Function-as-a-Service Global Market Report 2022 – GlobeNewswire

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New York, Sept. 16, 2022 (GLOBE NEWSWIRE) — announces the release of the report “Function-as-a-Service Global Market Report 2022” –

The global function-as-a-service market 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%. The function-as-a-service market is expected to reach $20.96 billion in 2026 at a compound annual growth rate (CAGR) of 24.96%.

The function-as-a-service (FaaS) market consists of sales of FaaS services by entities (organizations, sole traders, and partnerships) that refers to cloud computing service that is used to build, run, manage and compute, application packages as functions without the need of having to maintain their own infrastructure.FaaS is a category of cloud computing services that enables cloud customers to develop applications and deploy functionalities.

It divides servers into functions. So, they can automatically scale into microservices without the requirement for independent infrastructure management.

The main services of function as a service are tablets, smartphones, gaming consoles and laptops/PCs.Tablets service refers to providing FaaS services to cloud customers to run on tablet devices.

The FaaS deployed on public, private and hybrid clouds. These services are used by small, medium and large enterprises in banking, financial services and insurance (BFSI), information technology (IT) and telecommunication, retail, healthcare and life sciences and other sectors.

North America was the largest region in the funcation-as-a-service market in 2021.Asia-Pacific expected to be the fastest-growing region in the forecast period.

The regions covered in the funcation-as-a-service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The function-as-a-service market research report is one of a series of new reports that provides function-as-a-service market statistics, including function-as-a-service industry global market size, regional shares, competitors with a function-as-a-service market share, detailed function-as-a-service market segments, market trends and opportunities, and any further data you may need to thrive in the function-as-a-service industry. This function-as-a-service market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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 increasing 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.

Strategic partnerships for enhancing capabilities are a key trend adopted in the function-as-a-service market.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 the 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 will continue as part of their expanded collaboration to create new ideas for the larger Linux community.

In July 2019, IBM, a US-based technology corporation, acquired Red hat for $34 billion.This acquisition will position IBM as the leading hybrid cloud provider and accelerates IBM’s high-value business model with the addition of Red Hat’s open-source innovation.

Red Hat Inc, a US-based software company, provides enterprises with open-source software products.

The countries covered in the funcation-as-a-service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
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