In the past few years, the demand for cloud services has grown significantly. Various organization, government, private firms, and individual users use cloud services aggressively. Function as a Service is a type of cloud service, which enables service less management and app development. It helps in developing new apps that enable the end user to have a serverless architecture. Moreover, it is a section of cloud computing services that provide platforms customer to manage, develop, and run applications functionalities. All this is done without the complication of maintaining and building infrastructure that is involved in developing and launching new apps.
Function as a Service have remarkably benefitted the healthcare sector. It has largely benefitted in the times of disaster to provide with immediate care required to the patients. FaaS services have resulted in better collaboration, increased the efficiency of storing at lower cost, reduced the time, provided better usage of big data to treat patients, and enhanced medical research and remote patient care. It allows professionals to access and store data remotely. This benefit assists in gaining patients data instantly and initiates treatment without any delay. Most importantly, it provides collaboration in the healthcare sector. In the coming years, the demand for function as a service is expected to rise at a massive rate.
As per the analysis presented by a market research company, the global function as a service market is expected to rise at 15.3% CAGR over the forecast tenure from 2017 to 2025. Rising at this rate the market is likely to attain a valuation of US$4.28 bn by the end of 2025. In 2016, the market valuation was US$1.23 bn.
Banking, financial services, and insurance (BFSI) is a wide term that includes various organizations such as corporate, core banking, retail, private, and investment; financial services such as stock broking, payment gateways, and mutual funds; and insurance services including general and life insurance policies. Integration of cloud services has fast-tracked and eased the way transaction was done. This sector is constantly evolving and is now seen with varied regulatory norms, vast competition, consolidation, changing customer demand, and worldwide expansion.
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Banking services being changed by integrating function as a service
Function as a Service helps in automation of routing operations and reduced cost has pushed its demand in financial institutions. FaaS also provides a scalable and secure platform with real-time information needed in the BFSI sector. Adding to it further, FaaS services also help in providing an overview of customer and financial product information that further aids in customer retention and acquisition. Summing up these benefits of FaaS services, there is a huge growth opportunity for the FaaS market in the BFSI sector.
Some of the key players operating in the function as a service market include Google Inc., International Business Machines Corporation, New York, Amazon Web Services Inc., Microsoft Corporation, Infosys Limited, SAP SE, Dynatrace LLC, Rogue Wave Software Inc., VMware Inc. and Oracle Corporation.