The Worldwide Cloud Native Storage Industry is Expected to Reach $38.5 Billion y 2027 at a 23.1% CAGR - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Cloud Native Storage Market by Component (Solutions and Services), Deployment Mode (Public and Private), Organization Size, Vertical (BFSI, Retail & Consumer Goods, Telecommunications, IT & ITeS) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global cloud native storage market size to grow from USD 13.6 billion in 2022 to USD 38.5 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 23.1% during the forecast period.

The market's expansion is attributed to the widespread use of cloud native storage services brought on by virtual work and the rising amount of data use. Employees collaboration and connectivity are made possible by cloud native storage solution as businesses transition to remote working.

As per organization size, SMeS segment to grow at a the highest CAGR during the forecast period

SMeS are anticipated to develop at a highest CAGR during the forecast period, while the large enterprises sector is expected to hold a larger market share based on organization size. Therefore, the adoption of cloud native storage platforms is comparatively higher in large organizations than SMeS.

There are many reasons for the higher adoption of cloud native storage among large enterprises, including the fact that they are more secure financially and can make significant investments in cutting-edge technology more readily than SMeS. The majority of operations can be automated for businesses that choose cloud native storage. The adoption of cloud native storage is being sped up by the bureaucratic and time-consuming operations that could take several weeks in a conventional arrangement.

As per regions, Asia Pacific (APAC) to grow at the highest CAGR during the forecast period

As per regions, the Asia Pacific is estimated to hold the highest Compound Annual Growth Rate (CAGR) of 28.7% in the Cloud Native Storage market. The rapid adoption of new technologies, along with expanding business requirements and the rise in the number of companies using Kubernetes and containers, are all contributing factors to APAC's high growth rate. Further, in 2022, APAC's Large Enterprises in this region hold the highest market share of USD 705 million.

Moreover, increased adoption of advanced technology such as AI, IoT, ML, and others across organizations are creating need for advanced infrastructure at the organization level is also helping the market to grow. The rise of cloud usage in Asia Pacific if Bing driven by the global adoption of cloud native technologies like Kubernetes, but especially by the region's quickly expanding Chinese technology sector.

Nevertheless, the Asia Pacific cloud native storage market is just getting started. Due to growing organizational needs and rising adoption of office collaboration and file sharing solution, it is anticipated to expand dramatically over the next years across the majority of the region's emerging nations.

As per component, services to grow at the highest CAGR during the forecast period

As per component, services is estimated to hold the highest Compound Annual Growth Rate (CAGR) of 24.3% in the Cloud Native Storage market. Services are crucial in the market for cloud native storage since they help customers both before and after the deployment of their cloud native storage solutions. For their clients, service providers assist a variety of phases, such as planning, creating, maintaining, and updating cloud native storage systems.

The importance of cloud native storage includes services like incident response and recovery, consultation, deployment, support services, education services, residency services, training assistance, integration, and maintenance.

The integration and deployment of cloud native storage solutions with present storage infrastructure is covered in the sector for integration and implementation services. Integrating and implementing cloud native storage solutions with existing systems requires optimizing and lowering storage system maintenance cost while minimising CAPEX and OPEX. These services, which focus on improving cloud native storage operations and performance, involve operational hazard identification, analysis, and formulation as well as management strategies and procedures.

Market Dynamics

Drivers

• Increase in Data Volume Across Enterprises
• Ease of Switching from On-Premises to Cloud Native Storage
• Increase in 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

Challenges

• Complexity Associated with Cloud Native Concepts

Companies Mentioned

• Alibaba Cloud
• Arrikto
• Aws
• Citrix
• Dell Technologies
• Diamanti
• Google
• Hewlett Packard Enterprise
• Huawei
• IBM
• Ionir
• Linbit
• Mayadata
• Microsoft
• Minio
• Netapp
• Ondat
• Oracle
• Pure Storage
• Rackspace
• Robin.Io
• Rook
• Scality
• Splunk
• Suse
• Tencent Cloud
• Trilio
• Upcloud
• Vmware

For more information about this report visit https://www.researchandmarkets.com/r/awoud8