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This study intends to unfurl the multiple facets of global cloud native storage market. The insights offered in the report aid in market growth examination during the forecast period.
Convenient Transition from On-premises to Cloud Storage Facilitates Growth of Cloud Native Storage Market
The increase in data volumes across companies is predominantly responsible for consistent growth of the cloud native storage market. To reach 64.2 zettabytes in 2020, the world's data generation, capture, copying, and consumption dramatically grew. Over the next five years, from now through 2025, it is anticipated that the amount of data generated worldwide will surpass 180 zettabytes. In 2020, a record amount of data was produced and replicated. Another element boosting market revenue growth is how simple it is to move from on-premises to native cloud storage. In the commercial world, cloud-native computing is progressively gaining ground. Containers, container orchestrators like Kubernetes, storage orchestrators, and other cloud-native technologies have made applications and infrastructure more effective, accessible, and easier to maintain than ever.
The public cloud environment's latency and network failure problems are major elements that could stifle revenue development. Network latency is frequently caused by the physical separation of cloud servers and consumers' requesting devices. Another industry trend is cloud-native, which supports a serverless environment. The topic of being serverless is being extensively debated concerning cloud architectures. Having fewer servers puts companies into lock-in and limits their programming flexibility, which may contribute to its popularity.
Cloud Native Storage Market: COVID-19 Impact
The COVID-19 scenario, which resulted in a global lockdown and a work-from-home scenario, has fueled the cloud native storage market's expansion. As scalable, adaptable, and reliable services are provided at a cheap cost by cloud-native storage. Businesses from many locations have started moving their workloads, storing their data, and setting up business continuity to the cloud. As a result, compared to the situation before COVID-19, there would likely be a greater requirement for file storage solutions. During the analysis period, the effect of Covid-19 is anticipated to produce a noticeably high market growth rate.
Cloud Native Storage Market Grows Strong on the Back of Automation in Application Updates
Businesses can build automated environments for continuous deployment and testing using cloud-native architecture. Banks would tell clients about any anticipated downtime by publishing on banking websites. In the past, when system updates were implemented, they would do so with great care every six months or so. On the other hand, many banking and financial apps are likely to be updated once a week or even daily if they have native cloud storage, so there is no need to interrupt service or alert users. The identical technology that automates application provisioning and deployment is the basis for the seamless upgrade process and thorough testing. One of the many important benefits of using containers and cloud-native storage is what programmers refer to as continuous deployment that plays a crucial role in the build-up of cloud native storage market.
Faster Data Backup and Recovery to Boost Cloud Native Storage Market
In cloud-native storage, automation and adaptation provide flexibility, dependability, and availability. Automation in cloud native storage allows lost data to be swiftly recovered in the event of an issue without having to stop the service. Cloud-native storage, which has capabilities like cross-cluster disaster recovery, automated updating, and volume encryption, makes it simpler to manage data with block storage. It is essential across all verticals. Additionally, these technologies streamline the monitoring environments and facilitate operational audits. Scalability and quick execution of data tasks are made possible by solutions for cloud-native storage, making it feasible to configure storage boots and stateful application backups. Organizations may automate the lifetime management of data layer components using cloud-native storage solutions, which remains an important push factor for cloud native storage market. It is a full system that gives firms stability and adaptability and makes them enterprise-ready. In addition, it offers active directory linkages and compliance tools, which should boost demand throughout the forecasted time.
Issues with Latency, and Network Use in Public Cloud Environments Remain a Challenge Facing Cloud Native Storage Market
The public cloud has concerns around latency while storing and receiving data. When data is hosted in the public cloud, the loss of end-to-end network management and significant latency can disrupt how apps function. Similar network issues on the part of the vendor of cloud-native storage could disrupt storage solutions, resulting in a halt to work and significant financial losses for organizations. This may remain a longstanding challenge facing the cloud native storage market. Network out stages in June 2022, and 2019 led to the collapse of AWS's EC2 DNS resolutions in Seoul and the breakdown of its EC2 and EBS service in the Tokyo area. Other networking control panel congestions across the U.S. Additional latency issues include insufficient Internet bandwidth, remote data center locations, and high network traffic. While selecting a nearby data centre with high network bandwidth may help reduce latency to some extent, the damages must be taken into account. Additionally, some cloud storage providers enable users to create WAN lines to aid clients in eliminating latency issues. By utilizing such technologies and preventive measures, customers can lessen the detrimental consequences of latency issues on their business processes.
Solution Category Dominates Cloud Native Storage Market
The solution category held the largest market share, and it is anticipated that it will continue to rule the cloud native storage market during the forecast period. Utilizing native cloud storage solutions has some advantages. Scalability, reliability, availability, storage performance, and flexibility are all advantages of cloud-native storage solutions. Cloud-native storage has easy scalability. As it protects the data from any loss, it should also be durable. It extends past accessibility, which is the system's ability to ensure that data can be stored for longer. Dynamic deployment is the most important need for cloud-native storage systems that can quickly provision or deploy as needed. In addition, the services segment is anticipated to post consistent revenue growth over the projected year due to rising demand. Cloud storage allows users to access data management as a service. It eliminates the hassle of creating and executing internal solutions. As cloud storage has been so widely used, many firms now completely rely on cloud-based solutions for all elements of their data management.
BFSI Leads Cloud Native Storage Market in Terms of Demand Generation
Banking, financial services, & insurance (BFSI) category held the largest cloud native storage market share, and it is anticipated that they will continue to rule the market during the forecast period due to their growing need for them. Cloud-native technology, which improves the efficiency of data aggregation and storage, improves banks' digital performance. Its main strengths are flexibility and speed, accelerating application development, and automation. It can automatically update and manage every aspect of the infrastructure and enables simultaneous real-time data access and tracking for the company and its clients worldwide. This high performance is offered at a price significantly less than current data systems, with even better ease of system management that even incorporates legacy systems already in place. The advantages of cloud computing for the banking industry are clear and widespread.
Asia Pacific to Dominate Cloud Native Storage Market on Account of Rapid Updates in Technology
Over the forecast period, it is predicted that the Asia Pacific cloud native storage market will account for the largest revenue share. The strong growth rate in APAC is mostly due to the quick uptake of new technologies, rising business needs, and an increase in the number of businesses utilizing Kubernetes and containers. Additionally, APAC's large enterprises in this area will hold the highest market share in 2022 with a USD 705 million market share. In addition, the growing need for advanced infrastructure at the organizational level due to the increased use of advanced technologies like A.I., IoT, ML, and others is boosting the market. The adoption of cloud-native technologies like Kubernetes on a global scale, especially in the rapidly growing Chinese technology sector in the region, is driving the growth of cloud usage in the Asia Pacific region. The Asia Pacific market is still in its early stages. It is projected that it will increase significantly over the next few years throughout the majority of the emerging nations in the region due to expanding organizational needs and rising usage of office collaboration and file-sharing solutions.
North America market is anticipated to experience stable revenue growth throughout the forecast period, ascribed to an increase in activities by major cloud native storage market participants in the region's nations. In the healthcare industry's transition from on-premise imaging systems to cloud-native, zero-footprint medical imaging solutions, Change Healthcare continues to lead the way with products like Picture Archiving and Communication Systems (PACS) and related technologies for both radiology and cardiology. More than 6 petabytes, or more than 10%, of the imaging data from Change Healthcare's existing hospital clients, have already been uploaded to the cloud. While Stratus Imaging Analytics is live in 73 companies, Stratus Imaging Archive is live in 45 hospitals.
Global Cloud Native Storage Market: Competitive Landscape
In June 2022, Alibaba Cloud introduced a new internal-designed cloud architecture technology to power its cloud-native data centers. Similarly, in May 2022, backup for Write Accelerator-enabled discs has been made generally available by Microsoft Azure. To reduce the I/O latency of writing to Azure Premium Storage, Azure users frequently pair these discs with M-Series Virtual Machines (V.M.s). Customers who have signed up for the preview of Azure Backup have access to backup support for these drives.
A few of the players in the cloud native storage market are Alibaba Group Holding Limited (China), Amazon.com, Inc. (U.S.), Dell Technologies Inc. (U.S.), Dropbox (U.S.), Google, Inc. (U.S.), Hewlett Packard Enterprise Development L.P. (U.S.), IBM Corporation (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), and VMware, Inc. (U.S.).
Global Cloud Native Storage Market is Segmented as Below:
By Component
By Organization Size
By Deployment Type
By Verticals
By Region
Key Elements Included In The Study: Global Cloud Native Storage Market
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Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.
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