The Global Personal Cloud Storage Market is expected to register a CAGR of 35.6% during the review period, 2019–2025.
Personal cloud storage (PCS) is local network-attached storage (NAS) device that lets users store data, photos, music, videos, and other files; it is also optimized for media streaming. The personal cloud storage devices are a way for home users to experience the advantages of high-capacity, cloud-based storage without losing control of their data. Users can access content on their PC devices from multiple computers using a web browser, while mobile apps provide access from iOS and Android mobile devices. Files can be shared without using a public cloud service.
The Global Personal Cloud Storage Market is dominated by a few major players, however, new players are expected to enter the market due to new revenue opportunities in regions such as Asia-Pacific, the Middle East and Africa, and South America. The entry of new players is expected to increase the competition in the market.
The personal cloud storage market is driven by the increase in demand for cost-efficient storage, data sharing, ease in data access, use of portable devices, and safety against data loss. Cloud market services provide improved accessibility, sharing users’ data, and increased security features and storage facilities, leading to improved user experience and ease of access. The market has also benefited from the upsurge of broadband connections and smartphones. It is expected that these services shall be in demand among business customers and individuals owing to the need for data storage platforms, leading to the enhanced adoption of cloud solutions and services. However, delivering safe data storage is one of the challenges faced by cloud service providers whereas, lack of consumer awareness, security concerns, and low funding are expected to hinder the growth over the upcoming years.
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Some of the Key Players in the market are Amazon, Apple, Google, Seagate, Box, Microsoft, Dropbox, Engyte, Buffalo Technology, Sygarsync., Lima Technology, Gemalto, MEGA Ltd., D-Link Corporation, ElephantDrive, Mozy Inc., POLKAST LLC, and Dell among others.
The Global Personal Cloud Storage Market has been segmented based on revenue Type, User Type, Hosting Type, and Region.
By Revenue Type, the market has been segmented into direct revenue and indirect revenue.
By User Type, the market has been divided into individual, small business and medium business. The individual user segment is expected to dominate the market over the forecast period.
By hosting type, the market has been divided into providers hosting and users hosting. The demand for user-hosted cloud storage is expected to be high due to the easy availability and cost-effectiveness of cloud solutions from service providers. However, the provider-hosted segment is expected to dominate the industry over the forecast period.
The regions included in the study are North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. North America dominates the personal cloud storage market owing to the advent of new technologies and increased awareness among the consumers in the region. Asia-Pacific is estimated to grow rapidly with the highest CAGR and is expected to contribute immensely to the market revenue.
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