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(Wireless-NewsWire.Com, July 23, 2019 ) According to research report "Function-as-a-Service Market by User Type (Developer-Centric and Operator-Centric), Application (Web & Mobile Based, Research & Academic), Service Type, Deployment Model, Organization Size, Industry Vertical, and Region - Global Forecast to 2021", The Function-as-a-service (FaaS)market size is expected to grow from USD 1.88 Billion in 2016 to USD 7.72 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 32.7% during the forecast period.
The major drivers of this market include instant provisioning, auto-scaling, pay-as-you-go model, and the availability of mature hosted services.
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The developer-centric FaaS is estimated to dominate the FaaS market share during the forecast period
The developer-centric FaaS segment is estimated to have the largest market share in the FaaS market. Developers are finding increased utility in FaaS for simpler coding and developing as compared to other monolithic architectures which is further driving the market.
The microservice monitoring and management segment is expected to grow at a high CAGR during the forecast period
The microservice monitoring and management services of the FaaS market is witnessing a potential growth in comparison to other applications owing to the benefits it offers such as, easy deployment, operation, and management. The BFSI, healthcare & life sciences, manufacturing, and other verticals are opting for this application to quickly address customer queries and concerns, keeping in mind the long-term benefits. They are additionally achieving a competitive advantage.
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North America is the leading region in terms of market share in the FaaS market space
North America is expected to hold the largest market share and dominate the FaaS market in 2016, due to the penetration of large enterprises situated in this region with strong technically sound employees providing continuous innovative technologies, high penetration into the growing industries of the market, and greater efficiency of cloud-based solution in the front office. These are some of the major driving factors contributing to the growth of FaaS in North America.
Major vendors covered in the FaaS market for the study 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.), and Fiorano Software and Affiliates (U.S.).
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