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Serverless computing also known as function as a service (FaaS) is a cloud infrastructure that manages all the server operations and maintenance. Cloud-based services such as Azure Functions, Google Cloud Functions, and AWS Lambda enable developers to focus on core application development logic rather than managing server infrastructure. Serverless computing architecture becomes favorable in the industry due to its capability to increase agility and scalability. Capabilities to eliminate infrastructure management tasks, operating system maintenance, capacity provisioning, and patching are expected to drive the serverless computing market growth. In the market, cloud-based microservice architecture is expected to see a large adoption as compared to an on-premise serverless computing model. The popularity of a consistent model of serverless computing is growing daily which is expected to contribute to the growth of the market. As the architecture reduces set up cost and maintenance cost with shifting of responsibilities of managing database and server support rapid adoption of serverless computing. Although, unconditional node deployment and built-in scalability thereby augmenting the serverless computing market. Most of the key players are focussing on the development of offering by adopting advanced technologies to reduce time is expected to fuelling the serverless computing market growth.
Key Market Driver -
• Elimination of the need to manage servers • Reduced complexity and infrastructure costs
Key Market Restraint -
• Security and compliance issues
The key players are enhancing their serverless computing offerings by adopting advanced technologies to stay ahead in the market position. With the rapid technological development in the business environment, companies are launching new product infrastructure and features to meet growing customer expectations. Start-up firms and small and medium organizations are seen as adopting serverless technology to achieve business value in minimum time, thereby propelling market growth. Moreover, strategic partnerships and collaborations by key players expand their business and product offerings, thereby flourishing the serverless computing market.
Other Key companies summarised include Microsoft Corporation, Amazon Web Services, Inc., Google LLC., Firebase, Alibaba Group, IBM Corporation, Oracle Corporation, Platform9 Systems, Inc., and Rackspace Inc. among others.
Rapidly increasing adoption of cloud-based applications makes opportunities for serverless computing to grow. Also, the digitalization of business contributing to offer opportunities for market growth in the upcoming years. However, the architectural complexity of the system may become a challenge for the market to grow in the future.
Presence of prominent market players within the region and rapid technological advancement expected to drive the serverless computing market in North America. Although, presence of a large server user base in the industries such as IT & Telecom, BFSI, retail, healthcare and, manufacturing expected to dominate the market across the region. Europe is expected to drive the serverless computing market as the adoption of cloud-based services is seen to be larger across the region. further, technologically advanced countries such as the U.K., Germany, France are leading in the digitalization, offer an opportunity for market growth. A large number of small, medium, and start-up firms in the Asia Pacific are anticipated to representing high growth rate serverless computing in the Asia Pacific. The Middle East and Africa will expect to showcase a slow growth rate of the serverless computing market.
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