Press Release

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. 

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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.

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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.

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.        

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orth 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.

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.

Read More Details On This Report: https://extrapolate.com/Information-Technology-Communication-IoT/personal-cloud-market/25803