Function As A Service (FAAS) Market Outlook, and Opportunity Analysis By IBM, Google, Microsoft, Amazon Web Services, SAP, Infosys, TIBCO
Global Function as a Service Market by User Type (Operator Centric, Developer Centric), Service Type (Automation, Integration, Microservice Monitoring, API), Application (Web, Mobile, Research, Academic), Deployment and Vertical - Forecast 2023
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Function as a service is a developer centric architecture that lets the cloud functions to build and deploy services at the level of a single function. It also provides a connective layer of logic that allows to write code to connect and extend cloud services. Therefore, the developer centric user types are the major contributors of the function as a service market.
Applications that are both resilient and scalable is an essential part of any application architecture. Using function as a service provides a flexible way of adding scalability and resilience to the architecture. It also helps in reducing costs as the resources are adjusted according to the requirement of an application. The function as a service architecture is auto-scalable, when traffic or load rises, Auto-scalar adds resources to handle the extra activity and removes resources when the traffic or load lowers to help in reducing the costs. It also eliminates the need to manage servers on cloud, and replaces them with pervasive use of functional computing resources. Therefore, the cost effectiveness of the function as a service architecture is driving the growth of function as a service market.
Some of the key players in the market are IBM (U.S.), Google Inc. (U.S.), Microsoft Corporation (U.S.), Amazon Web Services (U.S.), SAP SE (Germany), Dynatrace LLC (U.S.), Infosys Ltd. (India), Rogue Wave Software Inc. (U.S.), TIBCO Software Inc. (U.S.), Fiorano Software & Affiliates (U.S.), among others.
By user type, developer centric is dominating the market and has generated 1.1906 million in 2016 and is expected to grow at 33% CAGR.
By services, automation & integration service is dominating the market and has generated USD 538.9 million revenue in 2016 and is expected to grow with 36.5% CAGR.
By vertical manufacturing and BFSI sector is leading the market and is projected to grow with 37% and 36.4% respectively.
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Commenting on the report, an analyst from Market Research Future (MRFR)’s team said:
In this competitive environment, all organizations are striving for speed and scalability. For any company it is very important to be scalable properly to fulfil the increasing customer demands. Business agility is a way of seeking all the operations and resources in a flexible and responsive manner. Function as a services enables the organizations to achieve business agility, thereby allowing them to adjust rapidly to the changing market conditions and reduces costs. Cloud provides different opportunities for the companies for being more productivity and competitive.
By Region, MRFR analysis shows that the comprehensive understanding of market dynamics, the global active electronic components market is analyzed across key geographies namely North America, Europe, China, Japan, India and among others. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in function as a service market in North America is attributed to the technical advancements and increasing investments in cloud based solutions in that region.
The global function as a service market is segmented on the basis of user type, service type, application, deployment, vertical and region. On the basis of user type the segment is further classified into operator centric and developer centric. On the basis of service type the segment is further classified into automation and integration, microservice monitoring and management services, API management services, support and maintenance services and others. On the basis of application the segment is further classified into web based and mobile application, research and academic application. On the basis of cloud the segment is further divided into public cloud, private cloud and hybrid cloud. The function as a service covers wide area of verticals such as BFSI, manufacturing, healthcare, IT and telecommunication and many more.
The regional analysis of active electronic components market is being studied for region such as Asia pacific, North America, Europe and Rest of the World. North America is expected to hold the largest market share and dominate the function as a service market in 2016, due to the penetration of large enterprises situated in this region with strong technically sound employees providing continuous innovative technologies, high penetration into the growing industries of the market, and greater efficiency of cloud-based solution in the front office. These are some of the major driving factors contributing to the growth of function as a service in North America. Asia-Pacific is projected to grow at the fastest 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.
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Electronic component manufacturers
Original equipment manufacturers
network equipment vendors
user equipment manufacturers
network infrastructure integrators
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
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