Function as a Service (Faas) Market to grow at a CAGR of 18.37% between 2019 and 2024
The report published by Knowledge Sourcing Intelligence titled “Function as a Service (FaaS) Market- Forecast From 2019 to 2024” studies the various factors affecting the demand for Function as a Service (FaaS) across the globe. The report has been segmented by deployment model (public, private, and hybrid), by enterprise size (small, medium, and large), by end-user industry (BFSI, communication and technology, retail, media and entertainment, and others), and by geography, covering five regions namely North America, South America, Europe, Middle East and Africa and the Asia Pacific, and some of the major economies in each of these regions.
Rising focus of enterprises towards agility of infrastructure and cost reduction is significantly driving the growth of function as a service market. Growing popularity of serverless computing on account of ease of deployment and management associated with it along with cost savings over the past few years is another factor behind the growth of function as a service market. However, incompatibility of various applications in cloud environment is hindering the growth of function as a service market.
Communication and Technology holds significant market share
By end-user industry, Function as a Service (FaaS) market is segmented into BFSI, communication and technology, retail, media and entertainment, and others. Communication and technology segment holds significant market share during the projected period. Function as a service helps organizations to develop apps in a cost-effective manner while speeding up the process. Rapid rise in the adoption of cloud computing will continue to bolster the growth of function as a service market across communication and technology segment throughout the forecast period.
APAC witnessing significant CAGR between 2019 and 2024
Geographically, Function as a Service (FaaS) market is segmented into North America, South America, Europe, Middle East and Africa, and Asia Pacific. North America accounted for a significant market share in 2019 owing to the early adoption of new technologies and presence of major market players in the region. High adoption of cloud computing across various end-use industries in North American countries is also contributing to the growth of function as a service market in this region. APAC will witness a significant CAGR during the forecast period owing to rising volume transactions and increasing adoption of cloud computing in countries like China and India.
This report also includes a study of strategies and product portfolios of some of the leading companies in the Function as a Service (FaaS) market. It consists of company profiles of the leading companies- IBM, Amazon Web Services, Google, and Microsoft, and others.
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