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(IT-NEWSWIRE.COM, October 02, 2024 ) 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.
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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 an 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.
As per service type, compute holds the largest share during the forecast period.
Compute services play a vital role in the serverless computing market by enabling code execution and application deployment without server management. This group consists of serverless functions and serverless containers. Serverless functions, also known as Function-as-a-Service (FaaS), allow developers to run separate tasks in response to particular events with automatic scalability and resource control. Serverless containers enable running containerized applications in a serverless setting, supporting microservices and complex applications without requiring server management. These computer services maximize resource usage, reduce latency, and facilitate quick application expansion. By utilizing these technologies, companies can enhance their development procedures and optimize cloud-native architectures, which results in enhanced speed and effectiveness in deploying and managing applications.
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As per the deployment model segment, the hybrid cloud will grow at the highest CAGR during the forecast period.
Hybrid cloud deployments provide a flexible approach in the serverless computing market, combining public and private cloud environments. This model enables organizations to utilize the scalability and cost-effectiveness of serverless computing in the public cloud while keeping sensitive or critical applications in a private cloud for improved control and security. Hybrid cloud setups allow for smooth interaction among various cloud environments, helping organizations efficiently allocate resources and handle workloads according to their requirements. This method provides for multiple situations, like expanding applications with public cloud resources during busy periods while keeping core functions and data in a private cloud. The hybrid model enables better disaster recovery and compliance management, offering a flexible solution that adjusts to changing operational needs.
As per organization size, large enterprises hold the largest share during the forecast period.
Large enterprises leverage serverless solutions to efficiently address their complex, high-volume operational needs in the serverless computing market. They benefit from serverless computing’s ability to automatically scale resources based on demand, ensuring seamless performance even during peak usage. Large enterprises utilize serverless architectures to manage extensive, distributed applications with minimal infrastructure overhead, focusing on innovation rather than server maintenance. They also use advanced functions like improved security measures, adherence to regulatory guidelines, and connection with other cloud services for complete solutions. Large enterprises can enhance cost management, streamline development cycles, and increase responsiveness by implementing serverless computing while retaining the flexibility and scalability necessary for their vast operations.
Top 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).
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Source: EmailWire.Com 
Source: EmailWire.com
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