Global Cloud Native Storage Market Size By Vertical, By Organization Size, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Global Cloud Native Storage Market Size By Vertical, By Organization Size, By Geographic Scope And Forecast
Cloud Native Storage Market Size And Forecast
Cloud Native Storage Market size was valued at 21.82 USD Billion in 2023 and is projected to reach 154.01 USD Billion by 2030, growing at a CAGR of 30.52% during the forecast period 2024-2031.
Global Cloud Native Storage Market Drivers
The market drivers for the Cloud Native Storage Market can be influenced by various factors. These may include
Growing Cloud-Native Technology Adoption The need for storage solutions made especially to support cloud-native architectures and microservices-based applications is growing as more and more organisations adopt these strategies. Scalability, adaptability, and resilience are features of cloud-native storage systems that are crucial for contemporary cloud-native applications.
Containerisation and Kubernetes are Growing Quickly The demand for storage solutions that are tailored for containerised systems has increased due to the broad adoption of orchestration platforms like Kubernetes and containerisation technologies like Docker. Stateful applications operating in containers require storage services, which cloud-native storage solutions offer. They are also made to smoothly interface with container orchestration platforms.
Data Explosion and Big Data Analytics Scalable and effective storage solutions are necessary due to the exponential expansion of data generated by organisations. The scalability and performance required to manage the massive amounts of data produced by contemporary apps and enable advanced analytics and machine learning workloads are offered by cloud-native storage solutions.
Hybrid and Multi-Cloud Deployments To take use of the advantages of various cloud providers and on-premises infrastructure, a lot of organisations are using hybrid and multi-cloud strategies. Organisations can create resilient and adaptable storage infrastructures to meet their varied needs with cloud-native storage solutions that can operate across different cloud environments and on-premises data centres.
Put the emphasis on automation and DevOps These approaches highlight the cooperation, automation, and agility of development and operations teams. Organisations may automate the provisioning, scaling, and administration of storage resources by integrating cloud-native storage solutions with DevOps workflows through the use of APIs and automation features.
Demand for Data Mobility and Portability Companies are calling for the ease with which they may transfer data across various environments, including public clouds and on-site data centres, without encountering compatibility problems or vendor lock-in. Data portability capabilities provided by cloud-native storage solutions enable smooth data movement and mobility across heterogeneous settings.
Organisations need storage solutions that offer strong security features like encryption, access restrictions, and data protection methods in light of the increased emphasis on data security and compliance. Storage solutions that are cloud-native have security capabilities that assist enterprises in meeting their cloud-native environment security and compliance needs.
Global Cloud Native Storage Market Restraints
Several factors can act as restraints or challenges for the Abc. These may include
Security Concerns Even with these developments, enterprises thinking about adopting cloud-native storage solutions continue to have serious security concerns. Potential adopters may be discouraged by data breaches, unauthorised access, and compliance problems.
Data Governance and Compliance Organisations may face difficulties managing and storing data in the cloud due to strict data governance laws and compliance mandates, such as GDPR and HIPAA.
Legacy Infrastructure Conventional storage systems and legacy infrastructure are still widely used in businesses. Adoption may be hampered by the difficulty, expense, and duration of the migration from these systems to cloud-native storage options.
Integration Difficulties It can be difficult to integrate cloud-native storage systems with current IT workflows, apps, and infrastructure. Adoption may be slowed down by compatibility problems and the requirement for extra resources for integration.
Cost Concerns Although cloud-native storage provides flexibility and scalability, some organisations, particularly smaller ones with tighter budgets, may find the implementation and continuing management costs prohibitive.
Performance and Reliability Adoption of cloud-native storage solutions may be hampered by worries about their performance and reliability, particularly in terms of latency and data availability. This is especially true for applications that demand high performance and uptime.
Vendor Lock-in When using cloud-native storage solutions from a single provider, organisations may want to exercise caution to avoid vendor lock-in. Adoption may be constrained by worries about portability and compatibility across various cloud systems.
Skills Gap Organisations lacking in-house experience may find it difficult to handle the complexity of cloud-native storage solutions and the requirement for specialised skills in cloud computing and storage technologies.
Cultural Resistance The adoption of cloud-native storage solutions may be hampered by resistance to change inside organisations, including cultural hurdles and a reluctance to adopt new technology and procedures.
Regulatory and Compliance problems Organisations adopting cloud-native storage solutions may face regulatory and compliance problems, especially in highly regulated areas like banking and healthcare where compliance requirements can differ dramatically between regions and industries.
Global Cloud Native Storage Market Segmentation Analysis
The Global Cloud Native Storage Market is Segmented on the Basis of Vertical, Organization Size, And Geography.
Cloud Native Storage Market, By Vertical
Banking, Financial Services, and Insurance (BFSI)
Telecom and Information Technology (IT)
Government
Retail & e-commerce
Manufacturing
Energy and Utilities
Media and Entertainment
Retail & e-commerce
Others
Based On Type of Vertical, the market is classified into Banking, Financial Services, and Insurance (BFSI), Telecom and Information Technology (IT), Government, Retail & ecommerce, Manufacturing, Energy and Utilities, Media and Entertainment, Retail & ecommerce and Others. The BFSI segment holds a large number of shares in the market because Banks’ digital performance is enhanced by cloud-native technology, which increases the efficiency of data aggregation and storage.
It enables simultaneous access and real-time data monitoring for the company and its customers worldwide. It can automatically update and manage all aspects of the infrastructure. With even simpler system management than integrating existing legacy systems, this high performance is available at significantly lower prices than current data systems. The benefits of cloud computing to the financial sector are clear and widely applicable.
Cloud Native Storage Market, By Organization Size
Large Enterprises
Small and Medium-sized Enterprises (SMEs)
Based On Type of the Organization Size, the market is classified into Large Enterprises and Small and Medium-sized Enterprises (SMEs). The Large Enterprises segment holds a large number of shares in the market because Large enterprises are increasingly adopting the platform and related professional services. Larger enterprises are increasingly starting to deploy cloud-based solutions instead of on-premises solutions. Large enterprises deploy cloud-based solutions due to their high flexibility and low-cost maintenance costs. Increasing cyber-attacks by large organizations are driving them to adopt the platform and related services.
Cloud Native Storage Market, By Geography
North America
Europe
Asia Pacific
Rest of the world
Based On Type of Geography, the Global Cloud Native Storage Market is classified into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa.
Key Players
The major players in the Cloud Native Storage Market are
IBM Corporation
Amazon Web Services Inc.
Alibaba Group Holding Limited
Huawei Technologies Co.Ltd.
Cardinal Matrix
Microsoft Corporation
Google LLC
Citrix Systems Inc.
Rackspace Technology Inc.
Splunk Inc.
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2021-2031
BASE YEAR
2024
FORECAST PERIOD
2024-2031
HISTORICAL PERIOD
2021-2023
UNIT
Value (USD Billion)
KEY COMPANIES PROFILED
IBM Corporation, Amazon Web Services, Inc., Alibaba Group Holding Limited, Huawei Technologies Co., Ltd., Cardinal Matrix, Microsoft Corporation.
SEGMENTS COVERED
By Vertical
By Organization Size
By Geography
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