Personal Cloud Market growing at a CAGR of 24.6% and to hit $161.39 billion by 2027
WILMINGTON, DE, UNITED STATES, September 20, 2024 /EINPresswire.com/ — According to the report, the global private cloud market size was pegged at $26.80 billion in 2019, and is projected to reach $161.39 billion by 2027, growing at a CAGR of 24.6% from 2020 to 2027.
Increased in demand for fast and real time access to diversified data, surge in need for disaster recovery, and growing trends of BYOD and mobile workforce trends have boosted the growth of the personal cloud market. However, data security and privacy issues hamper the market. On the contrary, bridging the connectivity and accessibility gap in developing economies would open new opportunities in the coming future.
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The personal cloud market across North America held the largest share in 2019, accounting for more than one-third of the market, owing to the majority of leading technology giants such as Apple and Google are heavily investing in developing personal cloud solutions in this region. However, the global private cloud market across Asia-Pacific is anticipated to portray the highest CAGR of 27.0% during the forecast period, due to growing adoption of mobile devices such as smartphones, laptops along with awareness regarding personal cloud services.
Major market players
Apple Inc.
Microsoft Corporation
Google Inc.
Dropbox Inc.
Amazon Web Services Inc.
Copy (Barracuda Networks Inc.)
Egnyte Inc.
Box Inc.
SpiderOak
Buffalo Inc
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In the recent years, increasing awareness among individuals for personal cloud services has provided lucrative opportunities for service providers. Moreover, the other segments such as small and medium sized business groups, have increasingly focused on mobile workforce to gain a leading edge over their competitors. Mobile workforce in conjunction with their personal mobile devices have assisted in improving the productivity of their organizations. Personal cloud models are hosted in two ways: user premises or provider premises. User hosting requires hardware devices to be deployed at the home/office of the users; whereas, provider hosting does not require hardware support, as the data is stored at the data centers of the service providers.
Key Findings of the Study:
By revenue type, the direct segment dominated the personal cloud market forecast. However, the indirect segment is expected to exhibit significant growth during the forecast period in the personal cloud industry.
Depending on hosting type, the service providers industry generated the highest revenue and dominated the personal cloud market share in 2019. However, the consumers sector is expected to witness a considerable growth in the near future.
Depending on end user, the enterprises industry generated the highest revenue in 2019. However, the individuals sector is expected to witness a considerable growth in the near future.
Region wise, Asia-Pacific is expected to witness significant growth in terms of CAGR in the coming years. Moreover, North America dominated the personal cloud market in 2019 in terms of revenue.
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