Personal Cloud Market Statistics, 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 would facilitate file storage and sharing among the employees and enterprises who have adopted the BYOD trend. In this era of digitalization, there is an increasing need of storing and sharing personal or professional data. The rapidly increasing tech-savvy population has considerably led to the growing demand of cloud computing services in the recent years. The increasing use of camera-equipped devices, such as smartphones and tablets, has created a huge demand for a secure platform to store digital content.
The key market players operating in the personal cloud market 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.
Over the years, these market leaders have established themselves with continuous investment on product innovation, which has enabled them to improve the quality, capability, and performance. Further, these companies have expanded their market presence through strategic alliances and are working toward launching upgraded products in the market to gain maximum market share as well as to deliver better benefits to the stakeholders as an opportunistic factor in personal cloud market forecast.
Personal cloud is a cloud storage platform that enables the customers to access, synchronize, and share stored data across cloud and devices. 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.
By Revenue Type
Direct Revenue is projected as one of the most lucrative segments.
The increase in the number of social media sites and upsurge in smartphone and broadband connections have boosted the growth of personal cloud services which in turn drives the personal cloud market growth. The use of these services for storing photos, videos, contacts and other important files among individuals is the most dominant application as compared to other applications. The usage of multiple devices is expected to drive the rapid adoption of personal cloud solutions among individuals. 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 and boosts the growth of personal cloud market.
By Type Of Hosting
Service Provider is projected as one of the most significant segments.
Personal cloud services provide faster and convenient access to data, leading to its widespread popularity among the population. The growing concern of space limitation on gadgets to store digital content, photos, videos, images and documents among tech-savvy individuals has led to the increasing popularity of personal cloud services. Nevertheless, aggrandized generation of data is due to the increased use of smartphones, tablets and laptops. In addition, many businesses allow access and sharing of work-related data over their handheld devices to improve productivity. Thus, the need for faster and quick access to stored data is expected to trigger the demand for personal cloud services and propel the growth of the global personal cloud market.
By End-users
Large Enterprises is projected as one of the most significant segments.
Businesses across the world are facing concerns about their increasing IT expenditures. Bring-Your-Own-Device, a recent trend that is rapidly gaining acceptance in corporate sectors to minimize the expenditure incurred in setting up devices. In addition, personal cloud allowing companies to store the data at a centralized location and facilitates their employees to access it as per convenience. Several business organizations have adopted personal cloud services owing to the growing BYOD and mobile workforce trends.
The report focuses on the growth prospects, restraints, and market analysis. The study provides Porter’s five forces analysis of the personal cloud industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the market.
By Region
Asia-Pacific would exhibit the highest CAGR of 27% during 2020-2027.
Segment Review
The personal cloud market is segmented on the basis of revenue type, hosting type, end user, and region. By revenue type, it is categorized direct and indirect. By hosting type, it is categorized into service providers and consumers. Depending on end user, it is categorized into individuals and enterprises. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Top Impacting Factors
The use of these services for storing photos, videos, contacts and other important files among individuals is the most dominant application as compared to other applications. The usage of multiple devices is expected to drive the rapid adoption of personal cloud solutions among individuals which in turn is expected to boost the growth of the market. Further, the continuing efforts of personal cloud service providers to enhance the security of data is a personal cloud market opportunity. Especially, the small business groups would exhibit a rewarding growth rate owing to limited budgets.
Growing BYOD and Mobile Workforce Trends
Growing adoption of smartphones and tablets has boosted the usage of mobile devices at workplaces. The enterprises are also supporting the application of mobile devices in day-to-day work of their employees. The emerging trend of Bring-Your-Own-Device (BYOD) usage is getting acceptance among businesses across the world at a significant pace. In an effort to reduce the costs incurred in provision of these devices, organizations are now encouraging the adoption of the aforementioned trend which in turn is driving the growth of personal cloud market.
Personal cloud service value chain mainly consists of three entities viz. developers, cloud service providers and end consumers. The value chain for personal cloud market starts with application developers, developing applications for using the personal cloud services on computers, smartphones, tablets and other mobile handheld devices. Cloud service providers provide cloud-hosting services through their data centers to the customers known as provider hosting.
Key Benefits for Stakeholders:
- This study includes the personal cloud market trends, opportunity, analysis, and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities of the personal cloud industry.
- The personal cloud market share is quantitatively analyzed from 2019 to 2027 to highlight the financial competency of the industry.
- Porter’s five forces analysis illustrates the potency of the buyers & suppliers in the market.
Personal Cloud Market Report Highlights
| Aspects | Details |
 By Revenue Type |
|
 By Hosting Type |
|
 By End User |
|
 By Region |
|
 Key Market Players | Amazon Web Services, Inc., Apple Inc., Egnyte, Inc., Microsoft Corporation, Barracuda Networks, Inc., Box, Inc., Google LLC, Buffalo Inc., Dropbox, Inc., SpiderOak, Inc. |
Analyst Review
There is upsurge in the launch of multi-featured and affordable mobile devices owing to rise in demand of the population to connect, socialize, work and communicate. Personal cloud services have replaced the use of conventional data storage devices and improved the accessibility and sharing of data through smartphones, laptops, and tablets. This has been equally applicable for both individuals as well as business sectors. Business groups also display an increase in demand due to growing importance of mobile workforce. These factors are expected to facilitate the growth of the personal cloud market.
Moreover, growing customer awareness is expected to boost the growth of the personal cloud services in future. However, the growing demands from the Asia-Pacific region would lead to a major turnaround in the market and would constitute about two-fifths of total market share in 2020, surpassing North America and Europe.
Furthermore, technological advancements in the fields of cloud computing and electronic gadgets have led to the advent of the digital era. Increasing adoption of smartphones, tablets and other mobile devices have boosted the growth of the personal cloud market owing to rise in storage requirements. Several organizations have focused on improving productivity by developing a virtualized workplace using personal cloud storage solutions.
The key players operating in the global personal cloud market 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 have adopted various revenue and business growth strategies to enhance and develop their product portfolio, strengthen their personal cloud market share, and help them increase their market penetration.
Loading Table Of Content...
