According to a new report by Allied Market Research (www.alliedmarketresearch.com), the world personal cloud market is estimated to garner revenue of $89.9 billion by 2020, registering a CAGR [compound annual growth rate] of 33.1% during 2015-2020.
Growing customer awareness is expected to boost the growth of the personal cloud services in future. Personal cloud for individuals, which is the foremost application of these solutions, would continue to lead the market in future. However, the growing demands from the Asia-Pacific region would lead to a major turnaround in the market and would constitute about two-fifths of total market share in 2020, surpassing North America and Europe.
Technological advancements in the fields of cloud computing and electronic gadgets have led to the advent of the digital era, says Allied Market Research. Increasing adoption of smartphones, tablets and other mobile devices have boosted the growth of personal cloud market owing to increasing storage requirements. Several organizations have focused on improving productivity by developing a virtualized workplace using personal cloud storage solutions.
The Internet and social media applications as well as emergence of multi-featured, affordable smartphone devices have led to the trend of storing and accessing personal data using personal cloud platforms. Improvised secure features and personalized data storage offer an exceptional user experience. This has resulted in the increased demand of personal cloud solutions among individuals and has created growth opportunities for developing customized solutions. Additionally, the growing trend of adopting Bring-Your-Own-Device (BYOD) among organizations has helped in boosting the growth of the market.
Personal cloud solutions would continue to gain acceptance among individual users as well as business groups. Individual users would continue to dominate the market, constituting around three-fifths of total market revenue by 2020. However, the small business segment would exhibit the highest CAGR of 35% during 2015-2020, accounting for nearly one-fourth of overall market revenue by 2020.
Cost-effectiveness and easy availability of cloud solutions from service providers has increased their demand over user-hosted cloud storage devices. The provider-hosted cloud solutions segment would maintain its leading position, constituting nearly 75% of the market value by 2020. The user-hosted cloud solutions would exhibit a significant improvement in terms of market share, contributing nearly 25% of total market value by 2020, growing at a CAGR of 46% during the forecast period.
