Key players operating in Function-as-a-Service market are Google Inc, Oracle Corporation, Microsoft Corporation, Amazon Web Services, SAP SE, TIBCO Software Inc, International Business Machines Corporation, Perforce Software Inc, Manjrasoft Pty Ltd, SixSq Sàrl, VMware Inc, Red Hat, Cloudfare and Alibaba, Netlify.
NEW YORK, Sept. 16, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the 2022 Function-as-a-Service Global Market Report – https://www.reportlinker.com/p06319908/? utm_source=GNW
The global Function-as-a-Service market is forecast to grow from US$6.93 billion in 2021 to US$8.59 billion in 2022 at a compound annual growth rate (CAGR) of 24.07%. The Function-as-a-Service market is projected to reach US$20.96 billion in 2026 at a compound annual growth rate (CAGR) of 24.96%.
The Function-as-a-Service (FaaS) market consists of the sale by companies (organizations, sole proprietorships and partnerships) of FaaS services related to cloud computing services used to create, run, manage and compute functions are used by application packages without having to maintain their own infrastructure. FaaS is a category of cloud computing services that allows cloud customers to develop applications and provide functionality.
It divides servers into functions. This allows them to automatically scale into microservices without the need for independent infrastructure management.
The main Function as a Service services are tablets, smartphones, game consoles and laptops/PCs. Tablet Service refers to the provision of FaaS Services to cloud customers to run on tablet devices.
The FaaS is provided in public, private and hybrid clouds. These services are used by small, medium and large enterprises in banking, financial services and insurance (BFSI), information technology (IT) and telecom, retail, healthcare and life sciences and other sectors.
North America was the largest region in the Funcation-as-a-Service market in 2021. Asia Pacific is expected to be the fastest growing region during the forecast period.
The regions covered by Funcation-as-a-Service market report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The Function-as-a-Service market research report is one of a series of new reports that provide Function-as-a-Service market statistics including global Function-as-a-Service industry market size, regional shares, competitors with a Function-as-a-Service market share, detailed Function-as-a-Service market segments, market trends and opportunities and all more data you might need to find success in the Function-as-a-Service industry . This Function-as-a-Service market research report provides a complete overview of everything you need with in-depth analysis of the current and future scenario of the industry.
The increase in app development activities is expected to fuel the growth of Function-as-a-Service (FaaS) market. Apps are becoming increasingly popular due to their ease of use and increased accessibility.
As the need for apps grows, so does the demand for app development platforms such as paid cloud/Function-as-a-Service. This serverless backend process creates a computer program or set of programs to perform the activities assigned to the customer.
This growing app demand has led to an increase in the use of FaaS services. According to the Store Stats 2022 report by Swiss software company 42matters AG, an average of 1,300 new Android apps are released in the Google Play Store every day, and 1,130 new iOS apps are produced in the Apple App Store every day.
Hence, the increase in app development activities is driving the growth of the Function-as-a-Service market.
Strategic partnerships to improve capabilities are a key trend in the function-as-a-service market. Strategic partnerships provide various benefits such as innovating through joint research and development, creating new solutions, enhancing existing capabilities and more.
The function of service companies is to collaborate with other key market players to improve their skills, introduce innovations and offer new solutions to customers. For example, in March 2019, Red Hat, Inc., a US-based open source software company, and Microsoft Corporation, a US-based technology company, announced the extension of the partnership until at least 2024. Both companies have been active in open source communities, bringing key Microsoft technologies such as SQL Server and .NET to Red Hat Enterprise Linux and Red Hat OpenShift FaaS. The collaboration continues as part of their expanded collaboration to bring new ideas to the larger Linux community.
In July 2019, IBM, a US-based technology company, acquired Red Hat for $34 billion. This acquisition will position IBM as a leading hybrid cloud provider and accelerate IBM’s high-value business model with the addition of Red Hat’s open-source innovation.
Red Hat Inc, a US-based software company, provides open source software products to businesses.
The countries covered in the Funcation-as-a-Service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and the US.
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