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PERSONAL CLOUD MARKET REPORT OVERVIEW

Global personal cloud market size was anticipated to be worth USD 2632.49 million in 2024 and is expected to reach USD 21489.76 million by 2033 at a CAGR of 26.1% during the forecast period.

Personal cloud, also known as mobile cloud, is a local area network attached storage (NAS) cloud service used to store and share personal or professional data such as videos, photos and documents. It is often used by individuals, small businesses and organizations to collect digitally stored services and information that can be accessed remotely. It synchronizes or shares sensitive data between devices such as tablets, computers and smartphones. It includes cloud storage for network and server devices. They eliminate the need to store data on hardware and offer more storage, cost efficiency and consumer accessibility.

A rapidly growing population of technology accounts has recently led to a significant increase in demand for cloud services, which has led to the promotion of the private cloud services market. The increasing use of camera-based devices such as tablets and smartphones has created a huge demand for a secure platform to store digital content, leading to the creation of a private cloud platform. Personal cloud services facilitate file sharing and storage between companies and employees who have embraced the BYOD trend, which could boost the private cloud market.

COVID-19 IMPACT

"Market Growth Restrained by Pandemic due to Supply Chain Disruptions"

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

In the global personal cloud market, sales have decreased slightly in the short term due to restrictions imposed by governments to prevent the spread of COVID. However, increased demands for data analysis and clinical insight and high spending on cloud-based application development and ERP solutions amid the COVID-19 pandemic are creating revenue opportunities for cloud service providers. Various scenarios were analyzed based on inputs from various secondary sources and available information about the situation.

LATEST TRENDS

"Proliferation Of Smartphones And Tablets Leading Market Expansion"

The proliferation of smartphones and tablets has increased the use of mobile devices in the workplace. Companies also support the use of mobile devices in the daily work of their employees. The emerging trend of using BYOD (bring your own device) is gaining acceptance among businesses around the world. To reduce the cost of providing these devices, organizations are now encouraging the adoption of the aforementioned trend, which in turn is accelerating the growth of the personal cloud market.

PERSONAL CLOUD MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into Direct Revenues, Indirect Revenues.

• Income that is obtained from the normal operations of a business, such as the sale of goods and services to customers, is known as direct income. It will be credited to the merchant account.

• Indirect income means income from sources other than the core business of your business.

By Application

Based on application the global market can be categorized into Individual, Small Enterprises, Medium Enterprises.

• Medium enterprises have a significant impact on the personal cloud market, driving demand for advanced features, enterprise-grade security and scalable solutions adapted to the complexity of large organizational structures.

• Unlike individual consumers or small and medium-sized businesses, medium enterprises operate on a massive scale, which requires personal cloud services that can accommodate large data storage, sophisticated collaboration tools and strict security measures.

• The role of large companies in shaping the Personal Cloud Market is characterized by their ability to set high standards of performance, security and customization.

DRIVING FACTORS

"Increasing Data Breaches In The Banking Sector Will Boost The Market Growth"

Increasing data concerns in the banking sector are forcing banks to adopt cloud storage, which allows personal data or data to be stored for a third party or in a space managed and owned by the bank. This improves the security of the end user's data. This is expected to increase the adoption of personal cloud storage during the forecast period.

"Increased Demand For Data Storage The Market Is Experiencing Market Growth "

More and more people are looking for storage solutions for their photos, documents, folders and files, increasing the need for data storage. Cloud technology has provided flexible and cost-effective storage options to businesses of all sizes. The personal cloud has also emerged as a way for organizations to reduce costs, improve flexibility, and IT capabilities. Data is now used for personal and professional purposes, which underlines the importance of data protection. Cloud storage is in high demand, and many providers offer unlimited storage options. The need for real-time data access, data sharing, cost-effective storage solutions, data backup and data loss protection has increased the demand for personal cloud services. In addition, increasing data generation, digital contingency planning and implementation of disaster recovery strategies are key drivers of the market CAGR.

RESTRAINING FACTORS

"Security Issues May Hamper The Market Growth"

High safety and security issues of these software solutions along with high startup costs and lack of technological awareness in developing economies will restrain the personal cloud market during the forecast period. Lack of interoperability is the most important challenge to personal cloud market growth.

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PERSONAL CLOUD MARKET REGIONAL INSIGHTS

"North America to Dominate the Market due to its Strong Presence In Industries "

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

North America dominates the personal cloud market share in terms of revenue due to its strong presence in industries with good end users and established vendors. In addition, widespread adoption of cloud storage solutions is driving market growth in this region. The Personal Cloud Market in North America has emerged as a dynamic and influential force shaping the way people manage and access their digital content. The main contributors are the United States and Canada, as most of the largest companies in the Personal Cloud Market are based in these countries. The region's strong technological infrastructure and high digital adoption have fueled the growth of personal cloud services, which include solutions for storing, synchronizing and sharing personal data. As North American users rely more and more on smartphones, tablets and other connected devices, they are looking for seamless and secure ways to store and access photos, videos, documents and other files. Personal cloud services provide individuals with a convenient and user-friendly platform for remote storage of their digital assets, allowing them to easily retrieve and share information across multiple devices.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The personal cloud market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Top Personal Cloud Companies

• Apple (U.S.)
• Microsoft (U.S.)
• Google (U.S.)
• Amazon Web Services (U.S.)
• Seagate (Ireland)
• Dropbox (U.S.)
• Egnyte (U.S.)
• Buffalo Technology (Japan)
• Sugarsync (U.S.)

INDUSTRIAL DEVELOPMENT

January 2021: Microsoft and global travel technology company OYO have announced a multi-year strategic alliance to jointly develop next-generation travel and hospitality products and technologies. OYO uses Microsoft Azure as a key enabler to power cloud-based innovation and revolutionize the restaurant and travel technology industries.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.