The North America Function as a Service Market would witness market growth of 24.9% CAGR during the forecast period (2024-2031).
The US market dominated the North America Function as a Service Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $18,517.2 million by 2031. The Canada market is experiencing a CAGR of 27.5% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 26.6% during (2024 - 2031).
Function as a Service (FaaS) is a cloud computing paradigm that enables developers to implement code in reaction to events without the necessity of managing or provisioning servers. It constitutes a fundamental element of serverless computing, allowing enterprises to execute discrete functions as needed rather than maintaining comprehensive applications on dedicated infrastructure. FaaS allows developers to write small, modular pieces of code—called functions—that perform specific tasks and execute only when triggered, helping optimize resource usage, scalability, and cost-efficiency.
In a traditional cloud model, businesses must provision, manage, and scale virtual machines or containers to run applications. However, FaaS eliminates this complexity by automatically handling infrastructure management, scaling, and execution. Rather than maintaining servers in a constant operational state, FaaS operates by activating functions in response to specific events, including but not limited to HTTP requests, alterations in databases, file uploads, signals from Internet of Things (IoT) devices, or scheduled tasks. This event-driven execution model ensures that resources are used only when required, reducing costs and improving application efficiency.
The demand for FaaS in Canada is rising as organizations seek to optimize IT infrastructure and support large-scale digital transformation initiatives across the public and private sectors. The Canadian government’s Digital Operations Strategic Plan (2021–2024) emphasizes enhancing IT efficiency and security, promoting the adoption of serverless technologies to simplify IT management and reduce operational overhead. Additionally, initiatives such as the Canada Digital Adoption Program (CDAP), designed to assist businesses in transitioning to digital-first solutions, have boosted IT infrastructure investments, further accelerating the adoption of FaaS-based computing models. The ICT sector in Canada contributed $104.5 billion to GDP in 2021 (5.3% of the national GDP), highlighting the significance of technological advancements. Moreover, between 2016 and 2021, the ICT sector accounted for 15.3% of GDP growth. FaaS is growing in enabling businesses and government agencies to modernize operations, improve scalability, and reduce infrastructure complexity. As a result, North America presents lucrative opportunities for market expansion, positioning FaaS as a cornerstone of next-generation cloud computing strategies across industries.
Free Valuable Insights: The Function as a Service Market is Predict to reach USD 72.52 Billion by 2031, at a CAGR of 25.6%
Based on Type, the market is segmented into Developer-Centric and Operator-Centric. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium-sized Enterprises. Based on Deployment, the market is segmented into Public Cloud, Private Cloud, and Hybrid Cloud. Based on End-use, the market is segmented into BFSI, IT & Telecom, Retail & Consumer Goods, Healthcare & Life Sciences, Manufacturing, Government & Defense, Transportation & Logistics, and Other End-use. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
List of Key Companies Profiled
- Amazon Web Services, Inc. (Amazon.com, Inc.)
- Google LLC (Alphabet Inc.)
- Oracle Corporation
- IBM Corporation
- Microsoft Corporation
- SAP SE
- Dynatrace, Inc.
- Infosys Limited
- Alibaba Cloud (Alibaba Group Holding Limited)
- Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.)
North America Function as a Service Market Report Segmentation
By Type
- Developer-Centric
- Operator-Centric
By Enterprise Size
- Large Enterprises
- Small & Medium-sized Enterprises
By Deployment
- Public Cloud
- Private Cloud
- Hybrid Cloud
By End-use
- BFSI
- IT & Telecom
- Retail & Consumer Goods
- Healthcare & Life Sciences
- Manufacturing
- Government & Defense
- Transportation & Logistics
- Other End-use
By Country
- US
- Canada
- Mexico
- Rest of North America
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 North America Function as a Service Market, by Type
1.4.2 North America Function as a Service Market, by Enterprise Size
1.4.3 North America Function as a Service Market, by Deployment
1.4.4 North America Function as a Service Market, by End-use
1.4.5 North America Function as a Service Market, by Country
1.5 Methodology for the research
Chapter 2. Market at a Glance
2.1 Key Highlights
Chapter 3. Market Overview
3.1 Introduction
3.1.1 Overview
3.1.1.1 Market Composition and Scenario
3.2 Key Factors Impacting the Market
3.2.1 Market Drivers
3.2.2 Market Restraints
3.2.3 Market Opportunities
3.2.4 Challenges
Chapter 4. Competition Analysis – Global
4.1 Market Share Analysis, 2023
4.2 Strategies Deployed in Function as a Service Market
4.3 Porter Five Forces Analysis
Chapter 5. North America Function as a Service Market by Type
5.1 North America Developer-Centric Market by Region
5.2 North America Operator-Centric Market by Region
Chapter 6. North America Function as a Service Market by Enterprise Size
6.1 North America Large Enterprises Market by Country
6.2 North America Small & Medium-sized Enterprises Market by Country
Chapter 7. North America Function as a Service Market by Deployment
7.1 North America Public Cloud Market by Country
7.2 North America Private Cloud Market by Country
7.3 North America Hybrid Cloud Market by Country
Chapter 8. North America Function as a Service Market by End-use
8.1 North America BFSI Market by Country
8.2 North America IT & Telecom Market by Country
8.3 North America Retail & Consumer Goods Market by Country
8.4 North America Healthcare & Life Sciences Market by Country
8.5 North America Manufacturing Market by Country
8.6 North America Government & Defense Market by Country
8.7 North America Transportation & Logistics Market by Country
8.8 North America Other End-use Market by Country
Chapter 9. North America Function as a Service Market by Country
9.1 US Function as a Service Market
9.1.1 US Function as a Service Market by Type
9.1.2 US Function as a Service Market by Enterprise Size
9.1.3 US Function as a Service Market by Deployment
9.1.4 US Function as a Service Market by End-use
9.2 Canada Function as a Service Market
9.2.1 Canada Function as a Service Market by Type
9.2.2 Canada Function as a Service Market by Enterprise Size
9.2.3 Canada Function as a Service Market by Deployment
9.2.4 Canada Function as a Service Market by End-use
9.3 Mexico Function as a Service Market
9.3.1 Mexico Function as a Service Market by Type
9.3.2 Mexico Function as a Service Market by Enterprise Size
9.3.3 Mexico Function as a Service Market by Deployment
9.3.4 Mexico Function as a Service Market by End-use
9.4 Rest of North America Function as a Service Market
9.4.1 Rest of North America Function as a Service Market by Type
9.4.2 Rest of North America Function as a Service Market by Enterprise Size
9.4.3 Rest of North America Function as a Service Market by Deployment
9.4.4 Rest of North America Function as a Service Market by End-use
Chapter 10. Company Profiles
10.1 Amazon Web Services, Inc. (Amazon.com, Inc.)
10.1.1 Company Overview
10.1.2 Financial Analysis
10.1.3 Segmental and Regional Analysis
10.1.4 Recent strategies and developments:
10.1.4.1 Partnerships, Collaborations, and Agreements:
10.1.4.2 Product Launches and Product Expansions:
10.1.5 SWOT Analysis
10.2 Google LLC (Alphabet Inc.)
10.2.1 Company Overview
10.2.2 Financial Analysis
10.2.3 Segmental and Regional Analysis
10.2.4 Research & Development Expenses
10.2.5 Recent strategies and developments:
10.2.5.1 Partnerships, Collaborations, and Agreements:
10.2.6 SWOT Analysis
10.3 Oracle Corporation
10.3.1 Company Overview
10.3.2 Financial Analysis
10.3.3 Segmental and Regional Analysis
10.3.4 Research & Development Expense
10.3.5 Recent strategies and developments:
10.3.5.1 Partnerships, Collaborations, and Agreements:
10.3.6 SWOT Analysis
10.4 IBM Corporation
10.4.1 Company Overview
10.4.2 Financial Analysis
10.4.3 Regional & Segmental Analysis
10.4.4 Research & Development Expenses
10.4.5 Recent strategies and developments:
10.4.5.1 Partnerships, Collaborations, and Agreements:
10.4.6 SWOT Analysis
10.5 Microsoft Corporation
10.5.1 Company Overview
10.5.2 Financial Analysis
10.5.3 Segmental and Regional Analysis
10.5.4 Research & Development Expenses
10.5.5 Recent strategies and developments:
10.5.5.1 Partnerships, Collaborations, and Agreements:
10.5.6 SWOT Analysis
10.6 SAP SE
10.6.1 Company Overview
10.6.2 Financial Analysis
10.6.3 Regional Analysis
10.6.4 Research & Development Expense
10.6.5 Recent strategies and developments:
10.6.5.1 Partnerships, Collaborations, and Agreements:
10.6.6 SWOT Analysis
10.7 Dynatrace, Inc.
10.7.1 Company Overview
10.7.2 Financial Analysis
10.7.3 Regional Analysis
10.7.4 Research & Development Expenses
10.7.5 SWOT Analysis:
10.8 Infosys Limited
10.8.1 Company Overview
10.8.2 Financial Analysis
10.8.3 Segmental and Regional Analysis
10.8.4 Research & Development Expense
10.8.5 SWOT Analysis
10.9 Alibaba Cloud (Alibaba Group Holding Limited)
10.9.1 Company Overview
10.9.2 Financial Analysis
10.9.3 Segmental Analysis
10.9.4 SWOT Analysis
10.10. Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.)
10.10.1 Company Overview
10.10.2 Financial Analysis
10.10.3 Segmental and Regional Analysis
10.10.4 Research & Development Expenses
10.10.5 SWOT Analysis
TABLE 1 North America Function as a Service Market, 2020 - 2023, USD Million
TABLE 2 North America Function as a Service Market, 2024 - 2031, USD Million
TABLE 3 North America Function as a Service Market by Type, 2020 - 2023, USD Million
TABLE 4 North America Function as a Service Market by Type, 2024 - 2031, USD Million
TABLE 5 North America Developer-Centric Market by Region, 2020 - 2023, USD Million
TABLE 6 North America Developer-Centric Market by Region, 2024 - 2031, USD Million
TABLE 7 North America Operator-Centric Market by Region, 2020 - 2023, USD Million
TABLE 8 North America Operator-Centric Market by Region, 2024 - 2031, USD Million
TABLE 9 North America Function as a Service Market by Enterprise Size, 2020 - 2023, USD Million
TABLE 10 North America Function as a Service Market by Enterprise Size, 2024 - 2031, USD Million
TABLE 11 North America Large Enterprises Market by Country, 2020 - 2023, USD Million
TABLE 12 North America Large Enterprises Market by Country, 2024 - 2031, USD Million
TABLE 13 North America Small & Medium-sized Enterprises Market by Country, 2020 - 2023, USD Million
TABLE 14 North America Small & Medium-sized Enterprises Market by Country, 2024 - 2031, USD Million
TABLE 15 North America Function as a Service Market by Deployment, 2020 - 2023, USD Million
TABLE 16 North America Function as a Service Market by Deployment, 2024 - 2031, USD Million
TABLE 17 North America Public Cloud Market by Country, 2020 - 2023, USD Million
TABLE 18 North America Public Cloud Market by Country, 2024 - 2031, USD Million
TABLE 19 North America Private Cloud Market by Country, 2020 - 2023, USD Million
TABLE 20 North America Private Cloud Market by Country, 2024 - 2031, USD Million
TABLE 21 North America Hybrid Cloud Market by Country, 2020 - 2023, USD Million
TABLE 22 North America Hybrid Cloud Market by Country, 2024 - 2031, USD Million
TABLE 23 North America Function as a Service Market by End-use, 2020 - 2023, USD Million
TABLE 24 North America Function as a Service Market by End-use, 2024 - 2031, USD Million
TABLE 25 North America BFSI Market by Country, 2020 - 2023, USD Million
TABLE 26 North America BFSI Market by Country, 2024 - 2031, USD Million
TABLE 27 North America IT & Telecom Market by Country, 2020 - 2023, USD Million
TABLE 28 North America IT & Telecom Market by Country, 2024 - 2031, USD Million
TABLE 29 North America Retail & Consumer Goods Market by Country, 2020 - 2023, USD Million
TABLE 30 North America Retail & Consumer Goods Market by Country, 2024 - 2031, USD Million
TABLE 31 North America Healthcare & Life Sciences Market by Country, 2020 - 2023, USD Million
TABLE 32 North America Healthcare & Life Sciences Market by Country, 2024 - 2031, USD Million
TABLE 33 North America Manufacturing Market by Country, 2020 - 2023, USD Million
TABLE 34 North America Manufacturing Market by Country, 2024 - 2031, USD Million
TABLE 35 North America Government & Defense Market by Country, 2020 - 2023, USD Million
TABLE 36 North America Government & Defense Market by Country, 2024 - 2031, USD Million
TABLE 37 North America Transportation & Logistics Market by Country, 2020 - 2023, USD Million
TABLE 38 North America Transportation & Logistics Market by Country, 2024 - 2031, USD Million
TABLE 39 North America Other End-use Market by Country, 2020 - 2023, USD Million
TABLE 40 North America Other End-use Market by Country, 2024 - 2031, USD Million
TABLE 41 North America Function as a Service Market by Country, 2020 - 2023, USD Million
TABLE 42 North America Function as a Service Market by Country, 2024 - 2031, USD Million
TABLE 43 US Function as a Service Market, 2020 - 2023, USD Million
TABLE 44 US Function as a Service Market, 2024 - 2031, USD Million
TABLE 45 US Function as a Service Market by Type, 2020 - 2023, USD Million
TABLE 46 US Function as a Service Market by Type, 2024 - 2031, USD Million
TABLE 47 US Function as a Service Market by Enterprise Size, 2020 - 2023, USD Million
TABLE 48 US Function as a Service Market by Enterprise Size, 2024 - 2031, USD Million
TABLE 49 US Function as a Service Market by Deployment, 2020 - 2023, USD Million
TABLE 50 US Function as a Service Market by Deployment, 2024 - 2031, USD Million
TABLE 51 US Function as a Service Market by End-use, 2020 - 2023, USD Million
TABLE 52 US Function as a Service Market by End-use, 2024 - 2031, USD Million
TABLE 53 Canada Function as a Service Market, 2020 - 2023, USD Million
TABLE 54 Canada Function as a Service Market, 2024 - 2031, USD Million
TABLE 55 Canada Function as a Service Market by Type, 2020 - 2023, USD Million
TABLE 56 Canada Function as a Service Market by Type, 2024 - 2031, USD Million
TABLE 57 Canada Function as a Service Market by Enterprise Size, 2020 - 2023, USD Million
TABLE 58 Canada Function as a Service Market by Enterprise Size, 2024 - 2031, USD Million
TABLE 59 Canada Function as a Service Market by Deployment, 2020 - 2023, USD Million
TABLE 60 Canada Function as a Service Market by Deployment, 2024 - 2031, USD Million
TABLE 61 Canada Function as a Service Market by End-use, 2020 - 2023, USD Million
TABLE 62 Canada Function as a Service Market by End-use, 2024 - 2031, USD Million
TABLE 63 Mexico Function as a Service Market, 2020 - 2023, USD Million
TABLE 64 Mexico Function as a Service Market, 2024 - 2031, USD Million
TABLE 65 Mexico Function as a Service Market by Type, 2020 - 2023, USD Million
TABLE 66 Mexico Function as a Service Market by Type, 2024 - 2031, USD Million
TABLE 67 Mexico Function as a Service Market by Enterprise Size, 2020 - 2023, USD Million
TABLE 68 Mexico Function as a Service Market by Enterprise Size, 2024 - 2031, USD Million
TABLE 69 Mexico Function as a Service Market by Deployment, 2020 - 2023, USD Million
TABLE 70 Mexico Function as a Service Market by Deployment, 2024 - 2031, USD Million
TABLE 71 Mexico Function as a Service Market by End-use, 2020 - 2023, USD Million
TABLE 72 Mexico Function as a Service Market by End-use, 2024 - 2031, USD Million
TABLE 73 Rest of North America Function as a Service Market, 2020 - 2023, USD Million
TABLE 74 Rest of North America Function as a Service Market, 2024 - 2031, USD Million
TABLE 75 Rest of North America Function as a Service Market by Type, 2020 - 2023, USD Million
TABLE 76 Rest of North America Function as a Service Market by Type, 2024 - 2031, USD Million
TABLE 77 Rest of North America Function as a Service Market by Enterprise Size, 2020 - 2023, USD Million
TABLE 78 Rest of North America Function as a Service Market by Enterprise Size, 2024 - 2031, USD Million
TABLE 79 Rest of North America Function as a Service Market by Deployment, 2020 - 2023, USD Million
TABLE 80 Rest of North America Function as a Service Market by Deployment, 2024 - 2031, USD Million
TABLE 81 Rest of North America Function as a Service Market by End-use, 2020 - 2023, USD Million
TABLE 82 Rest of North America Function as a Service Market by End-use, 2024 - 2031, USD Million
TABLE 83 Key Information – Amazon Web Services, Inc.
TABLE 84 Key Information – Google LLC
TABLE 85 Key Information – Oracle Corporation
TABLE 86 Key Information – IBM Corporation
TABLE 87 Key Information – Microsoft Corporation
TABLE 88 Key Information – SAP SE
TABLE 89 Key Information – Dynatrace, Inc.
TABLE 90 Key Information – Infosys Limited
TABLE 91 Key Information – Alibaba Cloud
TABLE 92 Key Information – Huawei Technologies Co., Ltd.
List of Figures
FIG 1 Methodology for the research
FIG 2 North America Function as a Service Market, 2020 - 2031, USD Million
FIG 3 Key Factors Impacting Function as a Service Market
FIG 4 Market Share Analysis, 2023
FIG 5 Porter’s Five Forces Analysis – Function as a Service Market
FIG 6 North America Function as a Service Market share by Type, 2023
FIG 7 North America Function as a Service Market share by Type, 2031
FIG 8 North America Function as a Service Market by Type, 2020 - 2031, USD Million
FIG 9 North America Function as a Service Market share by Enterprise Size, 2023
FIG 10 North America Function as a Service Market share by Enterprise Size, 2031
FIG 11 North America Function as a Service Market by Enterprise Size, 2020 - 2031, USD Million
FIG 12 North America Function as a Service Market share by Deployment, 2023
FIG 13 North America Function as a Service Market share by Deployment, 2031
FIG 14 North America Function as a Service Market by Deployment, 2020 - 2031, USD Million
FIG 15 North America Function as a Service Market share by End-use, 2023
FIG 16 North America Function as a Service Market share by End-use, 2031
FIG 17 North America Function as a Service Market by Type, 2020 - 2031, USD Million
FIG 18 North America Function as a Service Market share by Country, 2023
FIG 19 North America Function as a Service Market share by Country, 2031
FIG 20 North America Function as a Service Market by Country, 2020 - 2031, USD Million
FIG 21 Recent strategies and developments: Amazon Web Services, Inc.
FIG 22 SWOT Analysis: Amazon Web Services, Inc.
FIG 23 SWOT Analysis: Google LLC
FIG 24 SWOT Analysis: Oracle Corporation
FIG 25 SWOT Analysis: IBM Corporation
FIG 26 SWOT Analysis: Microsoft Corporation
FIG 27 SWOT Analysis: SAP SE
FIG 28 SWOT Analysis: Dynatrace, Inc.
FIG 29 SWOT Analysis: Infosys Limited
FIG 30 SWOT Analysis: Alibaba Cloud
FIG 31 SWOT Analysis: Huawei Technologies Co., Ltd.
