Personal Cloud Market Trends, Company Profiles, Global Expansion and Forecasts | COVID-19 Analysis

Market Highlights

An electronic device provides limited storage space, and personal data produced by its user is of substantial volume. Personal cloud allows the storage of such data, eliminating storage space limitation. Market Research Future (MRFR) identified this as a major driver for the global personal cloud market. MRFR reveals that between 2018 and 2023, the global personal cloud market is anticipated to strike a CAGR of 44.3% and scale up to a valuation of USD 125.92 billion by end of the forecast period (2018-2023).

Market Growth Boosters and Key Challenges

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.

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.

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.

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.

Regional Framework

The personal cloud market study covers North America, Asia-Pacific, Europe, and the Rest of the World (RoW) that includes the Middle East and Africa, and Latin America.

MRFR states that over the review period, North America is anticipated to lead in the global market of personal cloud. Limited space for storage in consumer electronic gadgets is encouraging people to adopt personal cloud, which is expected to gain momentum for the regional market. In Europe, due to presence of reliable networking infrastructure, residence of tech-giants, high flow of capital for research and developmental undertakings are factors that are expected to prove advantageous for the personal cloud market. The deep penetration of cloud computing across different industry verticals in the Asia Pacific region is expected to leave a strong influence on the APAC personal cloud market. High network connectivity and the presence of numerous internet providers are other factors that are anticipated to drive the regional market.

Market Key players

Some of the eminent players active in the development of personal cloud market companies 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.