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| Global Cloud Native Software Market |
The global 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 refers to applications that are built using practices
inspired by cloud computing. They leverage modern software engineering
approaches like containers, microservices, immutable infrastructure and
declarative APIs. Cloud native applications are designed to utilize and take
advantage of the flexibility, scalability and fault tolerance of cloud
infrastructure. They enable enterprises to deploy and update applications
quickly using automation, without traditional lengthy testing cycles. With
cloud native software, businesses can build, deploy and manage applications
easily in public, private and hybrid cloud environments. This makes cloud
native technologies ideal for enabling digital transformation by enhancing
software delivery and operations.
Market key trends:
One of the key trends driving growth in the Global
Cloud Native Software Market is the increasing need for scalability and
agility among enterprises. As business requirements evolve rapidly,
organizations require application platforms that can support changing workloads
efficiently. Traditional monolithic applications face challenges meeting these
dynamic needs. In contrast, cloud native technologies facilitate continuous
delivery of updates and easy scaling of applications up or down based on
demand. Microservices architecture promoted by cloud native approach also
provides modularity, which makes applications more scalable and resilient. This
enhances an organization's ability to respond to market changes promptly
through constant software improvements.
Porter's Analysis
Threat of new entrants: The cloud native software market has modest threat of
new entrants due to high R&D costs and need for robust server
infrastructure and technologies.
Bargaining power of buyers: Buyers have moderate bargaining power due to
availability of numerous vendors providing similar cloud native software.
Bargaining power of suppliers: Software developers and cloud service providers
have moderate bargaining power over cloud native software vendors.
Threat of new substitutes: Threat of new substitutes is low as cloud native
software provides unique benefits compared to traditional infrastructure
software.
Competitive rivalry: The cloud native software market experiences high
competition due to presence of numerous global and local players.
Key Takeaways
The global cloud native software market is expected to witness high growth,
exhibiting CAGR of 7.7% over the
forecast period, due to increasing demand for scalable and agile cloud services
from organizations. The market was valued at US$ 5.80 billion in 2023.
North America dominated the global cloud native software market, accounting for
over 35% share in 2023. The growth in the region is driven by growing adoption
of cloud native architectures by large enterprises to prevent vendor lock-in
and improve reliability. Asia Pacific is expected to exhibit the highest CAGR
during the forecast period attributable to surging demand for cloud services in
emerging countries such as China and India.
Key players operating in the cloud native software market include Microsoft,
IBM, Dynatrace, Datadog, Splunk, New Relic, GitLab, CircleCI, CloudBees, Snyk,
Twistlock, Qualys, Salesforce, SAP, Adobe, Oracle, VMware, Red Hat, Rancher
Labs, and Sysdig. Major players are focusing on partnerships and acquisitions
to expand their cloud native solutions portfolio and customer base. For
instance, in 2022, Splunk acquired Flowmill to strengthen its observability
platform with application performance monitoring capabilities.
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More: https://www.trendingwebwire.com/cloud-native-software-market-is-estimated-to-witness-high-growth/