Cloud native software allow developers to build and run scalable applications in the cloud environment. Its key advantages include agility, reliability, and scalability. The growing need for advanced cloud-based services among organizations has accelerated the demand for cloud native software.
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 key trends:
Agile development and continuous integration have emerged as one of the key trends boosting the growth of the cloud native software market. Cloud native software employs agile development principles which focus on continuous delivery of software updates and integration. The agile development approach allows rapid integration of new features, faster release cycle and easier maintenance of cloud-based applications. Growing emphasis on concepts like DevOps and continuous delivery has driven greater adoption of containerization and microservices which are essential for agile development. As organizations increasingly focus on digital transformation, demand for cloud native software solutions featuring agile development and continuous integration is expected to significantly rise over the forecast period.
Segment Analysis
The global cloud native software market is dominated by containerized and microservices sub-segment. This sub-segment is expected to have more than 60% market share as major cloud providers like AWS, Azure and GCP are focusing on developing these services and infrastructure. Containerization allows development and operations teams to easily deploy applications into the cloud. This has increased the demand for containerized and microservices based applications development.
Key Takeaways
The Global Cloud Native Software Market Size is expected to witness high growth between 2023-2030. The market is expected to grow at a CAGR of 10% during the forecast period with market size reaching US$ 5.8 Bn in 2024.
Regional analysis: North America region currently dominates the global cloud native software market with more than 35% market share. Rapid adoption of cloud based services among organizations for deploying containerized applications is driving the growth. APAC region is expected to witness fastest growth during the forecast period due to growing investments by cloud providers in the region to scale up their cloud native services.
Key players operating in the cloud native software market are Boston Scientific, Merit Medical Systems, Cook Medical, Terumo Corporation, BTG Medical, Sirtex Medical, C.R. Bard. Boston Scientific has leading market share of over 15% due to its wide product portfolio for interventional oncology. Cook Medical is also among the top players globally due to its innovations in embolization devices.
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