According to a recent report by Straits Research, the market was valued at USD 3.25 billion in 2022 and is projected to reach USD 34.94 billion by 2031, growing at a remarkable CAGR of 30.2% from 2023 to 2031.
Function-as-a-Service Market Size, Share, Growth, Key Trends and Opportunities
A recent report published by Straits Research reveals that the global Function-as-a-Service (FaaS) Market size was valued at USD 3.25 Billion in 2022. The market is projected to grow from USD XX Billion in 2023 to USD 34.94 Billion by 2031, at a Compound Annual Growth Rate (CAGR) of 30.2% during the forecast period (2023–2031).
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Market Key Trends
The FaaS market is driven by the increasing adoption of cloud computing, serverless architecture, and the need for cost-effective and scalable solutions. The market is also witnessing a growing trend towards the use of FaaS in emerging technologies such as artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT).
Driving Factors
The growth of the FaaS market is driven by several factors, including:
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Increasing adoption of cloud computing: The growing adoption of cloud computing is driving the demand for FaaS solutions.
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Growing need for cost-effective and scalable solutions: FaaS solutions offer a cost-effective and scalable alternative to traditional computing models.
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Increasing use of serverless architecture: The growing adoption of serverless architecture is driving the demand for FaaS solutions.
Opportunities
The FaaS market presents several opportunities for growth, including:
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Growing demand for FaaS solutions in emerging technologies: The growing demand for FaaS solutions in emerging technologies such as AI, ML, and IoT presents a significant opportunity for growth.
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Increasing adoption of FaaS solutions in industries such as BFSI and healthcare: The growing adoption of FaaS solutions in industries such as BFSI and healthcare presents a significant opportunity for growth.
Function-as-a-Service Market Segmentation
The FaaS market is segmented on the basis of user type, deployment model, organization size, and end-user.
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By User Type: The market is segmented into developer-centric and operator-centric.
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By Deployment Model: The market is segmented into hybrid cloud, public cloud, and private cloud.
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By Organisation Size: The market is segmented into large enterprises and SMEs.
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By End-User: The market is segmented into BFSI, public sector, retail, healthcare, IT and telecom, energy and utilities, manufacturing, and others.
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List of Key Players
Some of the key players operating in the FaaS market include:
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Amazon Web Services Inc.
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IBM Corporation
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Google Inc.
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Microsoft Corporation
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SAP SE
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Conclusion
The FaaS market is expected to witness rapid growth during the forecast period, driven by the increasing adoption of cloud computing, serverless architecture, and the need for cost-effective and scalable solutions. The market presents several opportunities for growth, including the growing demand for FaaS solutions in emerging technologies and industries such as BFSI and healthcare.
About Straits Research
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Address: 825 3rd Avenue, New York, NY, USA, 10022
Phone: +1 646 905 0080 (U.S.), +91 8087085354 (India), +44 203 695 0070 (U.K.)
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