Function as a Service Market Size, Emerging Technologies, Sales Revenue and Industry Estimated to Rise Profitably with 34% of CAGR by 2023
Market Research Future published a research report on “Function as a Service Market Research Report- Global Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Pune, India – September 28, 2018 /MarketersMedia/ —
Market Highlights
In this rapidly changing world of technology, function as a service market is projected to show major growth prospects during the forecast period. Major factors leading to rapid adoption of function as a service solutions are increasing technological advancements and continuous developments in cloud based solutions.
As compared to other regions, the function as a service market in North America is expected to witness significant growth. North America is expected to hold the largest market share and dominate the market during the forecast period. U.S and Canada are anticipated to drive the growth of function as a service market. This is owing to the early adoption of advanced and emerging technologies in that region. In addition to this, the region also has a well-established infrastructure and allows high penetration of devices, while the increasing investments in cloud computing technologies owing to its efficiency is another reason for the growth of function as a service market.
The Function as a Service Market is growing rapidly over 30% of CAGR and is expected to reach at approx. USD 12 billion by the end of forecast period.
Key Players
The prominent players in function as a service market are – IBM (U.S.), Google Inc. (U.S.), Microsoft Corporation (U.S.), Amazon Web Services (U.S.), SAP SE (Germany), Dynatrace LLC (U.S.), Infosys Ltd. (India), Rogue Wave Software Inc. (U.S.), TIBCO Software Inc. (U.S.), Fiorano Software & Affiliates (U.S.), among others.
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Segmentation
The global function as a service market is segmented on the basis of user type, service type, application, deployment, vertical and region. On the basis of user type the segment is further classified into operator centric and developer centric. On the basis of service type the segment is further classified into automation and integration, microservice monitoring and management services, API management services, support and maintenance services and others. On the basis of application the segment is further classified into web based and mobile application, research and academic application. On the basis of cloud the segment is further divided into public cloud, private cloud and hybrid cloud. The function as a service covers wide area of verticals such as BFSI, manufacturing, healthcare, IT and telecommunication and many more.
Key Findings
• By user type, developer centric is dominating the market and has generated 1.1906 million in 2016 and is expected to grow at 33% CAGR.
• By services, automation & integration service is dominating the market and has generated USD 538.9 million revenue in 2016 and is expected to grow with 36.5% CAGR.
• By vertical manufacturing and BFSI sector is leading the market and is projected to grow with 37% and 36.4% respectively.
Regional Analysis
The regional analysis of active electronic components market is being studied for region such as Asia pacific, North America, Europe and Rest of the World. North America is expected to hold the largest market share and dominate the function as a service market in 2016, due to the penetration of large enterprises situated in this region with strong technically sound employees providing continuous innovative technologies, high penetration into the growing industries of the market, and greater efficiency of cloud-based solution in the front office. These are some of the major driving factors contributing to the growth of function as a service in North America. Asia-Pacific is projected to grow at the fastest rate during the forecast period. Companies in APAC are continuously trying to improve market efficiency and further enhance customer satisfaction. This creates an opportunity for the FaaS solution and service providers.
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Intended Audience
• Technology investors
• Research/Consultancy firms
• Software providers
• Cloud Service providers
• Professional Service providers
• Solution providers
• Integration service providers
• Application development platform providers
• Managed Service Providers (MSPs)
• System integrators
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Contact Info:
Name: Abhishek Sawant
Organization: Market Research Future
For more information, please visit https://www.marketresearchfuture.com
Source: MarketersMedia
Release ID: 414304
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