Function-as-a-Service Poised for Rapid Growth

Function-as-a-Service (FaaS) allows users to forgo servers while developing applications. It has use cases in the microservices world, especially—IT automation, chatbots, data processors, and the like. It relieves headaches with server maintenance, allowing companies to focus more on app-specific code and support companies who don’t have in-house teams capable of maintaining servers.

As such, the adoption of Function-as-a-Service is on the rise. A recent report by Reports and Data expects the FaaS market to make huge gains in the next few years. FaaS had a 2018 market size of $3.33 billion, but companies needing management capabilities for multiple platforms have driven the market share up. It is expected to have a worth of 31.53 billion by 2026, which represents a CAGR of 32.3%.

Function-as-a-Service prioritizes scale

It has use cases in the microservices world, especially—IT automation, chatbots, data processors, and the like. It relieves headaches with server maintenance, allowing companies to focus more on app-specific code and support companies who don’t have in-house teams capable of maintaining servers.

Serverless mobile apps offer the same capabilities. They’re cheaper and faster to deploy and reduce barriers to development. FaaS will take advantage of cloud adoption and provide more flexibility for business.

FaaS allows customers to budget only for the functions they need without wasted resources. It’s a viable solution for teams looking to streamline operations and take on a more composable architecture.

FaaS dominated by North America

According to the report, North American FaaS companies dominated the market, but this won’t hamper development. It has a high penetration rate in a number of industry verticals. As businesses seek to reduce latency and jump into digital transformation, the cost-effective and disruption-proof solutions for their operations needs, FaaS could offer just the capability they need.

FaaS is part of a suite of smart services gaining traction. These focus on reducing the cumbersome nature of traditional operations and deployment and lean up business areas such as decision making or development. FaaS provides businesses without massive IT teams the opportunity to build and deploy the applications they need while supporting the infrastructure side. The report highlights the potential for FaaS to be status quo in the near future.