The growth of the global cloud native applications market is driven by rise in adoption of IoT devices and growth in need of data security and privacy.
PORTLAND, Ore., Oct. 16, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Cloud Native Applications Market by Component (Platform and Services), Deployment Mode (Public Cloud, Private Cloud, and Hybrid Cloud), Enterprise Size (Large Enterprise and Small and Medium-sized Enterprise), End User (BFSI, IT and Telecom, Retail and E-commerce, Healthcare, Government, Manufacturing, and Others), and Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2032" According to the report, the global generated $5.3 billion in 2022, and is estimated to reach $48.8 billion by 2032, witnessing a CAGR of 25.2% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Cloud native deals with building, deploying, and managing modern applications in cloud computing environments to fully benefit from the scalability, flexibility, and efficiency provided by the cloud. Cloud native technology allows companies to build resilient and highly available applications while also benefits in long-term savings in operational expenditure.
Drivers, Restraints, and Opportunities-
Factors such as rise in adoption of IoT devices and growth in need of data security and privacy, primarily drive the growth of the cloud native application market. However, inconsistency in the IoT standards for compatibility hamper the market growth to some extent. Moreover, rise in adoption of cloud-based devices is expected to provide lucrative opportunities for the market growth during the forecast period.
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Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $5.3 Billion |
Market Size in 2032 | $48.8 Billion |
CAGR | 25.2 % |
No. of Pages in Report | 324 |
Segments covered | Component, Deployment Mode, Enterprise Size, End User, and Region. |
Drivers | Rising adoption cloud computing Requirement for scalable and agile software solutions |
Opportunities | Growing need for microservices design and containerization |
Restraints | Cost overrun become barrier to the market |
Covid-19 scenario-
- The demand for cloud native applications surged as businesses quickly adopted digital transformation plans and organizations globally migrated to remote work.
- The cloud native application have to be crucial for sustaining the growth in online activity, enabling remote collaboration, and guaranteeing company continuity.
- During the pandemic, organizations that had previously been unwilling to move their apps to the cloud soon understood the advantages of cloud-native architecture.
- As businesses confronted unprecedented challenges and uncertainties, scalability, flexibility, and cost-effectiveness provided by cloud platforms became even more crucial.
- The cloud native application market has expanded as a result of rise in the use of cloud services and the increase in demand for cloud-native applications. In addition, the pandemic also emphasized the value of flexibility and toughness in application development.
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The platform segment to rule the market-
By component, the platform segment held the major share in 2022, garnering more than two-thirds of the global cloud native applications market revenue, owing to the increasing demand for edge computing, which involves processing data closer to the source rather than sending it to a centralized data center. The service segment would also showcase the fastest CAGR of 27.5% during the forecast period, owing to quick improvements in technology, including serverless computing, microservices, and containerization.
The public cloud segment to rule the market-
By deployment mode, the public cloud segment held the major share in 2022, garnering around half of the global cloud native applications market revenue, owing to characteristics such as auto-scaling, high availability, and simple integration with other cloud services, providing a scalable and flexible environment for creating cloud native applications. The private cloud segment would also showcase the fastest CAGR of 27.8% during the forecast period, owing to the modular and scalable structure of cloud native designs and a greater level of security, due to the isolation and dedication of the infrastructure to a single company.
The large enterprise segment to maintain its dominance during the forecast period
By enterprise size, the large enterprise segment contributed to the highest share in 2022, accounting around two-thirds of the global cloud native applications market revenue, owing to applications based on demand by utilizing cloud infrastructure, assuring optimal performance and cost effectiveness. Large businesses can handle growing workloads and accommodate growth owing to rise in scalability without requiring major infrastructure investments. The small and medium-sized enterprise segment would also showcase the fastest CAGR of 27.1% throughout the forecast period, owing to technologies such as serverless computing and containers, which offer better flexibility and lower operating costs, due to cloud native apps.
Asia-Pacific garnered the major share in 2022
By region, North America garnered the highest share in 2022, holding nearly two-fifths of the global cloud native applications market revenue in 2022, and is projected to retain its dominance by 2032, owing to rise in number of IoT applications hosted on cloud and increasing investments in emerging technologies such as big data, social media, and due to mobility. The Asia-Pacific region would also portray the fastest CAGR of 28.9% during the forecast period, owing to the transformation of IT and telecommunication with the increasing adoption and growth of advanced technology, such as cloud computing, data analytics, AI, and IoT, drives the need for cloud native applications in the Asia-Pacific region.
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Leading Market Players-
- Amazon.com, Inc.
- Google LLC
- IBM Corporation
- Infosys Limited
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- Red Hat, Inc.
- VmWare, Inc.
- Cognizant
The report analyzes these key players in the global cloud native applications market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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