Chicago, Nov. 02, 2023 (GLOBE NEWSWIRE) -- The global Cloud Native Storage Market size is anticipated to grow at a CAGR of 23.3% during the forecast period, from USD 16.0 billion in 2023 to USD 45.8 billion by 2028, according to a new report by MarketsandMarkets™. Due to various business drivers, the cloud native storage market is expected to grow significantly during the forecast period. The market is experiencing significant growth due to the need for faster recovery and data backup and the proliferation of Kubernetes and containerization. The increased data volumes across enterprises, ease of switching from on-premises to cloud native storage, and the increased automation in application updates are also responsible for driving the market’s growth.
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Cloud Native Storage Market Dynamics:
Drivers:
- Increased data volumes across enterprises.
- Ease of switching from on-premises to cloud native storage.
- Increased automation in application updates.
Restraints:
- Loss of data due to persistent data storing.
- Latency and network outage issues associated with public cloud environments.
Opportunities:
- Need for faster recovery and data backup.
- Proliferation of Kubernetes and containerization.
List of Key Players in Cloud Native Storage Market:
- Microsoft(US)
- IBM(US)
- AWS(US)
- Google(US)
- AlibabaCloud(China)
- HPE(US)
- DellTechnologies(US)
- NetApp(US)
- PureStorage(US)
- SUSE(Germany)
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Cloud native is a new paradigm for creating and operating software applications. In cloud native storage, Kubernetes has greatly commoditized the cloud infrastructure stack, and object storage makes network-accessible and portable storage possible. Kubernetes and object storage resolve numerous problems associated with the multi-cloud. It is specifically designed to be used in a cloud native environment. Cloud native storage supports repetitive, scalable performance and major facilities service stations such as reading and writing operations, storing and retrieving data easily, and maximizing operations in a single second.
Based on the offering, the cloud native storage market is segmented into solutions and services. The solutions segment is expected to garner a higher revenue during the forecast period. The solutions of cloud native storage include file storage, block storage, and object storage. The block storage solution holds the largest market during the forecast period. In block storage architectures, each storage volume functions as a separate drive, configuring the storage administrator data and saving it in fixed-size chains. Even any file can be divided into distinct data blocks via block storage. It stores the blocks as discrete chunks of data. The unique address is present in every piece of data. Therefore, it should not be placed inside the offer file structure. These solutions help organizations develop, monitor, and leverage the cloud native storage market.
Based on application, the segment has been bifurcated into backup and recovery, data archiving, big data and analytics, content delivery and distribution, database storage management, and other applications. Content delivery and distribution applications to hold the highest growth during the forecast period. Content delivery and distribution applications are crucial in enhancing the performance, availability, and scalability of cloud-native storage solutions in the market. These applications are designed to efficiently deliver content, including web pages, media files, and other digital assets, to end-users and applications across the globe. Content delivery and distribution applications enhance the performance, availability, and security of cloud-native storage solutions by efficiently delivering content to end-users and applications worldwide.
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The cloud native storage market by vertical is segmented into BFSI, retail & consumer goods, manufacturing, IT and ITeS, telecom, healthcare & life sciences, media & entertainment, government & public sector, energy & utilities, and other verticals. The BFSI vertical is expected to hold the largest market share in 2023. Digitalizing banking and financial services, including online banking, mobile wallets, digital payment, net banking, and others, will help the BFSI industry grow. This aspect fuels the cloud native cloud native storage. Market vendors provide banking and financial institutions with secure cloud native storage options, which is anticipated to increase partnerships and cooperation between cloud native storage and financial service providers. In the BFSI sector, the only way to provide reliability and integrity is to protect each piece of data while maintaining the performance levels required to handle the volume of value transactions in this vertical.
The cloud native storage market has been segmented into five regions: North America, Europe, the Asia Pacific, the Middle East & Africa, and Latin America. North America is estimated to account for the largest market share during the forecast period, whereas the Asia Pacific region is expected to grow at the highest rate. Cloud native storage solutions and services in North America are highly effective across most organizations and verticals. Asia Pacific is gradually advancing toward incorporating cloud native storage within its region. Europe, the Middle East & Africa, and Latin America, show a substantial rise in cloud native storage solutions and services.
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