Function as a Service Market is estimated to grow by 30% of CAGR Forecast to 2023

Function as a Service Market, By User Type (Operator Centric, Developer Centric), By Service Type (Automation, Integration, Microservice Monitoring, API), By Application (Web, Mobile, Research, Academic), Deployment and Vertical - Forecast 2023
In this rapidly changing world of technology, function as a service market is projected to show major growth prospects during the forecast period. Major factors leading to rapid adoption of function as a service solutions are increasing technological advancements and continuous developments in cloud based solutions.
As compared to other regions, the function as a service market in North America is expected to witness significant growth. North America is expected to hold the largest market share and dominate the market during the forecast period. U.S and Canada are anticipated to drive the growth of function as a service market. This is owing to the early adoption of advanced and emerging technologies in that region. In addition to this, the region also has a well-established infrastructure and allows high penetration of devices, while the increasing investments in cloud computing technologies owing to its efficiency is another reason for the growth of function as a service market.
The function as a service market is growing rapidly over 30% of CAGR and is expected to reach at approx. USD 12 billion by the end of forecast period.
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The function as a service market has been segmented on the basis of user type, service type, application, deployment and vertical. The user type segment is further bifurcated into operator centric and developer centric. Out of which, the developer centric segment is expected to dominate the function as a service market. This is owing to the simpler coding and developing architecture it provides in comparison with the traditional monolithic architecture.

The prominent players in the Function as a service market are –
• IBM (U.S.)
• Google Inc. (U.S.)
• Microsoft Corporation (U.S.)
• Amazon Web Services (U.S.)
• SAP SE (Germany)
• Dynatrace LLC (U.S.)
• Infosys Ltd. (India)
• Rogue Wave Software Inc. (U.S.)
• TIBCO Software Inc. (U.S.)
• Fiorano Software & Affiliates (U.S.)

The global function as a service market, by geography, has been segmented into North America, Europe, Asia Pacific and Others. In the global function as a service market, Asia Pacific is expected to witness healthy growth in the function as a service market during the forecast period owing to the changing culture in organizations and increasing adoption of technological advancements. Asia Pacific is expected to grow at the highest CAGR during the forecast period. Within Asia Pacific, function as a service market is projected to contribute faster to the growth of revenue backed by increasing number of organizations adopting function as a service in countries such as Japan, China and India.

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Across Europe, countries including Germany, France and the U.K. are anticipated to drive the growth of function as a service market. In Europe, the presence of advanced infrastructure and with the increasing adoption of technology and technological advancements in numerous countries is driving the market growth of function as a service market. Early adoption of emerging and advanced technologies and increased business needs are other major factors driving the growth of function as a service market.
Function as a service provides a platform allowing customers to develop, run, and manage application functionalities without the complexity of building and maintaining the infrastructure typically associated with developing and launching an app. It is a category of cloud computing services that offers server less architecture.
Major forces driving the growth of function as a service market are maturity of hosted services and a gradual shift to server less architecture. Other factors responsible for driving the growth of function as a service market are agility and scalability.
The function as a service market has been segmented on the basis of user type, service type, application, deployment and vertical. The application segment is further bifurcated into web based and mobile application and research and academic application. Out of which, the web based and mobile applications segment is expected to hold the largest market share while the research and academic applications segment is expected to grow at the highest CAGR during the forecast period. This is owing to the easy deployment solutions and hence offers performance optimization.

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Segments:
Function as a service market can be segmented on the basis of following:
By User Type
• Operator Centric
• Developer Centric
By Service Type
• Automation & Integration
• Microservice Monitoring & Management Services
• API Management Services
• Support & Maintenance Services
• Training & Consulting
• Others
By Application
• Web Based & Mobile Application
• Research & Academic Application
• Others
By Deployment
• Public Cloud
• Private Cloud
• Hybrid Cloud
By Vertical
• BFSI
• Manufacturing
• Healthcare
• Retail
• Media
• IT & Telecommunication
• Government
• Others

Regional Analysis:
The regional analysis of function as a service market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in function as a service market in North America is attributed to the technical advancements and increasing investments in cloud based solutions in that region.

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