Personal Cloud Market to Revenue to Grow by 40% CAGR over 2021-2031
The Fact.MR market survey on the global personal cloud market highlights key developments registered in various segments on the basis of applications and end users. It also provides insights into opportunities and threats impacting sales of personal cloud services across seven regions. The report projects online cloud to reign supreme over the assessment period.
NEW YORK, Sept. 29, 2021 /PRNewswire/ — As per a recent market survey by market intelligence provider Fact.MR, the global personal cloud market reached a valuation of US$ 30 Bn in 2020. Expanding at a stupendous 40% CAGR, Fact.MR projects the total revenue to top US$ 220 Bn in 2031.
Increasing demand for high-frequency data access and sharing, along with cost-effective data storage solutions for personal and professional data is propelling sales of personal cloud software and services.
In addition to this, an increasing number of social media platforms and rapidly expanding tech-savvy population are boosting the adoption of personal cloud services. Customers are looking for safer ways to store their photos, videos, contacts, and documents without compromising device storage. This, in turn, is anticipated to continue fueling sales of personal cloud services.
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Personal cloud market players are offering subscriptions to cater the demand for effective storage solutions and safety against data loss to smartphones and tablets users. For corporate organizations, companies such as Amazon Web Services are providing personal cloud services for storing larger sets of data and information.
Backed by these factors, product innovations and enhanced security features in personal cloud services are on the card. Rapid digitization in various industries such as healthcare, education, hospitality, and retail are anticipated to fuel the demand for personal cloud services in the forthcoming years.
As per Fact.MR’s regional analysis, North America is anticipated to account for 40% of the global personal cloud market. Growth in this region can be attributed to increasing adoption of technology-based products in various sectors, including banking and finance, transportation, and foodservice sectors.
In addition to this, rising demand for network-attached storage (NAS) personal cloud servers in Japan, Canada, and Germany will continue boosting sales of personal cloud services over the forecast period.
“Penetration of connected technologies such as IoT devices and wearables is expected to fuel sales of personal cloud services. The market also will gain from the emergence of smart home technologies and high demand for mobile data storage and backup,” says a Fact.MR analyst.
Key Takeaways from Personal Cloud Market Survey
- Based on cloud type, the online cloud segment is anticipated to hold 40% of the total personal cloud market share.
- Indirect revenue source is projected to dominate the revenue segment over the assessment period.
- The U.S. is anticipated to lead the North America personal cloud market owing to increasing investments in development of technology and the presence of key market players.
- Germany will continue exhibiting high demand for personal cloud services, with sales growing at a 25% CAGR through 2031.
- Japan will emerge as an attractive personal cloud market, with sales surpassing US$ 35 Bn by 2031.
- Growing popularity of bring your own device (BYOD) trend in enterprises is expected to fuel sales of personal cloud services.
- Increasing demand for recovery systems for data protection is anticipated to bode well for the global personal cloud market.
- High initial costs associated with personal cloud setup might dampen sales prospects of personal cloud services.
- Increasing number of cyberattacks and data breach threats in small and medium scale enterprises might hinder sales of personal cloud services.
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Leading personal cloud service providers are focusing on research and development activities to launch innovative and safer data storage solutions. Besides this, mergers, acquisitions, and strategic collaborations will remain prominent growth strategies adopted by key players to gain a competitive edge in the market.
For instance, in June 2021, Wisekey International Holding SA, a leader in cybersecurity and IoT services, launched WISeID Cloud Storage service. The new platform enables users to store files in the cloud which is secured by WISeKey’s Swiss technologies.
Key Players in the Personal Cloud Market Include:
- Amazon Web Services Inc.
- Apple Inc.
- Box Inc.
- Microsoft Corporation
- Dropbox Inc.
- Mozy Inc.
- Egnyte Inc.
- Western Digital
- D-Link Corporation
- Buffalo Technology
- ASUS Cloud
- Ubuntu One
More Valuable Insights on Personal Cloud Market
Fact.MR provides an unbiased analysis of the personal cloud market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global personal cloud market with a detailed segmentation on the basis of:
- Online Cloud
- NAS Cloud
- Server Cloud
- Home-Made Cloud
- On-Premises Cloud
- Direct Revenue Source of Personal Cloud
- Indirect Revenue Source of Personal Cloud
- Service Provider Hosted Personal Cloud
- User Hosted Personal Cloud
- Use of Personal Cloud by Consumers
- Use of Personal Cloud by Enterprises
- Use of Personal Cloud by Small Businesses
- Use of Personal Cloud by Medium Businesses
- North America
- Latin America
- East Asia
- South Asia
Key Questions Covered in the Personal Cloud Market Report
- The report offers insight into personal cloud market demand outlook for 2021-2031
- The market study also highlights projected sales growth for personal cloud market between 2021 and 2031
- Personal cloud market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Personal cloud market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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