New Delhi, NFAPost: According to a comprehensive research report by Market Research Future (MRFR), “Global Personal Cloud Storage Market information by Revenue Type, by User Type, by Hosting Type and Region – forecast to 2027” the market size to grow at a compound annual growth rate of 35.6%.
The global personal cloud storage market is growing rapidly amid growing demand from individual to engage in digital life. Rising uses of smart and connected devices and demand for cloud-based services have allowed the personal cloud storage market to garner significant market prominence.
Moreover, emerging cloud-based memory technologies create significant market opportunities, meeting big data, AI, and neuromorphic computing requirements. With the increasing need for additional storage in consumer electronic devices for disaster recovery planning, the market is projected to garner significant traction in the years to come.
Dominant Key Players on Personal Cloud Storage Market
Personal Cloud Storage Market Drivers
Growing Adoption of Cloud-based Technologies is a Major Driving Force
The increasingly growing demand for cloud-based computing technologies for a number of applications is a major trend positively impacting the market rise. Increasing uses of personal cloud storage across hosting types, providers hosting and users hosting influences the market growth. The growing adoption of cloud-based technologies and advances in personal devices increase the market share.
Besides, the advent of artificial intelligence, high-performance computing (HPC), and IoT devices drives the personal cloud storage market size, generating a significant amount of data. The advent of many industry-leading cloud capabilities and the rising demand for increased user experiences are major personal cloud storage market trends.
On the flip side, the lack of awareness for the benefits of personal cloud and funds, alongside credible security concerns, impedes the market growth. Also, delivering affordable and safe data storage is a major challenge that cloud service providers are facing currently.
Nevertheless, the rising demand for efficient storage, increased access to data, data sharing, and usage of portable devices such as tablets and multimedia phones would support the market growth over the next few years. Furthermore, increased demand for pre-installed storage services to customers is expected to influence the market growth. Simultaneously, the increasing availability of broadband connectivity would drive the personal cloud market.
Segmentation of Market covered in the research:
The personal cloud storage market forecast is segmented into revenue types, user types, hosting types, and regions. The revenue type segment is sub-segmented into direct revenue and indirect revenue.
The user type segment is sub-segmented into individual, small business and medium business. The hosting type segment is sub-segmented into providers hosting and users hosting. The region segment is sub-segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and others.
North America dominates the global personal cloud storage market, witnessing vast demand for memory technologies. Besides, the rapid advances in new technologies and increased awareness among the masses positively impact the regional market growth. The market is also led by the presence of many notable players and user bases in the region.
The broad uptake of cloud-based storage technologies across major applications fosters the personal cloud storage market size. Furthermore, increasing investments made in the development of technology and the vast demand for reliable backup and recovery systems support the growth of the regional market. The US, with rising numbers of businesses, leads the regional market, followed by Canada.
COVID-19 Impact on the Global Personal Cloud Storage Market
The onset of the COVID-19 pandemic significantly influenced the personal cloud storage market. The pandemic upended how companies work and operate securely remotely.
The shift to work from home and remote working mandates forced users to increasingly rely on cloud services. However, this trend brought forward higher security risks, especially when conventional cloud storage services are used to store and share highly confidential information.
Besides, increasing numbers of remote working employees using video conferencing, collaboration services, and back-end support services, alongside the increasing traffic on networks, propelled the personal cloud storage market size.
Additionally, the rising need for rapid data processing and big data across verticals globally created several major market opportunities. Resultantly, the market revenues remained high throughout 2020.
The personal cloud storage market witnesses several strategic partnerships, alongside other strategic initiatives such as expansion, collaboration, mergers & acquisitions, and product & technology launches. Major players make strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on June 21, 2021, Wisekey International Holding SA, a leading cybersecurity and IoT company, launched its new WISeID Cloud Storage service as a new addition to the WISeID platform for digital identity and cybersecurity services. WISeID Cloud Storage service enables users to keep protected file storage in the cloud, in servers secured by WISeKey’s Swiss technologies.
The service is developed in partnership with NextCloud, facilitates ubiquitous access to users’ personal files through multiple secure interfaces, like web browsers, mobile applications for iOS and Android devices.