Cloud native software refers to an approach to building and running applications that leverage techniques like microservices architecture, containers, and cloud platforms. Cloud native software allows developers to build modern applications and services using techniques like continuous delivery and deployment, API-first, and microservices. Organizations are adopting cloud native software solutions to build flexible modern applications that can scale with demand to improve user experience. In the global cloud native software market, organizations are rapidly developing application programming interfaces and microservices to deliver high performance, scalable, and reliable cloud native applications.
The Global Cloud Native Software Market Share is estimated to be valued at US$ 6.69 Bn in 2024 and is expected to exhibit a CAGR of 34.8 over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Cloud Native Software are Boston Scientific, Merit Medical Systems,Cook Medical, Terumo Corporation, BTG Medical, Sirtex Medical, C.R. Bard. These companies are investing in research and development to develop innovative cloud native software solution and expand their presence globally. Some of the key opportunities in the cloud native software market include the rising need for scalable and resilient apps, growing adoption in small and medium enterprises due to cost benefits, and increasing demand from industries like retail, healthcare, media & entertainment. Organizations are focusing on global expansion by acquiring regional players and establishing offices across different geographies to cater to the growing demand for cloud native software worldwide.
Market Drivers
The rapidly growing trend of implementing microservices architecture is a key driver augmenting the cloud native software market growth. Dividing large applications into smaller services helps improve scalability, flexibility, and visibility into application performance. This has increased the adoption of microservices-based cloud native applications. Another major driver fueling the demand is the cost benefits of cloud native software compared to legacy monolithic applications. Migrating to cloud native offers benefits like pay-per-use pricing and avoiding upfront capital costs which is propelling more organizations to adopt cloud native architectures.
Market Restrains
Limited skilled workforce is a major challenge restraining the cloud native software market growth. Cloud native skills like proficiency in Docker, Kubernetes, serverless technologies are scarce. Furthermore, security vulnerabilities is another concern as cloud native applications have larger attack surface due to microservices which could negatively impact the market in the coming years if not addressed properly. Legacy infrastructure modernization also requires huge investments which many organizations especially SMEs are reluctant to make which hinders complete cloud native transformation.
Segment Analysis
The global cloud native software market is segmented based on component, organization size, vertical, and region. By component, the market is segmented into software and services. Services segment is further divided into advisory/consulting, training and support, and integration and deployment. The services segment is expected to dominate the market during the forecast period due to increasing adoption of cloud native technologies across industries. By organization size, the market is categorized into large enterprises and small and medium-sized enterprises (SMEs). Large enterprises segment dominates the market and it is expected to continue its dominance during the forecast period owing to large scale investments on latest technologies and solutions by large enterprises. By vertical, the market is classified into BFSI, manufacturing, healthcare, media and entertainment, IT and telecommunications, government, retail and ecommerce, and others. Healthcare segment is expected to grow at the highest CAGR during the forecast period due to growing adoption of cloud native technologies to automate healthcare facilities.
Global Analysis
The regional analysis of the global cloud native software market includes North America, Europe, Asia Pacific, South America and the Middle East and Africa. North America is expected to dominate the global market during the forecast period due to advanced IT infrastructure and early adoption of technologies. Asia Pacific is projected to grow at the highest CAGR during the forecast period due to growing digitalization and increasing investments by enterprises in advanced technologies. Within Asia Pacific, China and India are expected to witness significant growth owing to growing start-up culture and emphasis on latest technologies such as AI, IoT and blockchain.
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