Cloud Native Storage Market Thrives Amidst Surge in Data Volumes and Transition to Cloud Solutions
The global cloud native storage market is experiencing robust growth driven primarily by the exponential increase in data volumes across companies worldwide. In 2020, data generation, capture, copying, and consumption reached a staggering 64.2 zettabytes, and experts predict this number to soar beyond 180 zettabytes by 2025. This remarkable surge in data has underscored the need for scalable and efficient storage solutions, propelling the cloud native storage market forward.
One of the key drivers of this growth is the seamless transition from on-premises storage to native cloud storage. Cloud-native computing, characterized by technologies like containers, Kubernetes, and storage orchestrators, has made applications and infrastructure more accessible, effective, and easier to manage than ever before.
COVID-19 Accelerates Growth
The COVID-19 pandemic accelerated the expansion of the cloud native storage market. With businesses adapting to remote work and seeking scalable, adaptable, and cost-effective solutions, cloud-native storage emerged as a reliable choice. The pandemic highlighted the importance of business continuity and data storage, resulting in a significant increase in demand for file storage solutions.
Automation Fuels Market Growth
Automation plays a pivotal role in the cloud native storage market, particularly in the realm of application updates. Cloud-native architecture enables businesses to create automated environments for continuous deployment and testing. This automation reduces downtime, allowing for more frequent updates and improvements to applications without disrupting services or alerting users. Continuous deployment, facilitated by containers and cloud-native storage, is a driving force behind the market’s growth.
Rapid Data Backup and Recovery
Cloud-native storage solutions offer flexibility, reliability, and availability. Automation in cloud native storage ensures swift data recovery in the event of issues, all without interrupting services. These solutions also streamline monitoring environments and facilitate operational audits, making scalability and quick execution of data tasks possible. Automated management of data layer components remains a significant push factor for the cloud native storage market.
Challenges in Public Cloud Environments
Despite its growth, the cloud native storage market faces challenges, notably in public cloud environments. Issues with latency and network failures can disrupt application performance and result in financial losses for organizations. Network latency, limited internet bandwidth, remote data center locations, and high network traffic contribute to these challenges. While some cloud storage providers offer solutions to mitigate latency issues, businesses must remain vigilant in addressing network-related concerns.
Solution Category Dominance
Within the cloud native storage market, the solution category commands the largest market share due to its scalability, reliability, availability, and flexibility. Additionally, the services segment is expected to see consistent revenue growth as organizations increasingly rely on cloud-based solutions for their data management needs.
BFSI Drives Demand
The banking, financial services, and insurance (BFSI) sector leads in demand generation within the cloud native storage market. Cloud-native technology enhances data aggregation and storage efficiency, improving digital performance for banks. Its flexibility, speed, and automation capabilities are well-suited to the BFSI sector’s needs, allowing for real-time data access and tracking at a lower cost than traditional systems.
Asia Pacific Dominance
The Asia Pacific region is poised to dominate the cloud native storage market, driven by rapid technological advancements, increased business needs, and the adoption of cloud-native technologies like Kubernetes and containers. Large enterprises in APAC are expected to hold a significant market share, with China’s technology sector contributing to the region’s growth. The market in the Asia Pacific is in its early stages but is projected to expand significantly due to rising organizational requirements and the adoption of collaborative and file-sharing solutions.
North America Remains Stable
North America is expected to experience stable revenue growth throughout the forecast period, with major market participants contributing to the region’s activities. In the healthcare industry, the transition from on-premises systems to cloud-native solutions continues to drive growth in the region.
Global Cloud Native Storage Market: Competitive Landscape
Key players in the cloud native storage market include Alibaba Group Holding Limited, Amazon.com, Inc., Dell Technologies Inc., Dropbox, Google, Inc., Hewlett Packard Enterprise Development L.P., IBM Corporation, Microsoft Corporation, Oracle Corporation, and VMware, Inc.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/cloud-native-storage-market
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