Personal Cloud Market worth $73.4 billion by 2024
Posted: Apr 10, 2021
According to the new market research report " Personal Cloud Market by Revenue Type (Direct Revenue and Indirect Revenue), User Type (Enterprises and Consumers), and Region (North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America) - Global Forecast to 2024", global personal cloud market size is expected to grow from 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 proliferation of digital content and upsurge in internet usage are some of the major factors driving the growth of the market.
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The direct revenue segment is expected to account for a higher market share during the forecast period
In the personal cloud market, generally, players follow the freemium pricing model for a trial period. Direct revenues in the personal cloud market consist of revenues generated from the subscription being offered to consumers and other enterprises. The direct revenues are also generated from the sale of Network-Attached Storage (NAS) devices. The major part of direct revenue comes from North America and Europe, as users in these regions follow subscription-based pricing for easy access. In the coming 5 years, most of the users are expected to start using paid services with the rise in the demand for personal cloud services.
The consumer segment to grow at a higher CAGR during the forecast period
Technological advancements have completely revolutionized the cloud offerings to customers, earlier available only for personal computers. The mobile devices have been recognized to be more competent in handling diverse applications. This has further given rise to the need to access personal cloud-based applications from mobile devices. The consumers, nowadays, are using a variety of personal cloud apps, which include apps for media and entertainment, travel and navigation, and healthcare verticals. The easy availability of various consumer apps that are easy to configure and deploy, secure and scalable to use, and cater to the instantaneous needs to be virtually connected all the time has facilitated the rise in mobile cloud app usage by customers.
North America is estimated to lead the personal cloud industry during the forecast period
North America is expected to account for the highest share of the personal cloud market in 2019. The region comprises developed countries, such as the US and Canada, and is considered the most advanced region in terms of adoption of advanced technologies. The North American region exhibits a wide presence of key industry players offering personal cloud solutions and services, and its financial position enables it to invest majorly in leading tools and technologies for effective business operations
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), ASUS Cloud (Taiwan) and Tresorit (Switzerland) are some of the leading companies operating in this market.
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