Personal Cloud Market worth $50.8 billion by 2027 - Exclusive Research by MarketsandMarkets™
CHICAGO, March 25, 2022 /PRNewswire/ -- According to a research report Personal Cloud Market with COVID-19 Impact, By Revenue Type, User Type (Enterprises (SMEs and Large Enterprises) and Consumers), and Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America) - Global Forecast to 2027", published by MarketsandMarkets™, the global Personal Cloud Market is projected to grow from USD 20.8 billion in 2022 to USD 50.8 billion by 2027 at a compound annual growth rate (CAGR) of 19.6% during the forecast period.
A personal cloud is a repository of digital content and services that can be accessed from any device. Personal cloud is a non-physical entity. It is a location where users can store, synchronize, stream, and share content while moving from one platform, screen, and location to another. It was built on connected services and applications. It reflects and sets consumer expectations for how next-generation computing services will function. The online cloud is also known as the public cloud.
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The Consumer segment is estimated to have the largest market size during the forecast period
Since the introduction of the internet, the computer industry has been shifting away from local to server-based storage. However, it was only with the introduction of personal storage and file-sharing services that cloud storage began to achieve popular notice and use. The drive toward the personal cloud is to complete utilization of the storage of computer or mobile as consumers can put media and documents in an online drive and share it across devices.
The SMEs is expected to hold a higher growth rate during the forecast period
Personal cloud is undoubtedly one of the most profitable investments a small firm can make. Due to its cost-effectiveness and flexibility of use, online storage solutions for small businesses have exploded in popularity in recent years. These cloud-based storage systems are scalable and dont require a large upfront investment in physical storage equipment. Other benefits of using Cloud strage solutions include disaster recovery, increased security, and real-time data updates. Some of the key players for SMEs are Spideroak, Just Cloud, which supports third-party apps to run smoothly and efficiently. Cloud storage for SMEs has some features, such as workflow management, data management, and user management. Small business storage and backup options provide 100% data security and privacy, as well as complete customer control.
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North America to dominate the Personal Cloud Market in 2022
Personal cloud storage, mobile cloud storage, and pocket cloud storage are all terms used in the North American Personal Cloud Market. Personal cloud can take on different meanings depending on how it is implemented, such as when it acts as a storage appliance that can be retrieved wirelessly or via the internet. Because of the growth in multi-cultural organizations that are required to work over similar platforms without compromising on the quality of work across different geographical locations, the US market accounted for the largest share of the North American Personal Cloud Market.
Some of the major players in the Personal Cloud Market are Alphabet Inc, (US), Microsoft Corporation (US), Apple Inc. (US), Dropbox, Inc. (US), Amazon Web Services, Inc. (US), Box (US), Seagate Technology LLC (US), Western Digital Corporation (US), Synchronoss Technologies, Inc. (US), Egnyte, Inc. (US), Buffalo Inc. and Melco Holdings Inc. (Japan), Funambol, Inc. (US), j2 Global, Inc. (US), D-Link Corporation (Taiwan), ElephantDrive Inc. (US), ownCloud (Germany), Cloudike (US), SpiderOak Inc. (US), pCloud AG (Switzerland), Tresorit, and ASUS Cloud Corporation (Switzerland), Internxt Inc. (Spain), IceDrive, Sync.com (Canada), iDrive Inc. (US), MiMedia Inc. (US), Dracoon (Germany), and OpenDrive Inc. (US).
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