Market Highlights
The world of cloud storage is drastically enhancing and is expected to continue with advancements in the years to come. Customers these days desire a consistent storage experience in their electronic devices including online, offline, and even both.
The global personal cloud market 2020 logged a CAGR of 44.3% rise in its growth from the past year, thanks in part to lift in revenue with USD 125.92 billion by 2023 from USD 14.51 billion in 2017, reveals Market Research Future (MRFR) in its comprehensive study.
Market Growth Boosters and Key Challenges
The study revealed that Google Drive and Dropbox are one of the leading personal cloud services in the personal cloud market as its services offering free for a certain storage limit is what makes the market more valuable and resulting in substantial growth. The requirement of storage is increased at an exponential rate as such aspect calls for advanced solutions. Thus, a personal cloud eliminates the need for additional hardware storage on the devices. These factors have also been influential to the growth of the personal cloud market in the latest and for the future as well.
The cloud industry offers a space for storage, such as a public cloud and private cloud. When mentioning the personal cloud, this goes as same as the above offering. The cloud storage providers have taken the industry successfully to greater heights after realizing its potential to impact the market at a global level. Sensing the opportunity, the personal cloud has come up with essential characteristics, mainly for personal document and file storage. With this said, the emergence of increased need for additional storage in consumer electronic devices and for disaster recovery planning has led to drive the personal cloud market in exponential ways. Significant storage for personal electronic devices is proving to be an important concern, which is boosting the demand for personal cloud storage in the cloud market.
At the same time, a lot of device manufacturers are creating a partnership with cloud vendors to provide pre-installed storage service to customers. This is resulting in a growing business opportunity for cloud storage services and the market as well.
On the flip side, the factor of absence of awareness about network connectivity and the incidence of data security applications are abstaining from the global personal cloud market’s growth.
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Market Key players
Some of the eminent players active in the development of personal cloud market include Apple Inc (US), Google LLC (US), Microsoft Corporation (US), Amazon Web Services Inc (US), Box Inc (US), Dropbox Inc (US), Seagate Technology PLC (US), Melco Holdings Inc (Japan), Egnyte (US), Sugarsync (US), and Western Digital.
Regional Framework
Europe, North America, Asia-Pacific, and the rest of the world are the key regions in which the study of the global personal cloud market has been conducted.
As per the study conducted by MRFR, North America has a promising future for the market rise as it is already leading the personal cloud market for the past years. The major growth factor for the region is the increased demand for on-the-go storage. As the technology is developing, various consumer electronic devices such as smartphones are running out of device storage. Such an exacerbated situation leads the manufacturers to assimilate personal cloud services to store images, videos, and other documents in a prominent way. Apple Inc, one of the foremost smartphone manufacturers at the global level, generated most of its revenue from the US and offered Apple Cloud services to its users that is efficiently driven to the customers. Apart from this, owing to the high-speed internet services in the US and Canada, it gets easier for businesses and individuals to transfer data over the personal cloud without any trouble.
Asia-Pacific region is also in the line of growing at a high pace as it is backed by developing countries such as China, Japan, and Korea known for top broadband internet. Also, higher penetration of the data centers and cloud servers is inspiring the end-users to use the personal cloud. All these factors all emerging as important ones encouraging the global personal cloud market to reach a higher valuation in the forecast period.
Segmentation:
The global personal cloud market has been segmented with respect to cloud type, revenue type, user type, hosting type.
In terms of cloud type: Online cloud, NAS cloud, server cloud, home-made cloud are the segments.
In terms of revenue type: Direct revenue, and indirect revenue are the segments.
In terms of type: Individual, small business, medium business are the segments.
In terms of hosting type: Providers’ hosting, users’ hosting are the segments.
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