Press release
Function-as-a-Service Industry Report 2025-2034: Market Dynamics, Trends, And Forecasts
Function-as-a-Service
What Is the Expected Function-as-a-Service Market Size During the Forecast Period?
The function-as-a-service market has seen impressive growth in the recent past. From a size of $11.15 billion in 2024, it is projected to increase to $13.11 billion in 2025, indicating a compound annual growth rate (CAGR) of 17.5%. The remarkable growth in the past can be linked to the emergence of serverless computing, a shift towards microservices architecture, an increased demand for scale and flexibility, an emphasis on cost efficiency, and the simplification of development and deployment processes.
The market size for function-as-a-service is anticipated to undergo substantial expansion in the forthcoming years, with estimations suggesting a growth to $29.28 billion by 2029, and a compound annual growth rate (CAGR) of 22.2%. This projected growth over the forecast period can be ascribed to innovative developments in functionality, rising implementation across several industries, its increasing significance in IoT and AI integration, amalgamation with edge computing, and broadening of ecosystem and vendor services. Key trends over this period encompass endeavors towards cost efficiency, automation and CI/CD integration, the formulation of serverless frameworks, strengthened security and compliance protocols, ongoing enhancements in scalability and performance, as well as further integration with edge computing.
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What Are the High-Growth Segments in the Function-as-a-Service Market?
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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What Key Drivers Are Expected to Influence Future Function-as-a-Service Market Growth?
The growth of the function-as-a-service (FaaS) market is speculated to be propelled by the surge in app development activities. Apps have gained incredible popularity due to their user-friendly nature and improved accessibility. With the increasing demand for apps, the requirement for app development platforms like paid cloud/function-as-a-service also escalates. Such serverless backend processes are responsible for developing a computer program or a series of programs that carry out the tasks assigned by the client. This rise in app demand has subsequently amplified the utilization of FaaS services. As per the 2022 store stats report by Swiss-based software company 42matters AG, approximately 1,300 new Android apps are launched daily in the Google Play Store, whereas, on an average, the Apple App Store sees the daily production of 1,130 new iOS apps. Hence, the rise in app development activities propels the growth of the function-as-a-service market.
Which Companies Hold the Largest Share Across Different Function-as-a-Service Market Segments?
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.
What Trends Are Driving Growth in The Function-as-a-Service Market?
Key players in the function-as-a-service market are strategically looking to partnerships and collaborations to accomplish shared objectives, leveraging the mutual benefits of joint resources, knowledge, or skills. For example, in March 2023, Amazon Web Services Inc. (AWS), a prominent cloud computing service firm based in the U.S, cemented its strategic alliance with the New Zealand government. This commitment ensures the provision of cloud-computing education for 100,000 individuals via 600 complimentary online courses. The Memorandum of Understanding (MoU) between AWS and the New Zealand government lays the foundation for a sustained partnership, with a focus on areas like the adoption of cloud technology, innovation, advanced digital abilities, sustainability, and cybersecurity.
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What Are the Emerging Geographies for The Function-as-a-Service Market Growth?
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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Function-as-a-Service Market?
2. What is the CAGR expected in the Function-as-a-Service Market?
3. What Are the Key Innovations Transforming the Function-as-a-Service Industry?
4. Which Region Is Leading the Function-as-a-Service Market?
Why This Report Matters:
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