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(IT-NEWSWIRE.COM, December 07, 2023 ) The global Cloud Native Storage Market size 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. 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.
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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.
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.
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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.
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).
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