The Cloud Native Software Market is estimated to be valued at US$ 5.80 billion in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cloud native software solutions are revolutionizing how web and mobile applications are developed and deployed. Containerization technology and serverless architecture allow developers to build, test, and release code faster and more securely. Popular cloud platforms like Kubernetes and Docker enable scalable, reliable deployments on public and private clouds.
Market Dynamics:
Rising adoption of containerization - Containerization allows developers to package code and dependencies into standardized units for easy distribution and versioning. This significantly improves portability across environments. Growing demand for microservices - Decomposing applications into smaller, independently deployable services allows for continuous delivery, horizontal scalability, and supports digital transformation initiatives. Services can be developed, deployed, and managed independently.
Market key trends:
The Global Cloud Native Software Market is witnessing high growth in adoption of containerization technologies. Companies are increasingly adopting containerization to build and deploy agile applications. Containers offer various benefits such as easier deployment, reduced cost, increased flexibility, seamless scaling, and better resource utilization. Furthermore, microservices architecture is another trend that is gaining popularity in this market. Microservices help develop software as a set of small and independent services that allows independent deployment. This architectural approach offers agility, scalability and flexibility.
SWOT Analysis
Strength: Containerization technologies allow creating standardized environments for building and deploying applications in a fast, reliable and secure manner across cloud and on-premise infrastructures.
Weakness: Security concerns continue to challenge the adoption of cloud native solutions. Ensuring workloads and data are secured across public, private and hybrid clouds is a major issue.
Opportunity: Growing demand for modernizing legacy applications and migrating them to cloud-native platforms present significant growth opportunities. Furthermore, increasing investments by enterprises in digital transformation initiatives will boost the market.
Threats: Open source nature of containerization technologies poses threats from insecure code or vulnerabilities. Lack of skilled workforce capable of developing microservices-based applications can also hamper market growth.
Key Takeaways
The global cloud native software market is expected to witness high growth, exhibiting CAGR of 7.7% over the forecast period, 2023 to 2030, due to increasing demand for improved scalability, agility and flexibility.
Regional analysis: The US is expected to dominate the market owing to large presence of major cloud service providers such as Microsoft, IBM, and AWS. Asia Pacific is projected to grow at the fastest pace during the forecast period with increasing investments by organizations in digital technologies and rapid adoption of cloud-based solutions across countries such as China and India.
Key players: Key players operating in the cloud native software market are Microsoft, IBM, Dynatrace, Datadog, Splunk, New Relic, GitLab, CircleCI, CloudBees, Snyk, Twistlock, Qualys, Salesforce, SAP, Adobe, Oracle, VMware, Red Hat, Rancher Labs, Sysdig. Microsoft offers Azure cloud platform that allows deploying containerized applications. IBM provides Red Hat OpenShift platform for developing and deploying microservices.
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