The global serverless computing market is projected to grow from US$ 21.3 billion in 2024 to US$ 58.95 billion by 2031, at a CAGR of 15.7%. The market is driven by increasing demand for cost-effective, scalable cloud solutions, with significant growth in microservices architecture and digital transformation initiatives. North America leads the market with a 38.5% share in 2024, while Asia Pacific is expected to experience rapid growth, fueled by government investments in digital infrastructure. The Function as a Service (FaaS) model is set to dominate, accounting for 53.2% of the market in 2024, as businesses prioritize agility and real-time event-driven applications. Compute services are also expected to hold a significant share, driven by the need for scalable solutions in industries such as finance, IoT, and e-commerce.