Personal Cloud Storage Market to Reach $90 Billion by 2020 – Allied Market Research

Technological advancements in the field of cloud computing and electronic gadgets have boosted the popularity of personal cloud solutions.

Increasing use of multiple electronic devices, such as smartphones, tablets and other mobile devices, have led to greater adoption of personal cloud solutions for storing digital content.

Personal cloud storage mediums offer the convenience of portable storage and easy sharing of the digital content. These storage mediums have also become popular across SMEs owing to several advantages such as effective security controls, improved flexibility, better productivity and reduced infrastructure cost. Moreover, the growing adoption of BYOD among enterprises has further boosted the popularity of personal cloud solutions among businesses.
 
The world personal cloud market is forecast to garner revenue of $89.9 billion by 2020, registering a CAGR of 33.1% during the forecast period, 2015-2020 according to a new report by Allied Market Research titled, World Personal cloud Market Opportunities and Forecasts, 2014-2020 (113 pages, $4,515).

North America is presently the largest market, followed by Europe and AsiaPac regions. However, AsiaPac would eventually dominate the market and emerge as the biggest personal cloud market by 2017, owing to the aggrandized user base and enhanced broadband networks.
 
Based on deployment type, the personal cloud storage market is segmented into individuals, SMB businesses. Nowadays, individuals prefer using personal cloud platforms for storing their personal contents over traditional storage devices such as HDDs and computers. The individual segment occupies around 58% of the total market share and would maintain its leading position owing to the increasing awareness and growing storage requirement for storing digital content.
 
Based on the mode of revenue generation, the direct revenue i.e., the revenue generated through monthly and annual charges, is the major contributor, constituting around 57% of the total market revenue. However, the indirect revenue segment, which generates revenues through advertisements and lead generations, would be the major revenue contributor towards the end of forecast period.
 
On the basis of hosting type, the provider-hosted cloud solutions segment has witnessed a larger adoption among end users due to flexible storage size and comparatively lower cost. However, the user-hosted cloud solutions segment would continue to exhibit high demand owing to the reduction in the prices of the services.
 
The personal cloud market players offer free storage solutions initially to lure customers to utilize their services. Industry giants, such as Google, Microsoft, Apple and Dropbox, have established a wide customer base worldwide. These players have dominated the global market owing to the flexibility, cost-effectiveness, and better compatibility of their products and services. Apart from these players, there are numerous other players operating across different geographies, which offer customized cloud solutions. The market participants are focusing on enhancing the product security to get a competitive edge in the industry. The two-factor authentication used in storage solutions is an advanced security feature adopted by major players in the market.