know the key areas for investments in Function as a Service (FaaS) market analysis forecast to 2025
Function as a service (FaaS) is a category of cloud services which provides a platform, enabling customers for service less management and app development. It provides the ability to develop, manage, and run applications, including its functionalities, without the complication of maintaining and building infrastructure, typically involved in building and launching new apps. As per a research study, the global Function as a Service (FaaS) market was estimated at around USD 1230.0 Million in 2016 and is expected to be valued at USD 4280.0 Million by the end of the forecast period. Over the forecast period of 2017 and 2025, the global market is projected to grow at a CAGR of approximately 15.3%.
Healthcare Sector to Drive the Growth of the Global Function as a Service (FaaS) Industry
The Function as a Service (FaaS) market has several end-users ranging from the telecommunication, defense and surveillance, banking and finance industries to hi-tech industry, media and entertainment, healthcare, manufacturing, and others, out of which, the Function as a Service (FaaS) market has a lot of applications in the healthcare sector. Better collaboration, better usage of big data to treat patients, enhanced medical research and remote patient care greater reach, especially during the time of disaster, and better storage at lower cost are some of the key factors responsible for driving the Function as a Service (FaaS) market over the forecast period.
Furthermore, this platform allows the professionals to access and store data remotely, enabling healthcare professionals to gain access to patient’s data directly and apply the necessary care without having any more delay to the treatment.
High Demand From Emerging Economies
The North America Function as a Service (FaaS) market is anticipated to grow at a high growth rate, owing to the high demand for business flexibility and agility, and soaring rate of penetration into a range of industry verticals in the U.S. The analysts predicted that the regional market would witness a larger share of revenue in the coming years. Asia Pacific, on the other hand, is expected to witness a higher growth rate during the forecast period. This growth can be attributed to the growing need to streamline business operations and heighten customer experiences with the help of fundamental investments in cloud service providers. Hence, the Asia Pacific region is envisioned to register an impressive CAGR over the forecast period.
Competitive Landscape Analysis
Leading competitors in the Function as a Service (FaaS) market are in an effort to boost customer satisfaction and focus on ceaseless transformations and innovations in technology with regards to strengthening their position in the global industry. In addition, partnerships, collaborations, mergers, acquisitions, and new product developments are the key strategies expected to take precedence in the global Function as a Service (FaaS) market. Some of the major players functioning in the global FaaS market include Dynatrace LLC, Amazon Web Services, SAP SE, Google, Inc., Microsoft Corporation, and IBM.