Cloud Native Storage Market worth $45.8 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Oct. 12, 2023 /PRNewswire/ -- Future trends in the Cloud Native Storage Market include increased scalability, data mobility, security, and integration with new technologies. As businesses adopt cloud-native and containerized apps in the digital age, these advancements seek to satisfy their changing storage needs.

The Cloud Native Storage Market is projected to grow from USD 16.0 billion in 2023 to USD 45.8 billion by 2028, at a compound annual growth rate (CAGR) of 23.3% during the forecast period, according to a new report by MarketsandMarkets™. The Cloud Native Storage Market is expected to grow significantly during the forecast period, owing to various business drivers like increased data volumes across enterprises, ease of switching from on-premises to cloud native storage, and increased automation in application updates.

Browse in-depth TOC on "Cloud Native Storage Market"

280 - Tables
62 - Figures
300 - Pages

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Scope of the Report

By offering, services segment to register for the highest CAGR during the forecast period.

The services segment of the Cloud Native Storage Market is growing rapidly. Services offer the underlying infrastructure, expertise, and support services to help organizations effectively leverage cloud-native storage technologies in the market. Cloud native storage services help ensure the security and compliance of data stored in cloud native solutions. They offer encryption, access control, and compliance monitoring tools to meet regulatory requirements.

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By application, backup and recovery to register for the highest market size during the forecast period.

Backup and recovery applications are designed to protect data from loss, corruption, or accidental deletion. They create copies of data at specific points in time, ensuring that a recent and consistent version of the data is always available for recovery. Furthermore, backup and recovery applications are essential to a robust data management strategy for cloud-native storage solutions. They help organizations protect their data, ensure data availability, and provide a safety net in case of data loss or disasters.

By region, Asia Pacific accounted for the highest growth rate during the forecast period.

Asia Pacific is witnessing significant technological innovation in cloud native storage. Many regional organizations were undergoing digital transformation efforts, including migrating to the cloud and adopting cloud native technologies. This shift necessitated modern and scalable storage solutions to support cloud native applications. Few of the leading countries, including China, India, Japan, South Korea, and Southeast Asian nations, witness substantial cloud adoption rates. Cloud providers like AWS, Azure, Google, Alibaba Cloud, and regional providers offered cloud native storage services that catered to the diverse needs of businesses in the region.

Top Key Companies in Cloud Native Storage Market:

Some major players in the Cloud Native Storage Market include Microsoft (US), IBM (US), AWS (US), Google (US), Alibaba Cloud (China), HPE (US), Dell Technologies (US), NetApp (US), Pure Storage (US), SUSE (Germany), VMWare (US), Oracle (US), Huawei (China), Citrix (US), Tencent Cloud (China), Scality (US), Splunk (US), Linbit (US), and Rackspace (US).

Recent Developments

• In August 2023, Microsoft enhanced the Azure Elastic SAN service by introducing support for private endpoints and enabling volume sharing through SCSI (Small Computer System Interface) Persistent Reservation.
• In August 2023, AWS announced the launch of the AWS Israel (Tel Aviv) Region. This launch signifies that developers, startups, entrepreneurs, enterprises, as well as government, education, and nonprofit entities, have an expanded array of options for hosting their applications and serving their end users within Israel's borders.
• In August 2023, Google recently introduced three innovative cloud storage solutions: Cloud Storage FUSE, designed to support Artificial Intelligence (AI) applications needing file system semantics; Parallelstore, a parallel file system tailored for demanding AI and High-Performance Computing (HPC) applications leveraging GPUs; and NetApp.
• In May 2023, IBM introduced IBM Hybrid Cloud Mesh, a Software as a Service (SaaS) solution tailored to empower enterprises in managing their hybrid multi-cloud infrastructure effectively. By adopting IBM Hybrid Cloud Mesh, modern enterprises can streamline their infrastructure operations across hybrid multi-cloud and diverse environments, enhancing overall efficiency and adaptability.
• In November 2022, AWS introduced three new Amazon Elastic Compute Cloud (EC2) instances featuring AWS-designed chips, providing improved compute performance at a lower cost across a variety of workloads.
• In September 2022, IBM announced the general availability of IBM LinuxONE Bare Metal Servers. With this new solution, the LinuxONE platform may now be deployed in an off-premises Infrastructure as a Service (IaaS) model while enjoying all the advantages, including core consolidation, resultant software license savings, and decreased energy consumption to support sustainability goals.
• In September 2022, A new feature from Google Cloud allows users to significantly reduce the cold start time of Cloud Run and Cloud Functions. This is named startup CPU boost for Cloud Run and Cloud Functions 2nd gen.

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Cloud Native Storage Market Advantages:

• Cloud-native storage options offer flexibility and cost-effectiveness by simply scaling up or down to match organisations' shifting storage needs.
• By paying for storage resources on a pay-as-you-go basis and reducing upfront hardware investments and maintenance costs, businesses can lower their capital expenditures.
• Data redundancy and replication are frequently integrated into cloud-native storage, lowering the risk of data loss due to hardware failures.
• With the ability to access data from any location with an internet connection thanks to cloud-native storage solutions, remote work and international cooperation are encouraged.
• High availability and service-level agreements (SLAs) are frequently provided by cloud-native storage providers to guarantee the reliability and accessibility of data.
• Businesses can choose the best storage tier and performance attributes for their unique workloads, assuring optimal performance.
• Organisations can optimise expenses based on data access patterns by tying data across several storage classes.
• Organisations can acquire insights from their data without moving it by integrating cloud-native storage with analytics tools.
• Versioning is a feature that some cloud-native storage solutions provide, enabling organisations to track and restore earlier versions of data.

Report Objectives

• To describe and forecast the Cloud Native Storage Market market based on offering, application, verticals, and regions
• To forecast the market size of five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
• To analyze subsegments with respect to individual growth trends, prospects, and contributions to the total market
• To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market
• To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape of the major players
• To comprehensively analyze the core competencies of the key players in the market

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