Adoption of Next-Generation Connectivity Devices Could Be Gateway for Personal Cloud Market Growth

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

• In terms of user type, enterprises will account for maximum sales of personal cloud services.
• 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.

Growth Drivers:

• 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.

Restraints:

• 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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Competitive Landscape

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.
• Google
• Mozy Inc.
• SpiderOak
• Seagate
• Egnyte Inc.
• Sugarsync
• ElephantDrive
• 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:

Cloud Type:

• Online Cloud
• NAS Cloud
• Server Cloud
• Home-Made Cloud
• On-Premises Cloud

Revenue:

• Direct Revenue Source of Personal Cloud
• Indirect Revenue Source of Personal Cloud

Hosting Type:

• Service Provider Hosted Personal Cloud
• User Hosted Personal Cloud

User Type:

• 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

Regions:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• MEA

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

Explore Fact.MR's Coverage on the Technology Domain –

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Cloud Access Security Brokers Market- With the rising adoption of cloud deployment models by businesses for a variety of software and business operations, the requirement for security is becoming more important. Because users might be from both inside and outside the typical organizational perimeter, cloud access security brokers are an emerging technology that is primarily used to secure the massively growing usage of cloud services as well as users' access to them. Because of its extensive applications in maintaining and improving security, businesses are increasingly turning to cloud access security brokers.

Server Station Market- With the steady rise in digitalization, the server station market has expanded dramatically in recent years. The information and technology sector is critical to a country's economic development and progress. With the rising Information & Technology industry, the requirement for sustaining a company's whole system, work processes, and data storage at the office has also expanded, resulting in a large increase in server station demand. The use of server stations has expanded dramatically in recent years, from small and medium businesses to large multinational corporations.

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SOURCE Fact.MR