Press release
Function-as-a-Service Market Poised for 0.222494085859943 % Growth, Set to Hit $8.04 Billion by 2029
Function-as-a-Service Market Growth
The surge in activities related to app development is predicted to fuel the expansion of the Function-as-a-Service (FaaS) market. Apps are gaining popularity due to their simplicity and increased accessibility. With the rising necessity for apps, there's a corresponding increase in demand for platforms for app development such as paid cloud/function-as-a-service. This serverless backend procedure enables the creation of a computer program or programs to execute the tasks assigned by the client. This escalating demand for apps has lead to an amplified usage of FaaS services. As highlighted by the 2022 store stats report from the Swiss software company, 42matters AG, approximately 1,300 new Android apps are introduced every day in the Google Play Store, while about 1,130 new iOS apps are launched daily in the Apple App Store. Consequently, the surge in app development activities propels the growth of the function-as-a-service market.
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What is the projected compound annual growth rate (CAGR) of the function-as-a-service market from 2025 to 2034, and what factors influence it?
The market size for function-as-a-service has experienced rapid expansion in the past few years. From $11.15 billion in 2024, it is anticipated to increase to $13.11 billion in 2025, showcasing a compound annual growth rate (CAGR) of 17.5%. Factors driving this historical growth include the emergence of serverless computing, the shift towards microservice architecture, a demand for scalability and flexibility, the emphasis on cost efficiency, and the simplification of development and deployment processes.
The function-as-a-service market is anticipated to undergo significant expansion in the coming years. This sector is predicted to surge to $29.28 billion by 2029, with a 22.2% compound annual growth rate (CAGR). The projected growth during this forecast period can be credited to advancements in functionality, acceptance in a multitude of sectors, enhanced role in IoT and ai integration, collaboration with edge computing, and expansion of ecosystem and vendor services. Key trends predicted throughout this period comprise of moves towards cost reduction, incorporation of automation and ci/cd integration, evolution of serverless frameworks, advancements in security and compliance, continuous enhancements in scalability and performance, and integration with edge computing.
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How are the latest trends influencing the growth of the function-as-a-service market?
Key participants in the function-as-a-service market are prioritizing collaborations and partnerships in order to collectively attain mutual objectives by consolidating capabilities, resources, or know-how. For example, in March 2023, a strategic tie-up was formalized between the US-based cloud computing service provider, Amazon Web Services Inc. (AWS), and the government of New Zealand. Their aim is to offer cloud computing training to 100,000 individuals through the availability of 600 free online courses. This Memorandum of Understanding (MoU) lays the groundwork for a sustained alliance between AWS and the New Zealand government with a special emphasis on areas like cloud usage, cutting-edge digital skills, innovation, sustainability, and cybersecurity.
What are the major segments of the function-as-a-service market and their role in driving growth?
The function-as-a-service market covered in this report is segmented -
1) By Service: Tablets, Smartphones, Gaming Consoles, Laptops Or 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)
Subsegments:
1) By Tablets: IOS Tablets, Android Tablets, Windows Tablets
2) By Smartphones: IOS Smartphones, Android Smartphones, Feature Phones
3) By Gaming Consoles: Home Consoles, Handheld Consoles, Cloud Gaming Services
4) By Laptops Or PCs: Ultrabooks, Gaming Laptops, Workstations
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Which regions are key players in the growth of the function-as-a-service market?
North America was the largest region in the function-as-a-service market in 2024.Asia-Pacific expected to be the fastest-growing region in the forecast period. The regions covered in the function-as-a-service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the key firms paving the way for growth in the function-as-a-service market?
Major companies operating in the function-as-a-service market include 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.
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What Is Covered In The Function-as-a-Service Global Market Report?
•Market Size Forecast: Examine the function-as-a-service market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the function-as-a-service market for a structured understanding.
•Key Players Overview: Analyze major players in the function-as-a-service market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the function-as-a-service market.
•Segment Contributions: Evaluate how different segments drive overall growth in the function-as-a-service market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the function-as-a-service market.
•Industry Challenges: Identify potential risks and obstacles affecting the function-as-a-service market.
•Competitive Landscape: Review strategic developments in the function-as-a-service market, including expansions, agreements, and new product launches.
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