Cloud Native Storage Global Market Reach $51.85 Billion at a CAGR of 21.15% By 2028, Key Factors behind Market's Exponential Growth

Overview and Scope
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.

Sizing and Forecast
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.

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Segmentation & Regional Insights
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

North America was the largest region in the cloud native storage market in 2023. The regions covered in the cloud native storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting 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.

Key Industry Players
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.

The cloud native storage market report table of contents includes:
1. Executive Summary
2. Cloud Native Storage Market Report Structure
3. Cloud Native Storage Market Trends And Strategies
4. Cloud Native Storage Market – Macro Economic Scenario
5. Cloud Native Storage Market Size And Growth
…...
27. Cloud Native Storage Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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