Cloud Native Storage Market Analysis

Cloud Native Storage Market Analysis

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Based on organization size, the large enterprises segment held over 70% of the market share in 2022. The adoption of cloud-native applications and microservices architecture is on the rise, necessitating storage solutions that are agile, scalable, and tailored to the cloud environment. Large enterprises also seek greater flexibility and cost-efficiency in managing their data, which cloud native storage can provide. Additionally, the need for seamless data portability and multi-cloud support to maintain business continuity and innovation fuels the demand for these storage solutions.
 

Based on end-use industry, the BFSI segment accounted for 32% of the cloud native storage market share in 2022, driven by the need for data agility and scalability in BFSI operations, including real-time analytics and customer-centric services, making cloud-native storage a valuable solution. The growing emphasis on compliance and security standards in the BFSI sector is met by cloud-native storage solutions that offer robust data encryption and access control. Besides, cost-effectiveness and the ability to streamline operations through cloud-native storage contribute to its increasing adoption in the BFSI sector.
 

North America cloud-native storage market recorded more than 38% of the revenue share in 2022. The rise of containerization technologies, such as Docker, and container orchestration platforms like Kubernetes, has created a strong demand for storage solutions that provide persistent data services for containers in North America. Also, cloud-native storage solutions offer scalability and elasticity, allowing organizations in North America to easily scale storage resources based on fluctuating workloads and demands.