Global Cloud Native Storage Market Size To Exceed USD 121.27 Billion By 2033 | CAGR of 22.29%
Category: Information & TechnologyGlobal Cloud Native Storage Market Size To Exceed USD 121.27 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Cloud Native Storage Market Size is Expected to Grow from USD 16.21 Billion in 2023 to USD 121.27 Billion by 2033, at a CAGR of 22.29% during the forecast period 2023-2033.
Get more details on this report -
Browse key industry insights spread across 230 pages with 120 Market data tables and figures & charts from the report on the "Global Cloud Native Storage Market Size, Share, and COVID-19 Impact Analysis, By Component (Solution and Services), By Deployment (Public Cloud, Private Cloud), By Enterprise Size (SMEs, and Large Enterprises), By End Use (BFSI, Telecom & IT, Healthcare, Retail & Consumer Goods, Manufacturing, Government, Energy & Utilities, Media & Entertainment, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/cloud-native-storage-market
The cloud native storage market refers to the storage choices designed specifically for cloud environments and compatible with cloud-native applications that are created, deployed, and used in those environments. To satisfy the unique needs of distributed, containerized, and scalable applications, these storage solutions provide high availability, flexibility, and resilience. Cloud-native storage and microservices are tightly related. The market growth is driven by the demand for scalable, cost-effective, and efficient storage solutions. Automation of application updates and CI/CD processes is increasingly dependent on cloud-native storage solutions. The rapid backup and recovery capabilities of these technologies enhance business continuity. The growing need for continuous operations and data security is driving the market's development. VMware and Wipro have teamed up to accelerate cloud adoption and application modernization. Multinational firms benefit from this collaboration by reducing the complexity and expenses associated with cloud migration. However, the market growth is hindered by the challenges with data security and regulatory compliance, especially in regulated industries including finance, healthcare, and government.
The solution segment accounted for the largest share in 2023 and is estimated to grow at a remarkable CAGR during the forecast period.
Based on the component, the cloud native storage market is categorized into solution and services. Among these, the solution segment accounted for the largest share in 2023 and is estimated to grow at a remarkable CAGR during the forecast period. The segmental growth can be attributed to the growing cloud migration is driving the need for cloud-native storage solutions that offer scalability, flexibility, and efficiency. These solutions are appropriate for microservices and containerized applications and address the unique needs of modern businesses. As companies rely more on cloud-native technologies, specialized storage solutions will become more and more important. This shift is accelerating the adoption of cloud-native storage across numerous industries.
The public cloud segment accounted for the largest share in 2023 and is estimated to grow at a remarkable CAGR during the forecast period.
Based on the deployment, the cloud native storage market is categorized into public cloud, private cloud. Among these, the public cloud segment accounted for the largest share in 2023 and is estimated to grow at a remarkable CAGR during the forecast period. The segmental growth can be attributed to the increasing digital revolution, as companies are upgrading their IT infrastructure with cloud-native storage solutions. Public cloud environments are increasingly supporting containerized programs, which improves performance and efficiency. The demand for big data, artificial intelligence, and Internet of Things applications is driving the shift to cloud storage even more. According to the 2024 Wasabi Global Cloud Storage Index, 93% of companies want to expand their public cloud storage capacity, which will encourage innovation.
The large enterprise segment accounted for the majority of the share in 2023 and is estimated to grow at a remarkable CAGR during the forecast period.
Based on the enterprise size, the cloud native storage market is categorized into SMEs and large enterprises. Among these, the large enterprise segment accounted for the majority of the share in 2023 and is estimated to grow at a remarkable CAGR during the forecast period. The segmental growth can be attributed to the need for better data security and compliance, as big enterprises are shifting to cloud-native storage solutions. As regulatory regulations tighten and the risk of data breaches increases, businesses are investing in state-of-the-art storage systems that offer robust security features and adhere to international standards. Cloud-native storage providers usually use encryption, access controls, and other security measures that ensure data integrity and confidentiality to meet the stringent security requirements of large enterprises.
The BFSI segment held the largest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.
Based on the end use, the cloud native storage market is categorized into BFSI, telecom & IT, healthcare, retail & consumer goods, manufacturing, government, energy & utilities, media & entertainment, and others. Among these, the BFSI segment held the largest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The segmental growth can be attributed to the financial institutions can meet stringent regulatory requirements using the security and compliance capabilities provided by cloud-native storage solutions. These technologies' strong encryption, access controls, and certifications lessen the risk of a data leak. Using cloud-native storage reduces the workload related to compliance management and improves security. This enhances the security of sensitive customer data while enabling BFSI companies to continue to comply with regulations.
North America is anticipated to hold the largest share of the global cloud native storage market over the projected timeframe.
Get more details on this report -
North America is anticipated to hold the largest share of the global cloud native storage market over the projected timeframe. The region's growth is attributed to the region's widespread use of cloud computing in a variety of sectors, including technology, banking, healthcare, and retail, emphasizing the need for scalable and efficient storage solutions. The ability of cloud native storage to support modern cloud architectures like microservices and containerization aligns with the region's goals for digital transformation.
Asia Pacific is estimated to grow at the fastest CAGR of the global cloud native storage market during the forecast period. In these regions, the proliferation of mobile devices and increasing rates of internet access are generating massive amounts of data. This data explosion is particularly evident in sectors like media, entertainment, e-commerce, and telecoms, where companies are finding it difficult to efficiently store, handle, and analyze massive amounts of data.
Major vendors in the global cloud native storage market are Alibaba Group Holding Limited, Splunk, Inc., Amazon Web Services, Inc., Rackspace Technology, Inc., Broadcom, Microsoft Corporation, Citrix Systems, Inc., IBM Corporation, Google LLC, Huawei Technologies Co., Ltd., Arrikto, Trilio, MayaData, Linbit, Scality, and others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Key Market Development
- In October 2023, IBM launched the IBM Storage Scale System 6000, the latest addition to its IBM Storage for Data and AI portfolio. This data solution is specifically designed for the environment of data-intensive and AI-focused operations. The IBM Storage Scale System 6000 intends to strengthen IBM's leadership position by providing an improved, high-performance parallel file system designed for demanding data applications.
Market Segment
This study forecasts revenue at the global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global cloud native storage market based on the below-mentioned segments:
Global Cloud Native Storage Market, By Component
- Solution
- Services
Global Cloud Native Storage Market, By Deployment
- Public Cloud
- Private Cloud
Global Cloud Native Storage Market, By Enterprise Size
- SMEs
- Large Enterprises
Global Cloud Native Storage Market, By End Use
- BFSI
- Telecom & IT
- Healthcare
- Retail & Consumer Goods
- Manufacturing
- Government
- Energy & Utilities
- Media & Entertainment
- Others
Global Cloud Native Storage Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
CONTACT US:
For More Information on Your Target Market, Please Contact Us Below:
Phone: +1 303 800 4326 (the U.S.)
Phone: +91 90289 24100 (APAC)
Email: inquiry@sphericalinsights.com, sales@sphericalinsights.com
Contact Us: https://www.sphericalinsights.com/contact-us
Need help to buy this report?