MarketsandMarkets forecasts the global cloud native applications market size is expected to grow from USD 5.9 Billion in 2023 to USD 17.0 Billion by 2028, at a Compound Annual Growth Rate (CAGR) of 23.7% during the forecast period. The improved security and app management, and usage of containers which are infrastructure agnostic and rooted in a cloud environment, hence enabling teams to develop apps that are cloud native, are a few driving forces that are encouraging the use of cloud native applications.
These market players have adopted various organic as well as inorganic growth strategies, such as partnerships, acquisitions, agreements, and collaborations, and new product enhancements to expand their presence in the Cloud native applications market. New product launches, product enhancements and collaborations have been the most adopted strategies by major players in the past few years, which helped companies to innovate their offerings and broaden their customer base.
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IBM is one of the leading providers of cloud native applications services and cognitive solutions, which work across domains such as consulting, software, cloud, IT infrastructure (and ecosystem), security, services, and research. The company operates in more than 175 countries and caters to industries worldwide. The company functions through six main segments: Global Technology Services, Cloud and Cognitive Software, Global Business Services, IBM Systems, Global Financing, and Others. IBM also offers solutions and services such as IBM Cloud Paks, Red Hat hybrid cloud platform. IBM offers infrastructure, hosting, and consulting services in customer relationship management, business analytics optimization, outsourcing, software, and security. The company is focused on developing solutions and products powered by the latest technologies, including AI and ML, analytics, big data, and IoT. The company also offers services to help clients transform their businesses. The service portfolio comprises application services, security, Business Processes and Operations (BPO), cloud services, and digital workplace services, among others.
Oracle is one of the leading providers of a wide array of technologies, such as Oracle Managed Cloud Services offering, software and hardware management, and maintenance and security services. It delivers its products to over 400,000 customers worldwide with the help of a diverse variety of flexible IT deployment models, including on-premises, cloud-based, and hybrid. The company has clients from various industry verticals, including retail, financial services, manufacturing, automotive, communications, consumer goods, health & life sciences, wholesale distribution, oil and gas, education, government, and professional services. The company service division offers a range of IT solutions and consulting services, such as application support and technology services, to assist businesses in increasing productivity, reducing costs, and managing risk and compliance requirements. It also enables its customers to maximize its products’ performance by providing consulting, support, and education services.
In the cloud domain, Oracle offers the Oracle Cloud, further categorized into Oracle Cloud PaaS, Oracle Cloud SaaS, and Oracle Cloud Infrastructure (OCI). OCI encompasses compute, storage, network, container services, and migration tools. In the cloud native applications market, OCI offers Oracle Cloud Infrastructure (OCI) which showcases the fastest time to value for any organization looking to innovate by building modern apps and future-proof for the next evolution in digital transformation by easily infusing them with AI.
Cloud Native Applications Market by Component (Platforms and Services), Deployment Mode, Organization Size, Vertical (BFSI, Healthcare & Life Sciences, and IT & Telecom) and Region - Global Forecast to 2028
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