Cloud Native Storage Global Market Report 2024 - By Demand, Size, Share, Growth, Forecast To 2033

The cloud native storage market size has grown exponentially in recent years. It will grow from $19.78 billion in 2023 to $24.05 billion in 2024 at a compound annual growth rate (CAGR) of 21.6%. The growth in the historic period can be attributed to increased data explosion, increased containerization trend, increased cost efficiency, increased enhanced flexibility and scalability, API-driven architectures.

The cloud native storage market size is expected to see exponential growth in the next few years. It will grow to $51.85 billion in 2028 at a compound annual growth rate (CAGR) of 21.15%. The growth in the forecast period can be attributed to increasing edge computing growth, increasing multi-cloud adoption, increasing security and compliance requirements, increasing focus on performance optimization. Major trends in the forecast period include hybrid cloud solutions, adoption of cloud technologies, data management and orchestration tools, persistent storage for stateful applications, security-driven storage solutions.

Market Overview -
Cloud-native storage refers to storage solutions designed specifically to operate within cloud computing environments, leveraging the scalability, flexibility, and distributed nature of the cloud. These storage systems are optimized for deployment in cloud-native architectures, which typically involve microservices, containers, and orchestration platforms.

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Growing Adoption Of Hybrid And Multi-Cloud Strategies Fuels Cloud-Native Storage Market Growth
The growing adoption of hybrid and multi-cloud strategies is expected to propel the growth of the cloud-native storage market going forward. Hybrid and multi-cloud strategies refer to the use of multiple cloud services, such as public and private clouds, from different providers to meet various business needs. The adoption of hybrid and multi-cloud strategies is due to increased due to efficient streamline processes, several factors that address the evolving needs of businesses, organizations, and individuals. Cloud-native storage is used in hybrid and multi-cloud strategies to provide organizations with the flexibility, scalability, and resilience needed to manage data across diverse cloud environments. For instance, in December 2023, according to reports published by Cloudzero, a US-based software-as-a-service company, most of the organizations will deploy a hybrid cloud in 2022 (39%), an increase of 3% from the previous year (36% in 2021). Therefore, the growing adoption of hybrid and multi-cloud strategies is driving the growth of the cloud-native storage market.

Competitive Landscape -
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.

Innovative Advancements In Cloud-Native Storage Market
Major companies operating in the cloud-native storage market are concentrating on innovative advancements such as solarwinds observability, a new cloud-native SaaS observability platform. This platform refers to a set of tools designed to help organizations monitor and manage their IT infrastructure, applications, and services effectively. For instance, in October 2022, SolarWinds Worldwide LLC, a US-based network monitoring company, launched SolarWinds Observability, a cloud-native software-as-a-service platform. It provides unified and comprehensive visibility for modern, distributed, hybrid, and multi-cloud IT environments. It blends observability solutions across networks, infrastructure, systems, applications, databases, digital experiences, and log monitoring into one end-to-end solution across private and public clouds, and it helps to address the shift to the cloud, hybrid IT, and remote workforces, providing visibility into the complete environment in both public and private clouds. It is built for IT Ops and DevOps teams, developers, cloud architects, and IT executives.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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