Cloud-Native Software Market Adoption is Driven by Scalability and Flexibility
The cloud-native software market enables the development of applications that leverage the advantages of cloud computing. Cloud-native technologies allow for the seamless scalability of applications and continued delivery of functionality through continuous integration and deployment on the cloud. This enables enterprises to achieve flexibility and optimize operations based on real-time demands and workloads. Products in the cloud-native software category include containers, service meshes, and associated developer and operations tools that facilitate portability across cloud platforms. Technavio estimates the global cloud-native software market size to reach US$ 6.69 Bn in 2024, exhibiting a CAGR of 34.8 during the forecast period between 2024 and 2031.
Key Takeaways
Key players operating in the Global Cloud Native Software Market Share are Boston Scientific, Merit Medical Systems,Cook Medical, Terumo Corporation, BTG Medical, Sirtex Medical, C.R. Bard. The growing demand for increased scalability, flexibility and accelerated software development lifecycles are driving the cloud-native software adoption across industries. Rapid global expansion of cloud infrastructure and enterprises transitioning to digital business models is expected to propel the cloud-native software market growth during the forecast period.
Market drivers
The increasing focus of enterprises towards optimizing costs through scalable and portable cloud infrastructure is a key driver boosting the cloud-native software market. Cloud-native technologies allow enterprises to right-size their infrastructure based on dynamic workloads and demands. This enables optimization of infrastructure spend and reduces costs associated with over-provisioning of on-premise servers. The pay-as-you-go pricing models of cloud also support flexible scaling of application infrastructure based on real-time business needs.
Impact of geopolitical situation on Cloud Native Software Market growth
The current geopolitical tensions and conflicts globally are posing challenges for the growth of the cloud native software market. The Russia-Ukraine war and sanctions on Russia by western nations have disrupted supply chains and international trade. Many software companies have paused or reduced business with Russia which is a significant market. Political instability and conflicts in other parts of the world like Middle East and Africa are also hindering enterprise and government investments in new cloud based projects.
However, defense pushes in various countries to modernize their digital infrastructure have provided opportunities. The requirements for scalable, resilient and secure systems have boosted demand. But companies will need to diversify their datacenter locations and strengthen disaster recovery plans. Cross-border data transfers have become complex due to regulations like GDPR. Standardization of cloud platforms and developing localized solutions can help navigate compliance issues. Overall, geopolitical risks continue to be a key factor for market participants to consider while devising their global expansion strategies.
Geographical regions with high Cloud Native Software market value
North America represents the largest regional market for cloud native software, both in terms of value and adoption. This is attributed to heavy investments by technology giants as well as widespread digital transformation among enterprises and government agencies across industry verticals in the US and Canada. Asia Pacific follows next with countries like China, India and Japan emerging as high growth centers. Significant government push for digital initiatives and presence of rising number of startups have stimulated demand. However, increased local data residency rules may impact hyper scalars. Europe is another major contributor where GDPR and other regulations have prioritized development and deployment of cloud native frameworks and platforms.
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