LONDON, Oct. 05, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the function as a service market, the increase in app development activities is expected to drive the growth of the function as a service (FaaS) market. Apps are becoming increasingly popular because of their ease of use and enhanced 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 a set of programs to perform the client's allotted activities. This growing app demand has resulted in an increase in the use of FaaS services. According to the store stats 2022 report, by the Swiss-based software company 42matters AG, on average, 1,300 new Android apps are released daily in the Google Play Store, and 1,130 new iOS apps are produced daily in the Apple App Store. Therefore, the increase in app development activities drives the function as a service market growth.
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The global function as a service market size is expected to grow from $6.93 billion in 2021 to $8.59 billion in 2022 at a compound annual growth rate (CAGR) of 24.07%. As per the global function as a service market growth analysis, the market size is expected to reach $20.96 billion in 2026 at a compound annual growth rate (CAGR) of 24.96%.
Strategic partnerships for enhancing capabilities are gaining popularity among the function as a service industry trends. Strategic partnerships offer various advantages, such as innovation through collaborative research and development, new solutions creation, enhancement of existing capabilities, and more. The function of service companies is to partner with other key market players to enhance their capabilities, innovate, and offer new solutions to customers. For instance, in March 2019, Red Hat, Inc., a US-based open-source software firm, and Microsoft Corporation, a US-based technology corporation, announced the extension of their partnership till at least 2024. Both companies have been active in open-source communities, bringing major Microsoft technologies such as SQL Server and.NET to Red Hat Enterprise Linux and Red Hat OpenShift FaaS. The collaboration
Major players in the 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.
The global function as a service market is segmented by service into tablets, smartphones, gaming consoles, laptops/pcs; by deployment model into public cloud, private cloud, hybrid cloud; by enterprise into small and medium enterprises, large enterprises; by end-user into banking, financial services, and insurance (BFSI), information technology (IT) and telecommunication, retail, healthcare and life sciences, other (media and entertainment, government, educational institutions).
North America was the largest region in the function as a service market in 2021. Asia-Pacific is expected to be the fastest-growing region in the global function as a service market during the forecast period. The regions covered in the global function as a service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Function As A Service Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide function as a service market overviews, function as a service market analyze and forecast market size and growth for the whole market, function as a service market segments and geographies, function as a service market trends, function as a service market drivers, function as a service market restraints, function as a service market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
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