Function-as-a-Service Market Size Accelerates Innovation in Application Development | Expected to Cross USD 24.01 Billion by 2026

The size of the global Function-as-a-Service market was estimated at $3,017.00 million in 2018, and it is anticipated to grow to $24,007.00 million by 2026, at a CAGR of 29.7%.

Numerous advantages, including lower costs, improved scalability, accelerated time to market, and greater flexibility, encourage businesses to use this technology. Additionally, the market for Function-as-a-Service is growing due to the necessity to do away with server management, the rapid expansion of the app development industry, and the transition from DevOps to serverless computing.

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By user type, the developer-centric segment garnered major Function-as-a-Service market in 2018 and is expected to remain dominant during the forecast period. The growth of this segment is mainly attributed to significant rise in usage of FaaS as developers are finding increased utility in FaaS for simpler coding and developing as compared to other monolithic architectures. However, the operator-centric segment is expected to witness highest growth rate in the upcoming years as operators are shifting towards function-as-a-service model to provide secure & reliable multi-cloud connectivity services and introduce SDN to improve existing networks and achieve rapid service provisioning and network optimization.

Based on deployment model, the public cloud segment dominated the global Function-as-a-Service market share in 2018 and is expected to generate highest revenue during the forecast period owing to increasing adoption of Function-as-a-Service in public cloud as it can improve the functionality as well as overall development process, which is the major factor that drives the market growth in this segment. However, the hybrid cloud segment is expected to witness highest growth rate in the upcoming years. The growth of this segment is mainly attributed to the increase in adoption of hybrid cloud in IT service management models and growing demand for cost-effective, scalable and agile computing drives the market growth in hybrid cloud.

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The Function-as-a-Service market is experiencing rapid growth due to the widespread adoption of serverless computing. Organizations are increasingly drawn to the serverless model because it offers a more efficient and cost-effective way to run applications. FaaS platforms allow developers to focus solely on writing code for individual functions, without the need to manage infrastructure. This streamlines development, reduces operational overhead, and accelerates time-to-market for new applications.

FaaS is no longer limited to simple applications or specific use cases. It has expanded to handle more complex and critical workloads. Enterprises are leveraging FaaS for tasks such as data processing, real-time analytics, and IoT applications. Furthermore, FaaS providers are integrating their offerings with other cloud services, enabling seamless data flow and integration, making it easier for organizations to build comprehensive solutions.

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Another emerging trend in the FaaS market is the adoption of multi-cloud and hybrid deployments. Organizations are increasingly utilizing multiple cloud providers to avoid vendor lock-in and enhance redundancy and reliability. FaaS platforms are supporting this trend by offering compatibility with various cloud providers. This enables businesses to leverage the best features and pricing options from different providers while maintaining consistent serverless capabilities.

Some of the key industry players profiled in the FaaS market analysis include Amazon Web Services, Google LLC, IBM Corporation, Microsoft Corporation, Oracle Corporation, Tibco Software Inc., SAP SE, Infosys Limited, Rogue Wave Software, Inc. and Dynatrace LLC. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry. Also, the report focuses on the growth prospects, restraints, and Function-as-a-Service market trends.

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