The Function as a Service (FaaS) market is projected to grow at a CAGR of 18.37% during the forecast period. The growth of the function as a service (FaaS) market is majorly attributed to the increasing focus of enterprises towards agility of infrastructure and cost reduction. As these remain the key focal points for many enterprises, the popularity of serverless computing has been increasing significantly over the past few years. Companies are shifting from legacy DevOps trend to serverless computing on account of significantly high ease of deployment and management associated with it besides huge cost savings which come with it. This increasing shift towards serverless computing is driving with it the demand for Function as a Service, thus boosting the growth of the market. However, challenges associated with the running of various applications in a cloud environment, owing to incompatibility of such applications with various cloud environments, is limiting the growth of this market to some extent.
Growing shift towards serverless computing
Increasing focus towards agility of infrastructure and cost reduction
Incompatibility of some applications with cloud environment
Recently Pivotal has launched ‘Pivotal Function Service’ which is a multi-cloud function service.
The major players profiled in the Function as a Service (FaaS) market include IBM, Amazon Web Services, Google, and Microsoft.
The Function as a Service (FaaS) Market has been analyzed through the following segments:
By Deployment Model
By Enterprise Size
By End-User Industry
Communication and Technology
Media and Entertainment
Middle East and Africa