolios across the globe that improves their revenue shares. Geographically, function as a service (FaaS) market is spread across North America, Latin America, Middle East, and Africa, Asia Pacific and Europe.
FaaS eliminates the need to manage servers on cloud and replaces them with pervasive use of functional computing resources. However, FaaS is a complex architecture and security concerns are restraining the growth within the global market. Agility, scalability features and growing demand for serverless architecture are the key factors driving the FaaS market. The platform provides the organizations with auto-scalable architecture, reducing costs as the resources are adjusted according to the requirement of an application. Therefore, the global function as a service (FaaS) market has been witnessing a huge growth over the next few years.
Key topics covered in this report:-
Global Function as a service Market Research Report
Global Function as a service Market Analysis
Global Function as a service Market Forecast
Global Function as a service Market Opportunities
Global Function as a service Market Leading Players
Global Function as a service Market Segmentation
Global Function as a service Market Revenue
Global Function as a service Market Geography
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Ankur Gupta, Head Marketing & Communications