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Serverless Computing Market worth $44.7 billion by 2029- Exclusive Report by MarketsandMarkets™


News provided by

MarketsandMarkets

18 Sep, 2024, 14:01 GMT

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DELRAY BEACH, Fla., Sept. 18, 2024 /PRNewswire/ -- The Serverless Computing Market is expected to grow from USD 21.9 billion in 2024 to USD 44.7 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 15.3% during the forecast period, according to new research report by MarketsandMarkets™.

Browse in-depth TOC on "Serverless Computing Market "

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249 – Tables
49 - Figures
270 – Pages

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=217021547

Scope of the Report

Report Metrics

Details

Market Size Available For Years

2019–2029 

Base Year Considered

2023

Forecast Period

2024–2029

Forecast Units

Value (USD Million/Billion)

Segments Covered

Service Type, Service Model, Deployment Mode, Organization Size, Vertical and Region  

Regions Covered

North America, Europe, Asia Pacific, Middle East & Africa, and Latin America

Companies Covered

AWS (US), Microsoft (US), IBM (US), Google (US), Oracle (US), Alibaba Cloud (China), Tencent Cloud (China), Twilio (US), Cloudflare (US), MongoDB (US), Netlify (US), Fastly (US), Akamai (US), Digitalocean (US), Datadog (US), Vercel (US), Spot by NetApp (US), Elastic (US), VMware (US), Backendless (US), Faundb (US), Scaleway (US), 8Base (US), Supabase (US), Appwrite (US).

The expected growth in the global serverless computing market is driven by the increasing adoption of AI and machine learning technologies. The worldwide expansion of serverless computing is largely attributed to the widespread acceptance of these advanced technologies. The demand for serverless (FaaS/BaaS) solutions is expected to increase in verticals like IT, finance and healthcare that are looking at better scalability, operational efficiency and reduced costs through application development. Increased investment in expanded analytics market along with automation technologies is expected to boost the forecasted revenues, thereby augmenting better management of applications and real-time data processing. These advances will support decision-making capabilities, additional resource alignment and enable innovative tools to work across teams. This means that serverless computing will be expanded in the future, mainly due to this service orchestration solution provided by functions becoming more and moreso outside traditional business systems.

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As per service model, the backend-as-a-service (BaaS) will grow at the highest CAGR during the forecast period.

Backend-as-a-service (BaaS) is essential in the serverless computing sector, making backend tasks easier through different managed services. BaaS provides fundamental functionalities like file storage and management, user authentication and management, database management, and push notification delivery. By outsourcing these backend duties to external firms, developers can focus on front-end development and application logic, leading to faster development and decreased operating expenses. This method facilitates smoothly incorporating different backend services, allowing for scalable and effective app development. With organizations looking to improve their development processes, BaaS offers a way to increase flexibility and streamline backend operations in serverless computing.

As per vertical, IT & Telecom holds the largest share during the forecast period.

The IT & telecom industry leads the way in the serverless computing market, utilizing its features to promote innovation and productivity. Serverless computing helps telecom companies improve operations by reducing the need to manage infrastructure and scaling as needed to accommodate changing demands. This vertical sees major advantages from serverless architectures in network function virtualization (NFV), real-time data processing, and content delivery networks (CDNs). Implementing serverless models enables IT & telecom providers to improve service delivery, decrease latency, and optimize resource usage. By incorporating serverless computing into their operations, these businesses can quickly implement new capabilities, uphold high availability, and meet the rising need for digital services, all while cutting operational costs and complexity to stay ahead in a fast-changing tech environment.

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As per region, Asia Pacific will grow at the highest CAGR during the forecast period.

The rapid growth of the serverless computing market in the Asia-Pacific region is due to the quick uptake of cloud technologies, digital transformation projects, and strong tech communities in nations such as China, India, and Japan. This area, with its different economies and levels of technology, is starting to realize more and more the advantages of serverless computing for scalability, cost saving, and speeding up innovation. Effective and economical cloud options are vital in industries like e-commerce, finance, telecommunications, and manufacturing, where serverless designs are improving functions and service provision. However, in addition to the opportunity that challenges such as adhering regulations or where data needs to (or does not need to) reside may provide, there are also level differences of cloud infrastructure readiness across the region.

Companies which provide clouds on a massive scale, AWS, Microsoft Azure and Alibaba Cloud are spending up large in Asia at the moment building data centers right across every country making sure they meet all of these key regulations. Furthermore, governments in the area are pushing for digitization and positive regulatory environments driving interest towards cloud technology as well. Continued digital infrastructure investments and growing adoption of cloud-native technologies in enterprises in Asia-Pacific are expected to drive strong growth in the market for serverless computing, particularly among companies in the digital economy sector.

Top Key Companies in Serverless Computing Market:

Some of the key players operating in the Serverless Computing Market are – AWS (US), Microsoft (US), IBM (US), Google (US), Oracle (US), Alibaba Cloud (China), Tencent Cloud (China), Twilio (US), Cloudflare (US), MongoDB (US), Netlify (US), Fastly (US), Akamai (US), Digitalocean (US), Datadog (US), Vercel (US), Spot by NetApp (US), Elastic (US), VMware (US), Backendless (US), Faundb (US), Scaleway (US), 8Base (US), Supabase (US), Appwrite (US).

Browse Adjacent Markets: Cloud Computing Market Research Reports & Consulting

Related Reports:

Private Cloud Market - Global Forecast to 2029

Cloud FinOps Market - Global Forecast to 2029

Visual Cloud Market - Global Forecast to 2029

Cloud ITSM Market - Global Forecast to 2029

Edge Computing Market - Global Forecast to 2029

Get access to the latest updates on Serverless Computing Companies and Serverless Computing Industry

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:

Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
1615 South Congress Ave.
Suite 103, Delray Beach, FL 33445
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Website: https://www.marketsandmarkets.com/

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