How big is the Function As A Service Market?

The Function As A Service Market size is expected to reach USD 17.70 billion in 2024 and grow at a CAGR of 20.36% to reach USD 44.71 billion by 2029. Read More

What is the current Function As A Service Market size?

In 2024, the Function As A Service Market size is expected to reach USD 17.70 billion. Read More

Who are the key players in Function As A Service Market?

Amazon Web Services Inc., IBM Corporation, Google Inc., Microsoft Corporation and SAP SE are the major companies operating in the Function As A Service Market. Read More

Which is the fastest growing region in Function As A Service Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Function As A Service Market?

In 2024, the North America accounts for the largest market share in Function As A Service Market. Read More

What years does this Function As A Service Market cover, and what was the market size in 2023?

In 2023, the Function As A Service Market size was estimated at USD 14.71 billion. The report covers the Function As A Service Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Function As A Service Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Function as a Service Market - Analysis & Growth

Function as a Service Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Global Function-as-a-Service Market Report is segmented by Type of Cloud Deployment (Public, Private, and Hybrid), Organization Size (Small and Medium Enterprises and Large Enterprises), End-User (BFSI, Communication and Technology, Retail, Healthcare and Life Sciences, and other End-Users), and Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa). The market size and forecasts are provided in terms of value (USD million) for all the above segments.

Function as a Service Industry Overview

The function as a service Market is highly competitive due to the many players in the market. Key players in the market include Google, AWS, SAP, IBM, and Microsoft, among others. Players in the market use new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, etc., to increase their market share. Some of the key developments in the market are mentioned below.

In June 2022, Kyndryl, the world's largest IT infrastructure services provider, partnered with Oracle to help customers accelerate their journey to the cloud by delivering managed cloud solutions to enterprises worldwide. As part of the alliance, Kyndryl will become a key delivery partner for Oracle Cloud Infrastructure (OCI), expanding upon its deep experience of working with and supporting customers using Oracle products and services.

Moreover, in May 2022, Red Hat Inc., the world's leading provider of open source solutions, and Accenture expanded their nearly 12-year strategic partnership further to power open hybrid cloud innovation for enterprises worldwide. The companies are jointly investing in the co-development of new solutions to help organizations more seamlessly navigate a multi- and hybrid cloud world, define their strategy, and accelerate their pace of innovation to get to value faster.

Further, in August 2022, Ridge, a provider of edge clouds, launched a hybrid cloud, a brand-new all-inclusive cloud service. According to Ridge, its distributed cloud architecture allows businesses to unify business-critical apps across all their locations, whether on-premises or managed locations run by Ridge. According to the company, workloads can be transferred easily between different environments. Businesses can also manage them through a single portal, providing companies with a cohesive cloud experience across all public and private locations..