Press release
Function-as-a-Service Market - Emergence Of Advanced Technologies And Global Industry Analysis
Swift uptake of Function-as-a-Service (FaaS), a type of cloud computing service that provides a platform to customers to build, run, and manage application functionalities, on account of their easy deployment and execution ability, is expected to majorly boost their market globally. It can be deployed via public cloud, private cloud, and hybrid cloud. Both small and medium enterprises and large organizations are leveraging it fast to avoid the hassle of building and maintaining in-house infrastructure, typically associated with developing and launching an app.
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A report by Transparency Market Research offers essential information about the global market for function-as-a-service. It does so by offering essential insights into the market dynamics and the extent to which they impact the growth of the market. It also presents a granular analysis of the factors promoting or hindering it. Further, the report profiles leading companies in the market and discusses their cost and revenue structure, business strategies, market shares, competitive edge, and operations. Further, the report leverages market-leading analytical tools to gauge the various threats and opportunities awaiting the key players.
Global Function-as-a-Service Market: Trends and Opportunities
Reduction in cost and improving efficiency are the two unique perceived benefits of function-as-a-service helping to spur its demand. The two prominent types of function-as-a-service are developer centric and operator centric. Among the two, developer-centric FaaS is slated to hold a sway over the market in the near future with developers increasingly taking to the platform for their coding needs in order to save costs. Further, they provide simpler methods for coding unlike other monolithic architectures. Such advantages have catalyzed overall growth in the global FaaS market.
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One factor, countering the growth in the global function-as-a-service market is application portability issues on cloud environments. Based on service, the global market for function-as-a-service can be classified into microservice monitoring and management service, support and maintenance, automation and integration service, API management service, and training and consulting, among others including metering and billing. Among them, the micro service monitoring and management services is growing at a good clip because of its easy deployment, operation, and management. Banking, finance services and insurance, manufacturing, healthcare and life sciences, and other verticals have been frontrunners at adopting this application to address customer queries.
Further, the automation and integration is another segment that holds out a strong promise. The need to swiftly and effectively unite the associated microservices is driving the automation and integration services.
Global Function-as-a-Service Market: Regional Outlook
Geographically, the key segments of the global market for function-as-a-service are Asia Pacific, North America, Europe, and the Rest of the World. North America, at present, dominates the market owing to the presence of global giants in the domain, the high concentration of highly skilled manpower, and early adoption of new technologies in the region. Going forward, however, Asia Pacific is slated to clock maximum growth with companies in the region continuously endeavoring to better market efficiency and further augment customer satisfaction. This creates an opportunity for the FaaS solution and service providers.
Companies Mentioned in the Report
Some of the noteworthy companies competing in the global market for function-as-a-service, profiled in the report are SAP SE, IBM, Amazon Web Services, Google Inc., Infosys Ltd., TIBCO Software Inc., Microsoft Corporation, and Fiorano Software and Affiliates.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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