Global Function-as-a-Service Market Size By User Type (Operator-Centric, Developer-Centric), By Service Type (Automation and Integration Service, API Management Service), By Application (Web-Based and Mobile Application, Research and Academic Application), By Geographic Scope And Forecast

Function-as-a-Service Market Size And Forecast

Function-as-a-Service Market size was valued at USD 8.64 Billion in 2020 and is projected to reach USD 44.33 Billion by 2028, growing at a CAGR of 19.02% from 2021 to 2028.

The Global Function-as-a-Service Market increases due to Function-as-a-service is a cloud computing model that enables users to create and deploy numerous applications and functionalities without the need for a dedicated server, resulting in increased process efficiency. The market is growing due to the multiple benefits provided by Function-as-a-Service to developer-centric users, such as no server maintenance, flexible scaling, reduced costs, and automated high availability. The Global Function-as-a-Service Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Function-as-a-Service Market Definition

Function-as-a-Service is a type of serverless cloud computing that allows enterprises and customers to execute and control application operations, as well as modular components on the edge, using Service Types. It facilitates the execution of code in response to events such as a User Type clicking on an element in a web application without the need for the sophisticated infrastructure generally associated with the launch and development of micro-Service Types applications. This makes it easier for User Types to manage programming in their servers.

The cloud Service Type provider can manage the actual infrastructure, virtual machine operating system, and web server software automatically via Function-as-a-Service. This allows businesses to concentrate on certain functions in their application code. Function-as-a-Service has applications in BFSI, healthcare and life sciences, telecommunications and ITES, consumer products and retail, and many other areas.

Cloud computing is a means of providing on-demand networking access to a shared pool of configurable computing resources that can be rapidly constructed and delivered with little work or involvement from providers. Serve as a service (FaaS) is a type of cloud computing service that provides a platform for users to construct, run, and manage application capabilities without the hassles of setting up and maintaining the infrastructure that comes with designing and launching an app. FaaS use cases are linked to “on-demand” capability, which allows the supporting infrastructure to be turned off and not charged when not in use.

Internet of things (IoT) services for Internet-connected devices, mobile apps, and web apps are instances of data processing (e.g., batch processing, stream processing, and extract-transform-load (ETL). A hybrid cloud is a combination of at least two clouds, with the clouds being a mix of public, private, and community clouds. Insecure Interfaces and APIs, Data Loss & Leakage, and Hardware Failure are the top three cloud security concerns, according to the Cloud Security Alliance, accounting for 29 percent, 25 percent, and 10% of all cloud security outages, respectively.

Global Function-as-a-Service Market Overview

Function-as-a-service is a cloud computing model that enables users to create and deploy numerous applications and functionalities without the need for a dedicated server, resulting in increased process efficiency. The market is growing due to the multiple benefits provided by Function-as-a-Service to developer-centric users, such as no server maintenance, flexible scaling, reduced costs, and automated high availability. The Function-as-a-Service Market rapidly grows due to the Maturity of hosted serviceseasy to deploy, operate, and run Move away from DevOps and towards serverless computing. The portability of applications across a variety of cloud settings is a major drawback of Function-as-a-Service.

Microservices are a subset of the service-oriented architecture (SOA) implementation approach used to create flexible, independently deployable software systems. The microservices approach is the first realization of SOA that came after DevOps and is becoming more popular for constructing constantly deployed systems. According to (NIST) Multiple components (microservices) communicate with each other using synchronous remote procedure calls or an asynchronous messaging system in a microservices-based application system. Each microservice typically implements one (rarely more) separate business process or functionality. Some microservices might provide a RESTful API, which would be consumed by other microservices or the application’s clients.

A web User Interface may be implemented by other microservices (UI). A microservice instance can be configured to execute as a process in an application server, as a VM, or as a container at runtime. Even though the fact that a microservices-based application can be implemented solely as an enterprise application and not as a cloud service, it is frequently identified as a cloud-native application with a service-based architecture, API-driven communications, container-based infrastructure, and a preference for DevOps (Combination of Development and Operations). Continuous improvement, agile development, continuous delivery, and collaborative development involving developers, quality assurance teams, security specialists, IT operations, and line-of-business stakeholders are all examples of these processes.

Part of the rationale for this approach is because on-premises software development and deployment depend on a server-centric infrastructure with tightly integrated application modules instead of loosely linked, services-based architectures with API-based communications though the business reasons for microservices-based application system deployment are only tangentially related to the theme of this article, it is useful to identify and specify those that are relevant from the perspective of the user and organizational behavior. Microservices-based applications (e.g., distributed enterprise or web applications) are created using an architectural style or design pattern that is not limited to a single technology and is made up of small, independent entities that communicate with one another using lightweight mechanisms.

Global Function-as-a-Service MarketSegmentation Analysis

The Global Function-as-a-Service Market is segmented on the basis of User Type, Service Type, Application, And Geography.

Function-as-a-Service Market, By User Type

• Operator-Centric• Developer-Centric• Others

Based on User Type, The market is bifurcated into Operator-Centric, Developer-Centric, and Others. In Operator-Centric Type the Mobile payment (also known as mobile money, mobile money transfer, and mobile wallet) refers to payment services that are carried out from or via a mobile device and are governed by financial regulations. A user can use a mobile phone to pay for a variety of services and digital or tangible items instead of cash, check, or credit card.

In Developer-Centric Function-as-a-Service Type, T Function-as-a-Service Market the architectural style of service-oriented architecture (SOA) encourages the use of services. As a result, it is also used in the field of software design, where application components give services to other components through a network using a communication protocol. A service, such as getting a credit card statement online, is a separate unit of functionality that can be accessed remotely and acted on and updated independently. SOA is also meant to be vendor, product, and technology agnostic.

Function-as-a-Service Market, By Service Type

• Automation and Integration Service• API Management Service• Training and Consulting Service• Micro Monitoring and Management Service• Others

Based on Service Type, The market is bifurcated into Automation and Integration Service, API Management Service, Training and Consulting Service, Micro Monitoring and Management Service, Others. In Automation and Integration Service Types the MEP robotics experts responded with a set of workflow and cost-benefit analysis criteria. When integrating a cobot system into work cells, SMMs want to know which work cells will provide a quick, significant, and long-term return on investment (ROI).

For most manufacturers, return on investment (ROI) is defined as the time it takes to recoup the initial cost of system integration through increased earnings. For various work cell types, leading integrator companies have been known to generate a full ROI in less than a year. Integrators are often knowledgeable and dependable. Before investing in a system design, an integrator might do technological demonstrations to assist find potential solutions. Manufacturers will save time and money by using this method.

Function-as-a-Service Market, By Application

• Web-Based and Mobile Application• Research and Academic Application

Based on Service Type, The market is bifurcated into Web-Based and Mobile Application, and Research and Academic Application. The Web-Based and Mobile Application used in Many parts of clinical practice has been altered as a result of health care professionals’ (HCPs) usage of mobile devices. According to (NCBI) As per the Manhattan Research/Physician Channel Adoption Study from June 2012, doctors’ ownership and use of mobile devices are widespread, with 87 percent of doctors utilizing a smartphone or tablet device at work compared to 99 percent who use a computer. The increasing availability and quality of medical software programs, or “apps,” has aided the rapid integration of mobile devices into clinical practice. Apps are software programs designed to operate on a computer or mobile device in order to achieve a certain task.

Function-as-a-Service Market, By Geography

• North America• Europe• Asia Pacific• Rest of the world

On the basis of Geography, The Global Function-as-a-Service Market is classified into North America, Europe, Asia Pacific, and Rest of the world. The Asia Pacific region is expected to witness the highest CAGR during the forecast period. This is primarily due to Function-as-a-service is a cloud computing model that enables users to create and deploy numerous applications and functionalities without the need for a dedicated server, resulting in increased process efficiency. The market is growing due to the multiple benefits provided by Function-as-a-Service to developer-centric users, such as no server maintenance, flexible scaling, reduced costs, and automated high availability.

Key Players

The “Global Function-as-a-Service Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Amazon Web Service Types Inc., IBM Corporation, Google Inc., Microsoft Corporation, SAP SE, Infosys Limited, Oracle Corporation, Dynatrace LLC, Fiorano Software and Affiliates, Flowgear, and Others. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In September 2021, IBM announced the debut of new AI and automation features in IBM Watson Assistant.

• In December 2021, The IBM Z and Cloud Modernization Center, a digital front door to a vast array of tools, training, resources, and ecosystem partners designed to help IBM Z clients accelerate the modernization of their applications, data, and processes in open hybrid cloud architecture, was officially launched by IBM

• In May 2021, — Under a new cloud agreement, SpaceX will place ground stations for its Starlink broadband satellites within Google’s data centers.

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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