Increasing shift from DevOps to serverless computing to drive the overall Function-as-a-Service market
The Function-as-a-Service (FaaS) market size is estimated to grow from USD 1.88 billion in 2016 to USD 7.72 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 32.7% owing to growing number of users adopting FaaS due to their easy deployment and execution ability. However, application portability issues on cloud environments acts as a major restraint in the overall growth of the market.
The developer-centric FaaS to dominate the market share during the forecast period
Developers are increasingly using FaaS platform for coding owing to their cost saving benefits. Moreover, they provide simpler methods for coding unlike other monolithic architectures. These benefits have helped drive the market share of the overall FaaS market.
The automation and integration segment is expected to be the most promising service type during the forecast period
The factors driving this sector include the need to quickly and efficiently integrate the associated microservices. Automation and integration services help reduce the computation time and drive the overall efficiency of the application which is further contributing to the growth of this market.
APAC is projected to witness the highest growth during the forecast period and North America is expected to hold the largest market share during the forecast period
APAC is expected to grow at the highest rate during the forecast period. Companies in APAC are continuously trying to improve market efficiency and further enhance customer satisfaction. This creates an opportunity for the FaaS solution and service providers. North America is expected to hold the largest market share and dominate the FaaS market in 2016. There are various factors that contribute to this growth; they are presence of pre-existing mature cloud infrastructure along with availability of employees who possess strong technical skills, increasing technologically advanced solutions and services, and high penetration into the growing industries of the market.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key industry personnel. The break-up of profiles of primary discussion participants is given below:
- By Company Type: Tier-1 (21%), Tier-2 (36%), and Tier-3 (43%) companies
- By Designation: C-level (43%), Director Level (21%), and Others (36%)
- By Region: North America (50%), Europe (20%), APAC (20%), and Rest of World (10%)
The list of FaaS vendors profiled in the report is as follows:
1. IBM (U.S.)
2. Google Inc. (U.S.)
3. Microsoft Corporation (U.S.)
4. Amazon Web Services(U.S.)
5. SAP SE (Germany)
6. Dynatrace LLC (U.S.)
7. Infosys Ltd. (India)
8. Rogue Wave Software Inc. (U.S.)
9. TIBCO Software Inc. (U.S.)
10. Fiorano Software and Affiliates (U.S.)
The global FaaS market has been segmented on the basis of user type, service type, application, deployment model, and industry vertical. The various types of analysis covered in the study include FaaS cloud ecosystem, value chain analysis, competitive landscaping, and market dynamics.
Reasons To Buy the Report
The report will help the market leaders/new entrants in this market in the following ways:
- This report segments the FaaS market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across different verticals and regions.
- The report helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
- This report will help stakeholders to better understand the competitors and gain more insights to enhance their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers & acquisitions.