LONDON, June 27,
2024 /PRNewswire/ -- New analysis from Omdia's
Cloud Software & Services Intelligence Service shows that
serverless computing has now reached $19bn with public cloud hyperscalers taking the
largest share of this market.
The dominant vendor is Amazon AWS taking 47.3% of market share
followed by Microsoft Azure at 38.9%. Omdia forecasts this
market to grow to $41bn by 2028 with
a CAGR of 16.5%. Following a slight dip in growth rate 2021-2023,
Omdia predicts the growth rate will resume and increase between
2024-2028, and that AI workloads will play a significant role in
increasing cloud revenues.
Omdia's Serverless Computing Tracker 2024 shows that the
serverless market splits into three distinct categories of
services: compute & DevOps tools, serverless storage, and
application/service integration. Omdia found that serverless
computing has been used by at least a third of all cloud developers
and this is increasing. Some startup businesses lacking data
centers expertise prefer to go fully serverless from the beginning,
eliminating the need to recruit IT staff and construct on-premises
facilities.
"The serverless market started as a simple Function-as-a-Service
where the developer sends some code to the serverless service which
runs the code on a pay-as-you-go basis, typically rounded to the
nearest millisecond," explained Michael
Azoff, Chief Analyst in Omdia's Cloud and Data Center
research practice. "The host provider operates a large multi-tenant
compute architecture where the workloads are run fully administered
and hidden from the user. This has quickly grown to include a wide
range of services. Now, workloads can be executed in containers,
and a variety of developer and DevOps tools are available under
what we label 'Compute and DevOps tools."
Enterprise applications typically require stateful services, and
data-intensive workloads necessitate robust storage capabilities.
This has led to the introduction of serverless storage, the second
serverless category in Omdia's analysis. Additionally, developers
aim to manage application workflows and achieve seamless serverless
integration, which is addressed by Omdia's third serverless
category alongside integration tools.
"With serverless now widely adopted and generating significant
revenue for public cloud hyperscalers, the plethora of serverless
services can make it challenging for newcomers to identify the best
starting points and navigate the various options. Our upcoming
Serverless Tracker Analysis report will offer enterprises the
necessary guidelines for success," concludes Azoff.
ABOUT OMDIA:
Omdia, part of Informa Tech, is a technology research and
advisory group. Our deep knowledge of tech markets combined with
our actionable insights empower organizations to make smart growth
decisions.
Fasiha Khan
Fasiha.khan@informa.com
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SOURCE Omdia