Growing initiatives to digitalize content across enterprises expected to drive the growth of the personal cloud market
The global personal cloud market size is expected to grow from an estimated value of USD 23.7 billion in 2019 to USD 73.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 25.4% during the forecast period. The personal cloud industry is driven by various factors, such as the proliferation of digital content and upsurge in internet usage. However, data security and privacy concerns can hinder the growth of the market.
The indirect revenue segment is projected to grow at the highest CAGR during the forecast period
Indirect revenue means the revenue generated from sources other than direct subscription pricing. An indirect revenue source could be licensing, advertising, business tie-up with major technology providers or device manufacturers, and white-label cloud offering. Presently, most of the personal cloud service providers do not consider these revenues as a major source, but the scenario is expected to change in the coming years.
The enterprises segment is expected to account for the highest share during the forecast period
The traction of personal cloud in enterprises is higher compared to consumers. This is due to the affordability and top economies of scale that enable the organizations to leverage personal cloud. Companies leave no stone unturned to compete in the cut-throat competitive world; hence, they spend a significant amount in adopting personal cloud. The personal cloud market is said to be undergoing significant technological transitions, such as enhancement in AI technologies and use of mobile devices. Enterprises highly adopt all these advancements.
APAC is expected to grow at the highest rate during the forecast period
The personal cloud market in APAC is expected to grow at the highest CAGR during the forecast period, as the large-scale penetration of mobile devices is enhancing data generation activities, leading to greater demand for storage services such as personal cloud. China, Japan, and India have emerged as undisputed leaders in the personal cloud industry.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the personal cloud market.
- By company type: Tier 1: 42%, Tier 2: 38%, and Tier 3: 20%
- By designation: C-level: 40%, Directors: 35%, and Others: 25%
- By region: North America: 35%, Europe: 27%, APAC: 23%, and RoW: 15%
Major vendors offering personal cloud solution across the globe are Google (US), Microsoft (US), Apple (US), Dropbox (US), AWS (US), Box (US), Seagate (US), Western Digital (US), Synchronoss (US), Egnyte (US), Buffalo Technology (Japan), Funambol (US), SugarSync (US), D-Link (Taiwan), ElephantDrive (US), ownCloud (Germany), Cloudike (US), SpiderOak (US), pCloud (Switzerland), and Tresorit (Switzerland).
The study includes an in-depth competitive analysis of the key players in the personal cloud market, with their company profiles, recent developments, and key market strategies.
The market study covers the personal cloud market size across segments. It aims at estimating the market size and growth potential of this market across different segments, namely, revenue type, user type, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall personal cloud market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.