Function as a Service Market is driven by the fact that FaaS offers real time file and data processi

Transparency Market Research (TMR) observes that competitive landscape in the global Function as a Service (FaaS)is quite dynamic and has a distinct presence of a few big players. Amazon Web Services Inc., Microsoft Corporation, VMware Inc., and Google Inc. are some of the leading players in the global market. As of 2016, these companies held a whopping share of above 80% in the global market. Research and development and mergers and acquisitions are anticipated to be key strategies of these players in the near future.

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%. Among the various end users, the global FaaS market is likely to be driven by the telecommunications segment in the coming years as it is slated to surge at a CAGR of 15.3% during the forecast period. From a geographic point of view, the North America FaaS market is estimated to progress at a steady pace in the near future due to strong adoption of technology in the region. As of 2016, this region held a share of 34.0% in the overall market

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Possibility of Server-less Computing Draws Attention to FaaS Solutions

The global FaaS market has been gaining traction in recent years as the service allows end users to conduct programming, manage and run application along with other functionalities without the need to manage services. Thus, the convenience of a platform that eliminates the requirement of building and maintaining infrastructure in developing and run new applications has augmented the demand for FaaS. The biggest advantage of this service is that has considerable reduced the cost of operations for various organizations. The only cost organizations have to bear is that of resource used during execution, as FaaS allows easy to scale independent services triggered to action by events.

The global market is also being driven by the fact that FaaS offers real time file and data processing. Analysts indicate that FaaS can be deployed for transcoding thumbnail images, videos, process logs, filter, index files, and aggregate data in real time. These factors are likely to bolster the growth of the global market in the near future. Furthermore, the server less computing is anticipated to be its unique selling point over the forecast period. This evolutionary process in promoting cloud computing is estimated to leverage the market to its full potential.

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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%.

Researcher Tech Trends Up To Date. Market research is an important component of modern business strategy; the process of systematic gathering