Cloud Native Market - Growth Trends and Business Strategies to 2032
The global Cloud Native market size was USD 4.68 Billion in 2022 and is expected to register a revenue CAGR of 23.5% during the forecast period. Rising demand for Cloud Native in Banking, Financial Services, and Insurance (BFSI), retail and e-commerce sectors is a major factor driving market revenue growth. Cloud Native play an important role in the Banking, Financial Services, and Insurance (BFSI) sector as they help organizations modernize their infrastructure and leverage the benefits of Cloud Computing.
Cloud Native provide ability to scale resources up and down on demand, making it easier for BFSI organizations to handle fluctuations in demand for their services which are driving revenue growth of the market. By using Cloud Native, BFSI organizations automate manual tasks and reduce time spent on administrative tasks, which in turn results in increased efficiency and reduced costs. Moreover, BFSI organizations use Cloud Native to create and deploy Digital solutions, such as mobile apps, that provide customers with a better experience and store and manage vast amounts of customer data securely and efficiently hence driving the market revenue growth.
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For instance, on 1 March 2021, GFT, a global IT services and software engineering firm, and Thought Machine, a cloud native core banking company, announced availability of BankLite, a co-developed product that runs on Amazon Web Services (AWS) and allows users to create and deploy a cloud-based digital bank faster than ever before. BankLite is a completely modular solution built upon Vault, Thought Machine's cloud-native core banking engine, and hosted on AWS infrastructure. This enables banks to develop modern, highly adaptable end-to-end solutions by bringing necessary skills to support a multi-entity, multi-brand, and multi-country strategy.
Rising demand for architectural methods such as microservices and others is another factor driving market revenue growth. Microservices is an architectural method for designing applications. Microservices are key tiny programs that are bundled in distinct containers and communicate and link via Application Program Interfaces (APIs) as part of strong app architecture. Cloud native apps are built on microservices and can run individual applications or modules independently. These independent services include a provision for referencing specific data and a business aim. The usage of Application Program Interfaces (APIs) allows these modules to communicate with one another. The API has a unique feature that allows interconnection between containers and microservices while also improving maintenance and security hence driving the market revenue growth.