Function as a Service Market Size In 2021 : Top Countries Data with CAGR Value, Global Industry Brief Analysis

The global function as a service is growing rapidly. Market growth attributes to the business agility and scalability provisioned by function as service platforms. The function as a service (FaaS) platform provides organizations with auto-scalable architecture that enables resources to handle extra activity even when the load is more and reduces resources when the load is reduced.

With the rising demand for auto-scalar performs to automatically scaling rules defined by the users, the market is projected to garner significant traction in the years to come. In this regard, Market Research Future (MRFR) asserts that the function as a service market is forecasted to reach exponential valuation by 2027, growing at a phenomenal CAGR during the assessment period (2020 – 2027).

Additional factors bolstering the market size include the high adoption of automation across business processes and the rising utilization of cloud technology within enterprises to enhance business operations. The augmenting demand for time and cost-effective manufacturing techniques and the spurting rise in the semiconductors and consumer electronics market acts as key driving forces.

Get Free Sample Copy @

Function as a Service Market – Segmentation

The report is segmented into user types, service types, applications, deployments, verticals, and region. The user type segment is sub-segmented into operator-centric and developer-centric. The service type segment is sub-segmented into automation & integration, microservice monitoring & management services, API management services, support & maintenance services, and others. 

The application segment is sub-segmented into web-based & mobile applications, research & academic application, and others. The deployment segment is sub-segmented into public cloud, private cloud and hybrid cloud. The vertical segment is sub-segmented into BFSI, manufacturing, healthcare, IT & telecommunication, and others.

Function-as-a-Service Market – Geographical Analysis

North America dominates the global function as a service market. The largest market share attributes to the penetration of large enterprises in this region with strong, technically sound employees providing continuous innovative technologies. Besides, the high penetration of growing industries into the market and greater efficiency of cloud-based solutions in the front office contribute to the growth of function as a service in North America. 

Europe stands second in the global function as a service market.  The market is driven by the increasing automation and the smart device uses across the industrial sector.  Additionally, the proliferation of the Internet acts as a key driving force for the growth of the regional market. The spurting growth in consumer electronics, automotive, aerospace & defense, and telecommunication industries stimulates market growth. 

Check Discount @

The Asia Pacific function as a service market is witnessing a rapid expansion. Factors such as the wide adoption of connected devices and the presence of sensor manufacturers substantiate function as a service market size. Besides, the presence of small and medium enterprises adopting cloud-based applications increasingly and government initiatives for the development of smart cities foster regional market growth. 

Function as a Service Market – Competitive Analysis 

Highly competitive, the function-as-a-service market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players adopt strategies such as mergers & acquisitions, collaborations, and product/technology development. Substantial investments are transpired to develop products and expand global footprints. Most players adopt organic business strategies, whereas tier I & II companies accentuate the inorganic business strategies to achieve their goals.

Function as a Service Market Key Players

Players leading in the market are Google Inc. (US), IBM (US), Microsoft Corporation (US), SAP SE (Germany), Amazon Web Services (US), Dynatrace LLC (US), Rogue Wave Software Inc. (US), Infosys Ltd. (India), TIBCO Software Inc. (US), and Fiorano Software & Affiliates (US). 

Get Complete Report Details @

Reasons for Buying This Report:

  • It Provides A Forward-Looking Perspective on Different Factors Driving or Restraining Market Growth.
  • It Provides Five-Year Forecast Assessed based on How the Market Is Predicted to Grow.
  • It Helps in Understanding the Key Product Segments and Their Future.
  • It Provides Pinpoint Analysis of Changing Competition Dynamics and Keeps You Ahead of Competitors.
  • It Helps in Making Informed Business Decisions by Having Complete Insights of Market and By Making an In-Depth Analysis of Market Segments.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.


Market Research Future (Part of Wantstats Research and Media Private Limited)

99 Hudson Street, 5Th Floor

New York, NY 10013

United States of America

+1 628 258 0071 (US)

+44 2035 002 764 (UK)



Comments are closed