What is Function as a Service (FaaS)?

The Function as a Service Market is been valued at USD 6,213.77 million in 2020 and is expected to reach USD of 11,932.95 million by 2027. Function as a Service (FaaS) is a cloud computing model that provides developers with a way to run code without having to worry about managing the underlying infrastructure. With FaaS, developers can simply focus on writing code and let the cloud provider worry about the rest.

FaaS is a relatively new cloud computing model, but it has quickly gained popularity due to its many benefits. Some of the benefits of FaaS include:

  • Cost-effectiveness: FaaS is a cost-effective way to run code because you only pay for the resources you use. This can save you a significant amount of money, especially if you only need to run code for short periods of time.
  • Scalability: FaaS is a scalable solution that can be easily scaled up or down to meet your needs. This makes it ideal for applications that experience fluctuating traffic patterns.
  • Ease of use: FaaS is an easy-to-use solution that can be quickly and easily deployed. This makes it a good choice for developers who are not familiar with cloud computing.

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Market Size and Growth

The global FaaS market is expected to grow at a CAGR of 28.9% from 2022 to 2027. The growth of the market is being driven by a number of factors, including:

  • The increasing adoption of cloud computing by businesses of all sizes
  • The growing demand for scalable and cost-effective solutions for running code
  • The increasing popularity of microservices architecture

Key Players

Some of the key players in the global FaaS market include:

  • Amazon Web Services (AWS)
  • Microsoft Azure
  • Google Cloud Platform (GCP)
  • IBM Cloud
  • Alibaba Cloud


FaaS can be used for a variety of applications, including:

  • Web applications
  • Mobile applications
  • IoT applications
  • Backend services
  • Data processing
  • Machine learning


FaaS is a powerful cloud computing model that can help businesses of all sizes to run code more efficiently and cost-effectively. The market for FaaS is expected to grow rapidly in the coming years, driven by the increasing adoption of cloud computing and the growing demand for scalable and cost-effective solutions for running code.

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