What Has Been the Growth of the Cloud Native Storage Market So Far?
The cloud native storage market has seen considerable growth due to a variety of factors.
• In recent times, the size of the cloud native storage market has expanded at a remarkable pace. The market, which is expected to be worth $24.05 billion in 2024, is projected to increase to $29.25 billion in 2025, achieving a compound annual growth rate (CAGR) of 21.6%.
The escalating data explosion, growing trend of containerization, improved cost efficiency, enhanced flexibility and scalability, and the rise of API-driven architectures are among the factors contributing to the growth observed in the historic period.
What Is the Forecasted Market Size and Growth Rate for The Cloud Native Storage Market Size In The Coming Years?
The cloud native storage market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for cloud-native storage is anticipated to experience substantial expansion in the ensuing years and is projected to reach a value of $62.67 billion in 2029, with a compound annual growth rate (CAGR) of 21.0%.
This significant growth during the projected period is expected to be driven by factors such as the rise in edge computing, escalating multi-cloud adoption, growing security and compliance prerequisites, and enhanced emphasis on performance optimization. Key trends to observe in the projected period are the emergence of hybrid cloud solutions, adoption of cloud technologies, tools for data management and orchestration, persistent storage for stateful applications, and storage solutions grounded in security considerations.
What Factors Are Driving Growth In The Cloud Native Storage Market?
The increased uptake of hybrid and multi-cloud strategies is anticipated to foster the expansion of the cloud-native storage industry. Hybrid and multi-cloud approaches involve utilizing a variety of cloud services from distinct providers, like public and private clouds, to satisfy diverse business needs. This adoption is attributed to efficient streamlining processes and multiple factors that address the evolving requirements of businesses, organizations, and individuals. Cloud-native storage plays a crucial role in hybrid and multi-cloud strategies, giving organizations the resilience, scalability, and adaptability necessary to handle data in various cloud ecosystems. As an example, Cloudzero, a US-based software-as-a-service firm, reported in December 2023 that a substantial number of organizations would implement a hybrid cloud in 2022 (39%), marking a 3% increment from the previous year (36% in 2021). Thus, the proliferating acceptance of hybrid and multi-cloud strategies is pushing the growth of the cloud-native storage market.
What Are The Main Segments Of The Global Cloud Native Storage Market?
The cloud native storage market covered in this report is segmented –
1) By Component: Solution, Services
2) By Deployment Model: Public Cloud, Private Cloud, Hybrid Cloud
3) By Application: Backup And Recovery, Content Delivery, Big Data And Analytics, Data Archiving, Database Storage Management, Other Applications
4) By End-Use Industry: Banking, Financial Services And Insurance, Information Technology And Telecom, Healthcare, Retail And Consumer Goods, Manufacturing, Government, Energy And Utilities, Media And Entertainment, Other End-users
Subsegments:
1) By Solution: Storage Management Solutions, Data Protection And Backup Solutions, File Storage Solutions, Block Storage Solutions, Object Storage Solutions
2) By Services: Consulting Services, Integration Services, Managed Services, Support And Maintenance Services
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What Trends Are Reshaping The Future Of The Cloud Native Storage Market?
Main players in the cloud-native storage market, including SolarWinds Worldwide LLC, are making strides in innovation, focusing on advancements like the solarwinds observability platform - a SaaS solution that provides superior cloud-native observability. This platform, launched in October 2022, offers various tools that enable companies to optimally manage and oversee their IT infrastructure, apps, and services. It provides an inclusive, integrative view of IT environments that are modern, distributed, hybrid, and multi-cloud. It integrates observability solutions for networks, systems, digital experiences, applications, and log monitoring, creating a comprehensive solution across both private and public clouds. This platform helps address the transition to cloud, hybrid IT and remote work setups, while providing complete visibility into both public and private cloud environments. It is designed to be beneficial for IT Ops and DevOps teams, developers, cloud architects, and IT executives.
Who Are the Key Players In The Cloud Native Storage Market?
Major companies operating in the cloud native storage market are:
• Microsoft Corporation
• Dell Technologies Inc.
• Amazon Web Services Inc.
• International Business Machines Corporation
• Google Cloud Platform
• VMware Inc.
• NetApp Inc.
• Citrix Systems Inc.
• Nexenta Inc.
• Pure Storage Inc.
• Longhorn Inc.
• Scality Inc.
• DataCore Software Corp.
• StorCentric Inc.
• Zadara Storage Inc.
• Diamanti Inc.
• Rookout Inc.
• Kasten Inc.
• Tiger Technology Ltd.
• Robin.io Inc.
• MinIO Inc.
• WekaIO Inc.
• Quobyte Inc.
• Portworx Inc.
• OpenEBS Inc.
What Is The Most Dominant Region In The Cloud Native Storage Market?
North America was the largest region in the cloud native storage market in 2024. The regions covered in the cloud native storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
