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Function-as-a-Service Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends | Google Inc., Oracle Corporation, Microsoft Corporation, Amazon Web Services, SAP SE, International Business Machines Corporation
Function-as-a-Service Global Market Report 2024
As per the report, the function-as-a-service market size has grown rapidly in recent years. It will grow from $9.59 billion in 2023 to $11.39 billion in 2024 at a compound annual growth rate (CAGR) of 18.7%. The function-as-a-service market size is expected to see exponential growth in the next few years. It will grow to $23.69 billion in 2028 at a compound annual growth rate (CAGR) of 20.1%.
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App Development Surge Fueling Function-As-A-Service (FAAS) Market Growth
The increase in app development activities is expected to drive the growth of the function-as-a-service (FaaS) market. Apps are becoming increasingly popular because of their ease of use and enhanced accessibility. As the need for apps grows, so does the demand for app development platforms such as paid cloud/function-as-a-service. This serverless backend process creates a computer program or a set of programs to perform the client's allotted activities. This growing app demand has resulted in increasing the use of FaaS services. According to the store stats 2022 report, by the swiss-based software company 42matters AG, on average, 1,300 new Android apps are released daily in the Google Play Store, and 1,130 new iOS apps are produced daily in the Apple App Store. Therefore, the increase in app development activities drives the function-as-a-service market growth.
Strategic Partnerships Driving Innovation In The Function-As-A-Service Market
Strategic partnerships for enhancing capabilities are a key trend adopted in the function-as-a-service market. Strategic partnerships offer various advantages such as innovation through collaborative research and development, new solutions creation, enhancement of existing capabilities, and more. The function of service companies is to partner with other key market players to enhance their capabilities, innovate and offer new solutions to customers. For instance, Red Hat, Inc., a US-based open-source software firm, and Microsoft Corporation, a US-based technology corporation have extended their partnership till at least 2024. Both companies have been active in open source communities, bringing major Microsoft technologies such as SQL Server and.NET to Red Hat Enterprise Linux and Red Hat OpenShift FaaS. The collaboration will continue as part of their expanded collaboration to create new ideas for the larger Linux community.
The function-as-a-service market covered in this report is segmented -
1) By Service: Tablets, Smartphones, Gaming Consoles, Laptops/PCs
2) By Deployment Model: Public Cloud, Private Cloud, Hybrid Cloud
3) By Enterprise: Small And Medium Enterprises, Large Enterprises
4) By End-User: Banking, Financial Services, And Insurance (BFSI), Information Technology (IT) And Telecommunication, Retail, Healthcare And Life Sciences, Other End-Users (Media And Entertainment, Government, Educational Institutions)
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Major companies operating in the function-as-a-service market report are Google Inc., Oracle Corporation, Microsoft Corporation, Amazon Web Services, SAP SE, International Business Machines Corporation, TIBCO Software Inc., Fiorano Software and Affiliates, Dynatrace LLC, FaunaDB, Infosys Ltd., VMware Inc., Red Hat Inc., Rackspace Inc., Joyent Inc., Iron. io Inc., OpenFaaS Ltd., Nuweba, Twistlock Ltd., StackPath LLC, Nimbella Inc., TriggerMesh Inc., Serverless Inc., Platform9 Systems Inc., Auth0 Inc., Cloudflare Inc., Kong Inc., Fission Labs Inc., Kubeless Inc., Bitnami Inc.
Contents of the report:
1. Executive Summary
2. Function-as-a-Service Market Report Structure
3. Function-as-a-Service Market Trends And Strategies
4. Function-as-a-Service Market - Macro Economic Scenario
5. Function-as-a-Service Market Size And Growth
…..
27. Function-as-a-Service Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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