Global Function as a Service Market Witness to Grow Remarkable CAGR of 34.32% by 2023

Global Function as a Service Market: Function as a Service (FaaS) is the concept of server less computing via server less architectures. Software developers can leverage this to deploy an individual “function”, action, or piece of business logic. The server less architecture has many benefits as, it reduces time to market, lowers the operational costs, reduces the complexity of software and others. Therefore, the demand for server less architecture is driving the function as a service market. The function as a service platform provides organizations with auto-scalable architecture which adds resources to handle extra activity when the load is more and also reduces the resources when the load is reduced. The auto-scalar performs these activities automatically based on the scaling rules defined by the users. Therefore, the business agility and scalability provisioned by function as service platforms is driving the growth of function as a service market growth.

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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.

Key Players:
The key players of Function as a Service Market includes IBM , Google Inc. , Microsoft Corporation , Amazon Web Services , SAP SE (Germany), Dynatrace LLC , Infosys Ltd. (India), Rogue Wave Software Inc. , TIBCO Software Inc. (U.S.) and Fiorano Software & Affiliates (U.S.).
Global Function as a Service Market Analysis & Forecast, from 2017 to 2023
• To provide detailed analysis of the Function as a Service Market structure along with forecast for the next ten years of the various segments and sub-segments included in global Function as a Service market with analysis of its development and demand in the market
• Upcoming technologies, high growth geographies and countries were identified in this Function as a Service Market report
• Regional and country specific demand and forecast for Function as a Service were studied
• Key segments covered in the report are: components and application.
• Unit breakdown for all different classification was finalized; and same was referred for forecasting, keeping few assumptions into factor
• For all the regions, forecast demand for all applications were identified and then with historical figure, data collected through primary and annual reports were triangulated to derive the regional market size
• Historical trend is identified to forecast and estimate the future value data

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Key Findings
• The global function as a service market is expected to reach USD 11,932.95 Million by 2023.
• By user type, developer centric sub segment in function as a service market accounts for the largest market share and is growing with approximately 33.3% CAGR during forecast period.
• By deployment type, public cloud sub segment holds the largest market share and is growing with approximately 33.1% CAGR by the end of forecast period.
• By services, automation and integration services sub segment in function as a service market accounts for the largest market share and is growing with approximately 36.5% CAGR during forecast period.
• By application, web and mobile based sub segment holds the largest market share and is growing with approximately 36.8% CAGR by the end of forecast period.
• By vertical, manufacturing sub segment holds the largest market share and is growing with approximately 37.1% CAGR by the end of forecast period

Regional and Country Analysis of Function as a Service Market Estimation and Forecast:
Function as a service market is growing with the positive growth in all the regions. Increasing application areas year on year and advancement in technology and developed network architecture is driving the market on global scale. On the basis of region, the market has been segmented into North America, Europe, Asia-Pacific and Rest of the World. North America is dominating the global function as a service market share followed by Europe which stands as the second biggest market due to heavy development in cloud computing market whereas, Asia Pacific stands as third largest.

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