Cloud Native Software Market is Estimated to Witness High Growth Owing to Growing Adoption of Cloud Based Applications
Cloud native software refers to applications that are developed to be highly scalable, resilient, and distributed to leverage cloud infrastructure. Certain key characteristics of cloud native software include distributed architectures, declarative APIs, infrastructure as code, as well as fault isolation and resilience. Some common examples of cloud native software include containers, microservices, serverless architecture, and service meshes. By enabling scale, horizontal scaling, and allowing developers to deploy new code quickly and reliably, cloud native software allows organizations to move faster and respond to market changes in a more agile manner.
The global cloud native software market is estimated to be valued at US$ 5.8 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing adoption of cloud based applications is estimated to drive the growth of the cloud native software market over the forecast period. Cloud native software allows organizations to build and run scalable applications in modern, dynamic environments such as public, private, and hybrid clouds. This enables organizations to benefit from increased efficiency, flexibility, and innovation. Additionally, cloud native software empowers organizations to realize the full potential of benefits such as scalability, elasticity, reliability offered by cloud computing. Cloud native software helps enterprises to quickly and reliably deploy new code and features while optimizing resource utilization.
With the rising popularity ofDevOps practices integrating development and operations teams, there is an increased demand for cloud native solutions that enable agility and automation across the software development lifecycle. Cloud native capabilities empower enterprises to deliver code updates and release software with greater speed and frequency. The ability of cloud native software to support continuous integration and deployment helps businesses respond to customer demands faster. This further propels the adoption of cloud native technologies among organizations.
SWOT Analysis
Strength: Cloud Native software allows for faster delivery of applications, easy scalability, and reduced costs of ownership. Using containerization and microservices architecture enables a high degree of scalability, elasticity and continuous delivery. Cloud native applications are also more portable, allowing them to be deployed across different cloud platforms or hybrid environments.
Weakness: Moving legacy applications to cloud native architecture requires significant changes to technology stack and development processes. This transition requires training developers in new tools, methods and approaches. Security also becomes a challenge as cloud native applications are distributed by nature and face larger attack surface.
Opportunity: There is a growing demand from organizations to modernize their application landscape and leverage cloud-native approaches to gain agility and optimize costs. The pandemic has further accelerated digital transformation initiatives and transition to cloud-native models. Emerging technologies such as IoT, edge computing and 5G open new avenues for cloud native applications.
Threats: Competition from open source options threatens commercial cloud native platforms. Organizations may choose to build their own instead of depending on proprietary offerings from tech giants. Skills shortage poses challenges to find developers proficient in cloud native technologies and methodologies. Security threats from bad actors continue to increase for distributed cloud applications.
Key Takeaways
The Global Cloud Native Software Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 5.8 Billion in 2024, driven by growing digital transformation initiatives across industries.
Regional analysis: North America dominates the cloud native software market currently, adopting containerization and microservices at a rapid pace. The US and Canada are harnessing cloud native methodologies to modernize legacy apps and build scalable cloud platforms. Asia Pacific is expected to be the fastest growing region, led by China, India and other developing countries increasingly relying on cloud-based solutions.
Key players operating in the Cloud Native Software market are Boston Scientific, Merit Medical Systems, Cook Medical, Terumo Corporation, BTG Medical, Sirtex Medical, and C.R. Bard. These companies are focusing on acquisitions and partnerships to expand their cloud native offerings. For example, Boston Scientific acquired Devoro Medical and Apollo Endosurgery to enhance their portfolio of minimally invasive treatments.
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https://www.marketwebjournal.com/cloud-native-software-market-analysis/
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