What is the global market size of Function-as-a-Service Market?

Global Function-as-a-Service Market size was valued at USD 13.08 billion in 2021 and is poised to grow from USD 10.35 billion in 2022 to USD 67.23 billion by 2030, growing at a CAGR of 26.35% in the forecast period (2023-2030).

Global Function-as-a-Service Market Size, Share, Growth Analysis, By Type(Developer-Centric, Operator-Centric), By Deployment Model(Public Cloud, Private Cloud), By Organization Size(Large Enterprises, Small and medium enterprises), By Industry Vertical(BFSI, IT & Telecom) - Industry Forecast 2024-2031

Report ID: SQMIG45A2147 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 120 | Figures: 72

Global Function-as-a-Service Market Regional Insights

North America emerged as the dominant player in the market, capturing the largest share during the forecast period.. The region is poised for continued growth, anticipating a CAGR of 13% throughout the period. North America stands at the forefront of technological adoption, showcasing its advanced infrastructure and readiness to embrace innovative solutions.

The Asia-Pacific (APAC) region is anticipated to exhibit the highest CAGR of 4% in 2022. This remarkable growth is primarily attributed to the escalating adoption of cloud technology trends across various APAC countries. The region has become a focal point for technological advancements, with businesses increasingly recognizing the benefits of leveraging cloud solutions for enhanced efficiency, flexibility, and scalability.

Global Function-as-a-Service Market Report Snapshots

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Global Function-as-a-Service Market size was valued at USD 10.35 Billion in 2022 and is poised to grow from USD 13.08 Billion in 2023 to USD 84.94 Billion by 2031, growing at a CAGR of 26.35% in the forecast period (2024-2031).

The competitive environment of the global function-as-a-service market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. To understand the competitive rivalry, we are comparing the revenue, expenses, resources, product portfolio, region coverage, market share, key initiatives, product launches, and any news related to the global function-as-a-service market. 'SixSq SA.', 'IBM', 'Microsoft', 'Google LLC', 'Amazon Web Services, Inc.', 'SAP SE', 'Dynatrace LLC.', 'Infosys Limited', 'Preforce Software, Inc.', 'TIBCO Software Inc.', 'Fiorano Software and Affiliates.', 'Manjrasoft Pty Ltd.', 'Flowgear', 'VMware, Inc.', 'Oracle'

The Global Function-as-a-Service market is significantly driven by the increasing demand for blood and blood components, particularly in regions such as India where there is a substantial need for blood transfusions. The country alone witnesses an extensive requirement for blood due to factors like 60 million daily surgeries, 240 million primary operations, 331 million cancer-related procedures, and 10 million pregnancy complications.

The surging demand for application development across diverse industries stands out as a pivotal driver propelling the growth of the function-as-a-service market. Organizations are strategically capitalizing on FaaS solutions to streamline and expedite the entire lifecycle of application development and deployment. By embracing FaaS, businesses can significantly reduce time-to-market, a critical factor in today's competitive landscape.

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Global Function-as-a-Service Market Regional Insights

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