- The Function-as-a-Service (FaaS) market encompasses a cloud computing model that allows developers to deploy and execute application functions without managing infrastructure, enabling faster development and cost efficiency through a pay-as-you-go model.
- The demand for FaaS is significantly driven by the global shift toward cloud-native applications, with 60% of enterprises adopting public cloud services in 2024, and the growth of IoT, with 18.8 billion connected devices projected by 2025.,
- North America is expected to dominate the Function-as-a-Service market due to its advanced cloud infrastructure and presence of major players like AWS, Microsoft, and Google, holding a 37.0% market share in 2024.
- Asia Pacific is expected to be the fastest-growing region due to rapid digital transformation and cloud adoption in countries like China and India, projected to grow at a CAGR of 26.2%.
- The IT and Telecom segment is expected to dominate the market with a market share of 35.0% in 2025 due to the critical role of FaaS in enabling real-time data processing and application scalability.
