Ability to Run and Manage Applications Without Need for Infrastructure Building and Management to Drive FaaS Market

Functionas a Service (FaaS) enables users to program, run applications, and manage applications among other functionalities, without the tedious task of managing these services. FaaS provides a platform that enables running of new applications without the need to build and maintain infrastructure and thus, it is in high demand. In addition to this, the reduced cost of operations is driving organizations to adopt these services, thus fueling the growth of the global FaaS market. A recent report published by Transparency Market Research (TMR) states that the global Function as a Service (FaaS) market was worth US$1230.0 mn in 2016 and is expected to reach US$4280.0 mn by the end of 2025, expanding at a whopping CAGR of 15.3% CAGR of 15.3%.between 2017 and 2025.

Given below are some of the key questions answered by TMR analysts regarding the global FaaS  market:

Q. What are the factors poised to boost the global FaaS market in the future?

The implementation of FaaS enables organizations to easily scale independent services triggered by events. The real time processing of data and file offered by Function as a Service is encouraging organizations to make use of these services. FaaS is being deployed for transcoding videos, thumbnail images, process logs, index files, filter, and aggregate the data in real time, and this is bolstering the demand for these services. The server less computing provided by Function as a Service is anticipated to ensure the growth of this market worldwide because server less computing is the unique selling point of FaaS over any other service platforms. This evolutionary process in promoting cloud computing is projected to drive the growth prospects of the global FaaS market.

Q. What are the challenges which market players may face during the forecast period?

The inability of Function as a Service to move applications and data formats from one cloud environment to another without any disruptions is one of the key challenges faced by organizations and is acting as the biggest challenge for players operating in the FaaS market. This inability to move data and applications formats from one cloud to a second one, without disruption can spell huge amount of losses for organizations that are saving data on multiple cloud environments.

Q. Which end use industry will emerge lucrative in the coming years?

The function as a key service has many applications in the healthcare industry. During the time of disaster, FaaS enables greater reach and enhanced collaboration. Better use of big data to treat patients and more storage at low cost are some of the factors boosting the adoption of FaaS in the healthcare industry. The adoption of FaaS also enables remote patient care and enhanced medical research which will further the function as a service market during the years to come.  The remote patient care enables health professionals across the globe to access the desired patient data instantly in times of need and patients are given treatment without any further delay, which could otherwise result in fatality. It is thus predicted that the healthcare segment in the global FaaS market is expected to exhibit a CAGR of 15.4% between 2017 and 2025.


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