The cloud native software market refers to the development of applications developed to leverage the benefits of cloud computing. Cloud native software solutions enable the development of microservices-based applications from monolithic ones. This allows the applications to scale dynamically based on demand and improves flexibility. Cloud native applications are designed to fully leverage elastic compute infrastructure, service models and microservices development capabilities of the cloud.
Global Cloud Native Software Market Share is estimated to be valued at US$ 6.69 Billion in 2024 and is expected to exhibit a CAGR of 34.8% over the forecast period from 2024 to 2031. 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
Key Takeaways
Key players: Boston Scientific, Merit Medical Systems,Cook Medical, Terumo Corporation, BTG Medical, Sirtex Medical, C.R. Bard are some of the prominent players in the cloud native software market and are focusing on enhancing their cloud native offerings and platform capabilities.
Growing demand: The demand for cloud native software is growing due to the increasing need for scalability, agility and faster development among enterprises. Cloud native applications have proven to be resilient and flexible in scaling with demand fluctuations. This is driving increased adoption across verticals.
Global expansion: Leading players are expanding globally to leverage the growth opportunities in developed as well as emerging markets. Strategic partnerships are helping vendors penetrate regional markets and offer customized solutions to various industry verticals. The market is expected to witness high growth in regions such as Asia Pacific and Middle East & Africa.
Market Key Trends
Microservices become the new normal: The cloud native software market is increasingly embracing microservices architecture. Decomposing applications into smaller, independent services improves scalability, flexibility and maintenance. Most modern cloud native applications are being developed based on microservices. This has become the new standard for application development.
Porter’s Analysis
Threat of new entrants: It is moderate due to infrastructure requirement and presence of major players. Bargaining power of buyers: It is moderate due to availability of alternative solutions but customized service. Bargaining power of suppliers: It is low due to availability of substitutes and less switching cost. Threat of new substitutes: It is high due to emergence of open-source platforms. Competitive rivalry: It is high due to presence of major players competing on differentiation strategy.
Geographical Regions
North America dominated the market in terms of value in 2024 due to increasing adoption of cloud-based technologies by organizations. Asia Pacific is expected to witness the fastest growth during the forecast period owing to growing digitalization and presence of major players tapping opportunities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it