Personal Cloud Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2366
Personal Cloud Market size is estimated to witness a gradual growth owing to the advent of modern technologies and innovations in the IT sector. SMEs and large enterprises have widely adopted these cloud apps. SMEs require cloud services and solutions to sync, store, share files, photos, and documents. The concept of personal cloud revolves around providing cloud storage to store data for home users. This cloud is primarily designed for sharing videos, documents, and photos though they can also cater to streaming preferences for multimedia services, for instance, the use of Google Drive or Dropbox.
The personal cloud 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. One of the primary benefits of cloud includes storage space management at the users’ residence with data center infrastructure to the service provider. 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.
The personal cloud market faces vulnerability with the addition of cloud services as the users or employees store their data over the cloud. According to industry experts, employees risk the potentially sensitive data of an organization, which may become a threat to the organization in the future. IT needs to discover or come up with solutions to secure sensitive information in the cloud. The IT professionals need to innovate and emphasize on file-level security than storage level security.
North America leads the personal cloud market owing to the advent of new technologies and increased awareness among the masses in the region. The region holds the largest share of professional services in the cloud market, which can be attributed to the early adoption of cloud services in the U.S. market. The driving factor to aid cloud computing in the region is the minimal capital expenditure. The benefits the region offers in the market include enhanced flexibility and agility with the capability to deploy new apps smoothly. Along with North America, Europe leads in the utilization of cloud services. The market is growing rapidly creating intriguing opportunities for outsourcing as SMEs and large enterprises use cloud services to ensure flexibility in their IT environment.
The APAC region is emerging as a leading market, which is expected to contribute immensely to the market revenue. The region shall experience an increasing demand to offer cloud services and solutions than Europe and North America owing to fast broadband networks with enhanced usage of multimedia devices. The market in the Middle East and Africa is also expected to grow and its progress will rely heavily on the need for service agility and data security concerns. Similarly, the market in Latin America will grow steadily over the forecast period.
It is estimated that the adoption of personal cloud services shall witness a positive growth owing to the increase in the use of hybrid cloud within large enterprises. Therefore, it is anticipated that IT will invest in the reliable network infrastructure or the adoption of hybrid cloud for services. Some of the key players present in the personal cloud market are AWS, Apple, Buffalo Technology, Barracuda Networks, Dropbox, Box, SugarSync, SpiderOak, Google, Engyte, Mediafire, Microsoft, and Seagate.
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