According to a recent report published by Allied Market Research, titled, "Personal Cloud Market by Revenue Type, Hosting Type, and End User: Opportunity Analysis and Industry Forecast, 2020–2027," the personal cloud market size was valued at $26.80 billion in 2019, and is projected to reach $161.39 billion by 2027, growing at a CAGR of 24.6% from 2020 to 2027.
Personal cloud services offer better storage, accessibility and sharing of user data along with enhanced security features. They have set up new standards for individuals to utilize the cloud computing services by offering better user experience and ease of use. The increase in the number of social media sites and upsurge in smartphone and broadband connections have boosted the growth of personal cloud market services. In future, these services are expected to witness widespread demand among individual and business customers owing to the growing need for data storage platforms, leading to the increased adoption of personal cloud services. This report provides a comprehensive analysis of the current market scenario and lucrative areas in the market for personal cloud providers.
Moreover, the internet and social media applications as well as emergence of multi-featured, affordable smartphone devices have led to the trend of storing and accessing personal data using personal cloud platforms. Improvised secure features and personalized data storage offer an exceptional user experience. This has resulted in the increased demand for personal cloud solutions among individuals and has created growth opportunities for developing customized solutions. Aforementioned is a major driving factor of the personal cloud market growth. In addition, rise in trend of adopting Bring-Your-Own-Device (BYOD) among organizations has helped in boosting the growth of the market.
Global personal cloud market can be analyzed based on some crucial factors such as type of deployment of personal cloud, type of hosting storage system and modes of revenue generation. The global private cloud market report is analyzed on the basis of four geographical regions, which include North America, Europe, Asia-Pacific and LAMEA (Latin America, Middle East and Africa). Furthermore, the key trends and opportunities in the leading markets of each region have been provided.
In the recent years, increasing awareness among individuals for personal cloud services has provided lucrative opportunities for service providers. Moreover, the other segments such as small and medium sized business groups, have increasingly focused on mobile workforce to gain a leading edge over their competitors. Mobile workforce in conjunction with their personal mobile devices have assisted in improving the productivity of their organizations. Personal cloud models are hosted in two ways: user premises or provider premises. User hosting requires hardware devices to be deployed at the home/office of the users; whereas, provider hosting does not require hardware support, as the data is stored at the data centers of the service providers.
Key Findings of the Study:
- By revenue type, the direct segment dominated the personal cloud market forecast. However, the indirect segment is expected to exhibit significant growth during the forecast period in the personal cloud industry.
- Depending on hosting type, the service providers industry generated the highest revenue and dominated the personal cloud market share in 2019. However, the consumers sector is expected to witness a considerable growth in the near future.
- Depending on end user, the enterprises industry generated the highest revenue in 2019. However, the individuals sector is expected to witness a considerable growth in the near future.
- Region wise, Asia-Pacific is expected to witness significant growth in terms of CAGR in the coming years. Moreover, North America dominated the personal cloud market in 2019 in terms of revenue.
Some of the key market players profiled in the personal cloud market analysis include Apple Inc., Google Inc., Microsoft Corporation., Amazon Web Services, Inc., Dropbox, Inc, Egnyte, Inc., Copy (Barracuda Networks, Inc.), SpiderOak, Box, Inc. and Buffalo Inc. Major players operating in this market have witnessed significant adoption of strategies that include business expansion and partnership to reduce supply and demand gap. Further, these players are anticipated to invest more in R&D activities to provide more compact and cost-effective solutions for numerous applications.