Global Personal Cloud Market Size, Share, and COVID-19 Impact Analysis, By Revenue Type (Direct and Indirect), By Hosting Type (Service Providers and Consumers), By End user (Individuals and Enterprises), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022-2030
KEY MARKET INSIGHTS
The Global Personal Cloud Market is projected to grow from USD 20.5 billion in 2021 to USD 56.6 billion by 2030 at a CAGR of 19.6% during the forecast period. Employees and businesses who have accepted the bring-your-own-device (BYOD) trend will benefit from personal cloud services, which will make file storage and sharing easier. In this digital age, there is an increasing demand for storing and transferring professional and personal data. The rapidly expanding tech-savvy population has resulted in a huge surge in demand for cloud computing services in recent years. The growing popularity of camera-equipped devices like smartphones and tablets has created a large demand for a safe platform to store digital information. This is expected to propel market growth during the forecast period.
The global personal cloud market is expected to grow due to increased demand for cloud computing across all end user categories, as well as cost-effective computing solutions, faster data access, and superior security. Furthermore, the increasing use of smartphones and internet connections will contribute to the market's overall growth throughout the projection period. Furthermore, the rise in popularity of the BYOD culture will help this industry grow significantly in the future years.
The COVID-19 outbreak has sparked a surge in the use of cloud services. Across the globe, organizations, businesses, and governments are focusing on securing data against cyber-attacks. The risk of data leakage from a third-party is very high during a pandemic outbreak. To quickly respond to the COVID-19 problem, governments around the world have increased their efforts to implement virtual machine backup and recovery technologies. As a result of the rise in cyber espionage and fraudulent activities, government agencies are likely to expand their demand for cloud backup to safeguard data privacy.
Rising Uses of Smart Devices and Cloud-Based Services
According to smartphone usage statistics, approximately 3.2 billion people use smartphones worldwide; children as young as 12 years old receive mobile devices; more than 5 billion people own mobile devices; 194 billion people download mobile apps; and approximately two-thirds of the world is now connected via smartphone. As a result, the number of internet users has risen. Due to this smart device users and cloud-based services are in great demand. The implementation time, time to value, and rapid scalability demand have all decreased as a result of cloud-based services, which has resulted in lower infrastructure, energy, and facility expenses. All of these reasons increase the personal cloud market's demand during the forecast period.
Increasing Demand for Sharing And Accessing Personal Data
Growing digitization is driving up need for personal data sharing and access, which is driving up demand for cloud computing services. Personal cloud services enable enterprises who are implementing the bring your own device trend to share and access file storage. The use of smartphones and social networking sites is increasing, which is driving up demand for data storage platforms. Personal cloud solutions like synology diskstation, lacie cloudbox, and WD my cloud mirror are becoming more popular as people use more devices.
Concerns about Data Security and Privacy
The use of a personal cloud necessitates the outsourcing of many third parties' expertise, which can generate security and confidentiality concerns. As a result, any personal cloud provider will be able to quickly expose sensitive company information. The major impediments to enterprise adoption of personal clouds are security and privacy concerns. Personal cloud providers help businesses ensure that the data they send to the cloud is safe and secure. For enhanced security, customers have access to end-to-end network protection and encryption. Businesses, on the other hand, are apprehensive to share sensitive corporate data with personal cloud providers due to the rising incidence of data breaches.
The Global Personal Cloud Market is segmented by Revenue Type, Hosting Type, End-user, and Region. Based on the Revenue Type, the market is categorized into Direct and Indirect. Based on Hosting Type, the market is categorized into Service Providers and Consumers. Based on End-user, the market is categorized into Individuals and Enterprises. Based on the Region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
The Global Personal Cloud Market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
North America is expected to lead the market throughout the projection period due to the existence of major cloud providers and a significant number of data centers. In addition, the increasing use of connected devices, smart home gadgets, video streaming services, and digital payments generates massive amounts of data every day. As a result of these massive amounts of data, cloud data storage is in high demand across the United States.
Europe is anticipated to the second largest market for personal cloud due to the government initiatives to encourage cloud usage across enterprises. According to Eurostat, 68 percent of European Union businesses utilized cloud computing services to store files in December 2021, and 42 percent of businesses used cloud computing across the board. In addition, by 2021, 75% of businesses in Sweden and Finland will have adopted cloud computing. In the future years, rising use of cloud computing in the Nordics is likely to open up new market prospects for the European personal cloud market.
Asia Pacific is expected to have the highest growth rate during the forecasted period. Developing economies such as China, India, Japan, South Korea, Singapore, and others are increasing their investment, contributing to market growth. The use of cloud technology in the region is fueled by government initiatives to encourage digital transformation across the region.
LIST OF KEY COMPANIES PROFILED:
Due to the industry is so fragmented, major firms including Amazon.com, Inc., IBM Corporation, Oracle Corporation, Alibaba Group Holding Limited, VMware Inc., and Microsoft Corporation are expected to grow their product offerings. These businesses are guaranteeing that their revenue share grows by increasing their product portfolios. It will also allow them to take advantage of market opportunities in a variety of fields. Market participants' business expansion is likely to be aided by strategic collaborations.
For instance, IBM Corporation upgraded its software portfolio in August 2019 to make it cloud-native and compatible with Red Hat OpenShift.
KEY INDUSTRY DEVELOPMENTS:
November 2021- Microsoft and BIAL (Bangalore International Airport Limited) cooperated and launched the BIAL Genie Hackathon to develop an app utilising Microsoft Azure.
June 2021- Google Workspace and Adobe announced a cooperation to enable users to browse creative cloud assets and attach public connections to synchronised files, libraries, and mobile device creations without having to leave Gmail.
July 2020- Box and Google Cloud announced a strategic agreement to transform work in the cloud. It will improve the cloud content management platform's scalability, performance, and intelligence.
LIST OF KEY COMPANIES PROFILED:
- IBM Corporation
- Dell Inc.
- Commvault Systems, Inc.
- Acronis International GmbH
- Hewlett Packard Enterprise
- Veeam Software
- NetApp, Inc
- Amazon Web Services, Inc.
By Revenue Type
By Hosting Type
- Service Providers
By End user
- North America- U.S., Mexico, Canada
- Europe- UK, France, Germany, Italy, Spain, Rest of Europe
- Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
- South America- Brazil, Argentina, Colombia, Rest of South America
- The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa
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