Function as a service (FaaS) is a cloud service which enables service less management and app development. It could also be defined as a section of cloud computing service, which provides a platform for customers to develop, manage and run applications functionalities without the complication of maintaining and building infrastructure which are typically involved in developing and launching new apps. The application of function as a service to develop a new app enables the end user to have a server less architecture. According to the research report, the global FaaS market was valued at US$1230.0 mn in 2016 and is expected to be worth US$4280.0 mn by the end of 2025. Over the forecast period of 2017 and 2025, the global market is expected to progress at a CAGR of 15.3%.
The function as a service market by type has been segmented into developer centric FaaS and operator centric FaaS. The function as a service by service has been segmented into service monitoring and management, automation integration services, maintenance services, consulting services and others.
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The function as a service by end use industry has been segmented into defense and surveillance, telecommunication, banking and finance, healthcare, media and entertainment, hi-tech industry, manufacturing and others. Function as a service has lot of key application in the healthcare sector. The demand for function as a service is expected to keep growing over the forecast period in this sector. Better collaboration, greater reach, especially during the time of disaster, better usage of big data to treat patients, better storage at lower cost, enhanced medical research and remote patient care are some of the key factors in driving the function as a service market over the forecast period in the report.
The function as a service provides collaboration in the healthcare sector more efficiently. The function as a service allows professionals to access and store data remotely. This would enable healthcare professionals globally to gain access to patient’s data immediately and apply the necessary care without having any more delay to the treatment. In the light of these factors, the healthcare segment in the global FaaS market is estimated to progress at a CAGR of 15.4%.
The global function as a service by geography has been segmented into North America, Latin America, Middle East and Africa, Asia Pacific and Europe. North America held the largest share in the function as a service market in terms of revenue share. Europe followed North America in the function as a service market in terms of revenue. However, analysts observe that Asia Pacific too is expected to grow at a phenomenal pace in the coming years due to a booming hi-tech sector. The flourishing IT sector in Asia Pacific is also expected to have a positive influence on the global market in the near future.
Some of the key players operating in the function as a service market include Google Inc., International Business Machines Corporation, New York, Amazon Web Services Inc., Microsoft Corporation, Infosys Limited, SAP SE, Dynatrace LLC, Rogue Wave Software Inc., VMware Inc. and Oracle Corporation.