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App Development Surge Fueling Function-As-A-Service (FAAS) Market Growth: A Key Catalyst Accelerating Function-as-a-Service Market Growth in 2025
Function-as-a-Service
Function-as-a-Service Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent years, the function-as-a-service market has seen significant growth. In terms of size, it is set to expand from $11.15 billion in 2024 to $13.11 billion in 2025, with a compound annual growth rate (CAGR) of 17.5%. The growth during this historical period can be linked to the emergence of serverless computing, a move towards microservices architecture, an increased demand for scalability and flexibility, an emphasis on cost efficiency, and simplified processes in development and deployment.
Function-as-a-Service Market Size Forecast: What's the Projected Valuation by 2029?
The market size of function-as-a-service is anticipated to surge exponentially in the forthcoming years. The projected growth is to hit $29.28 billion in 2029 with a 22.2% compound annual growth rate (CAGR). This anticipated expansion during the forecast period can be credited to advancements and evolution in functionality. It is also due to increasing utilization across different sectors, a growing influence in IoT and ai integration, and merging with edge computing. The augmentation of the ecosystem and vendor offerings also play a role. Key trends during this predicted period involve the focus on cost optimization, automation, and CI/CD integration. The development of serverless frameworks, heightened security, and compliance efforts, consistent enhancement in scalability and performance, and incorporation with edge computing are parts of the major trends as well.
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What Are the Drivers Transforming the Function-as-a-Service Market?
The surge in app development endeavors is projected to fuel the expansion of the function-as-a-service (FaaS) market. Applications are gaining popularity due to their user-friendly interface and improved accessibility. With the increasing demand for applications, the requirement for application development platforms like paid cloud/function-as-a-service also escalates. This serverless backend procedure develops a computer software or a series of software to execute the task assigned by the client. The escalating demand for apps has led to a rise in the usage of FaaS services. As per the 2022 report from the Swiss software firm 42matters AG, the Google Play Store witnesses the daily launch of approximately 1,300 new Android apps, and the Apple App Store observes the daily creation of around 1,130 new iOS apps. Hence, the surge in app development endeavors fuels the growth of the function-as-a-service market.
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What Long-Term Trends Will Define the Future of the Function-as-a-Service Market?
Leading companies in the function-as-a-service sector are prioritizing alliances and mutual projects to attain shared objectives more effectively by pooling their resources, skills, and potentials. For example, in March 2023, the American cloud-computing service provider, Amazon Web Services Inc. (AWS), officially entered a pivotal partnership with the government of New Zealand, thus confirming their promise to deliver computer cloud training to a hundred thousand individuals via 600 complimentary internet lessons. This Memorandum of Understanding (MoU) sets the grounds for a lasting teamwork between AWS and the New Zealand government, with a particular emphasis on cloud adoption, originality, superior digital competencies, sustainability, and cyber safeguarding.
Which Segments in the Function-as-a-Service Market Offer the Most Profit Potential?
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 Firms Dominate the Function-as-a-Service Market by Market Share and Revenue in 2025?
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.
Which Regions Offer the Highest Growth Potential in 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
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