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Omdia: serverless computing, valued at $19bn is the fastest-growing cloud service

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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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Tutoring America, Inc. partners with schools to provide educational and 530A grants

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Tutoring America’s mission is to help close the education gap that prevents many low-income children from achieving their full potential as students. To learn at http://www.tutoringamerica.org/ 

NEW YORK, Oct. 20, 2026 /PRNewswire/ — Tutoring America’s work aims to get young students up to speed before they reach high school by supporting the integration of supplementary tutoring programs into existing school curriculums, schedules, and communities.

“We are excited to not only offer educational grants to schools in need but also support students directly through 530A grants,” said Jay Hatfield, President of Tutoring America. Jay Hatfield is also CIO of Infrastructure Capital Advisors, LLC, a global asset manager located in New York.

Our experience with prior grants shows that students can catch up by a full year after 25 hours of focused work on tutoring software with assistance from qualified tutors. We believe that providing educational grants and direct support to students in need can help to close the education gap. We try to support students to spend more hours on basic education after school, on weekends, and in summer sessions. By helping to close the education gap, we believe that students will be able to better participate in regular classes and advance normally through high school, in college, and into employment.

Success in education is highly correlated with median wages. Tutoring America believes that closing the education gap between low- and high-income students can help in addressing poverty issues in the US and globally. Moreover, poverty and lack of education are associated with many issues such as substance abuse, depression, poor health, homelessness and low life expectancy. Tutoring America hopes to provide additional resources to high-need schools and students, and believes supporting education is a critical cornerstone for society as it can improve the quality of life for millions of people globally.

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TimePayment Hires Nicole Miller as Vertical Account Executive – Broker

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The Broker Channel leader is energized by relationship-building and driven to create.

WOBURN, Mass., Oct. 20, 2026 /PRNewswire-PRWeb/ — TimePayment, an award-winning fintech company specializing in commercial equipment financing, has hired Nicole Miller, CLFP, in the role of Vertical Account Executive, leading the Broker Channel.

“Nicole’s strategic perspective and results-driven approach will be instrumental in accelerating our growth, strengthening our market position, and driving the next phase of our business forward.”

Miller began her financing career at National Funding, selling both working capital and equipment financing, but soon found herself drawn to the equipment sector of the business. “With equipment financing, you get those long-term relationships, both on the end-user and vendor sides. It’s much more hands-on.” This enthusiasm for relationship-building led her to Marlin Business Services Corp. and then to NewLane Finance Company, where she helped create the broker program from scratch.

That same drive to create solutions for brokers is why she’s excited to be joining TimePayment, particularly since the fintech company is currently releasing a wave of new financing products and automation upgrades. “TimePayment’s Third Party Originations Team isn’t stuck in a box,” Miller says. “We’re about creating what the market needs moving forward. So for me, that was the move: What can I help create that’s bigger than myself, with a group of leaders driving it that direction?”

“Nicole brings an exceptional depth of industry experience, a proven track record of success, and a relentless commitment to excellence, says Joanna Markos, TimePayment’s Chief Revenue Officer. “But her drive is what’s going to be vital for TimePayment going forward.”

Chief Operating Officer Alyce Reilly agrees. “Her strategic perspective, attention to detail, and results-driven approach will be instrumental in accelerating our growth, strengthening our market position, and driving the next phase of our business forward. We are excited to welcome her to the team and confident in the impact she will make.”

Miller is hitting the ground running; just this week she’s exhibiting with TimePayment at the 2026 AACFB Commercial Financial Expo in Irvine, CA, and attending ELFA’s 65th Annual Convention in Palm Desert, CA. “I understand brokers because I was one,” she says. “I respect how much a broker has to work to hold on to a vendor relationship. I can’t wait to show our broker partners and prospects how much we’re doing to support those relationships and make funding easier than ever before.”

Visit TimePayment.com to learn more about TimePayment’s commercial equipment financing products and technology support for B2B equipment dealers and brokers. To contact Nicole Miller about Third Party Originations and new products and automations designed for brokers, connect with her on LinkedIn or visit the Contact page at TimePayment.com.

About TimePayment:

TimePayment is a leading fintech company providing flexible, small and micro-ticket equipment financing solutions to small and midsize businesses across more than 30 industries. Their advanced technology platform and strong capital resources enable over 9,000 vendors and broker partners to deliver fast, streamlined financing options that support their customers’ growth.

TimePayment has recently started a new chapter focused on growth, product innovation, and technology transformation. They are committed to offering the best digital experience, competitive programs, and high-quality service to help their partners expand their sales and better serve their markets.

Media Contact

Joanna Markos, TimePayment, 1 877-868-3800, marketing@timepayment.com, https://timepayment.com

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Ten Million Downloads in Six Weeks: The Fight for the AI Agent in Your Pocket Has Started

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NEW YORK, Oct. 20, 2026 /CNW/ — Stock Preachers News Commentary – A new personal AI agent has been downloaded 10.9 million times in the six weeks since its September 8 launch, according to Sensor Tower data reported by Yahoo Finance on October 20, with more than 10.2 million of those downloads in the United States. Over the past 30 days, U.S. downloads of a leading chatbot app fell 25% from the prior 30-day period, Yahoo Finance reported. The shift is a reminder that the market for AI assistants is still wide open, and companies across social media, local search, voice technology and neighborhood networks are building agents of their own. Active Companies from around the markets with current developments this week include: Meta Platforms, Inc. (NASDAQ: META), Yelp Inc. (NYSE: YELP), Snap Inc. (NYSE: SNAP), SoundHound AI, Inc. (NASDAQ: SOUN), Nextdoor Holdings, Inc. (NASDAQ: NXDR).

The early numbers are striking. Sensor Tower estimates the new agent reached about 2.5 million daily active users for the first time on October 16, with daily users up 15% week over week, and says only 11 other apps have reached 10 million U.S. downloads within 40 days. A Deutsche Bank analyst projected the product could account for as much as 8% of its parent company’s revenue by 2030, roughly $36 billion, with a low-end estimate of $2.4 billion, Yahoo Finance reported.

What separates an agent from a chatbot is action. Instead of answering questions, these products are being built to book, call, compare and complete tasks on a user’s behalf, often inside apps people already open every day. That puts companies with large, engaged audiences or specialized local data in a position to compete, and several of them have shipped new AI features in the past six weeks.

Agents are the new battleground for attention. Learn to read the charts behind moves like these with the free Stock Preachers guide at stockpreachers.com

In other industry developments and happenings in the market this week include:

Meta Platforms, Inc. (NASDAQ: META)

Meta introduced Muse on September 8 as a secure, private personal AI agent powered by its Muse Spark model, designed to send emails, book travel, fill out forms and negotiate on a user’s behalf, while asking for approval before actions such as sending an email or making a purchase. Muse rolled out in the U.S. on iOS, Android and muse.ai, can be messaged in WhatsApp, and is free for most uses, with subscription plans available.

Meta has since added a small-business version and introduced new Muse Wonder models that it says will soon power experiences in Muse. The company reports third-quarter 2026 results after the market close on October 21, with a conference call at 4:30 p.m. ET.

Yelp Inc. (NYSE: YELP)

Yelp announced on October 20 its 2026 Fall Product Release, with more than 30 new features, integrations and updates. Yelp Assistant can now book tables at tens of thousands of additional restaurants on iOS through a new reservations integration, bringing its coverage to more than half a million restaurants when combined with existing partners.

A new feature called Check for Me uses an AI phone agent to call a restaurant, confirm the current wait time and text the answer back within minutes; it is rolling out in the coming months in the U.S. on iOS. Yelp said about 10% of its Request a Quote submissions came through Yelp Assistant in the second quarter.

Snap Inc. (NYSE: SNAP)

Snap introduced SPECS Intelligence in September, which it describes as an anticipatory AI service designed to work across iPhone, Mac and its SPECS augmented reality glasses. Full early access is by invitation only through the SPECS Mac app, while U.S. users 18 and older can try a mobile preview in the SPECS iOS app. Snap said personal content from connected accounts will not be used to train its AI models or serve personalized ads.

The service builds on a large audience: Snap reported second-quarter 2026 revenue of $1.599 billion, up 19%, with 493 million daily active users and 971 million monthly active users. It will hold its third-quarter conference call on November 4.

SoundHound AI, Inc. (NASDAQ: SOUN)

SoundHound AI introduced OASYS Edge in September, an embedded architecture that brings LLM-powered voice AI agents directly to edge hardware in vehicles and smart devices, scheduled for deployment in late 2026. On September 30, an automaker’s voice assistant built on SoundHound’s real-time generative AI made its global debut on a new SUV in India.

Earlier in September, SoundHound completed its acquisition of LivePerson, adding a customer base that includes 25 of the Fortune 100. The company reported second-quarter revenue of $61.9 million, up 45%, and raised its full-year 2026 revenue outlook to $230 million to $260 million.

Nextdoor Holdings, Inc. (NASDAQ: NXDR)

Nextdoor, which cites more than 110 million verified neighbors, introduced Neighborhood Intelligence on October 7, an advertiser product that uses AI to make sense of local signals across 350,000 neighborhoods. It is available on request, and Nextdoor said pilot campaigns showed a 1.28x lift in brand awareness.

In September, Nextdoor upgraded its AI-powered search in the U.S. to summarize relevant insights from 15 years of neighbor knowledge and added AI summaries to Business Pages. The company moved its listing to the Nasdaq Capital Market on October 14 and will report third-quarter results before the market opens on November 5.

Want to spot the next AI winner on the chart before the crowd? Download the free Stock Preachers guide to reading charts, plus The Roadmap market reports, at stockpreachers.com.

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Media Contact: info@equity-insider.com

DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is not a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances.

This article is independent news commentary. Stock Preachers is wholly owned and operated by Market Equities Limited (“MEL”), a company incorporated under the laws of Ireland. MEL has not been paid by any company mentioned in this article. MEL and its owners, operators, directors, and affiliates own shares of META with no plans to sell them in the next 30 days; do not currently own any shares of any other companies mentioned in this article, but reserve the right to, and will, buy and sell shares of those companies at any time without further notice. App download and usage figures are third-party estimates. Information is drawn from company news releases and filings, published reporting and third-party data believed to be reliable, but its accuracy is not guaranteed. Investing in securities carries risk, including the loss of some or all of your investment. This document is governed by the laws of Ireland.

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