Personal Cloud Market Size, Share & Growth | Forecast [2031]

Report Description

The global personal cloud market size was USD 20.8 Billion in 2022 and is likely to reach USD 104.15 Billion by 2031, expanding at a CAGR of 19.6% during 2023–2031. The growth of the market is attributed to the rising technological development investments in the cloud platforms.

Personal cloud allows employees to have continuous access to their documents whenever needed using the platforms. These systems maintain to keep the data of employees secure in the personal cloud, which motivates businesses to use these services.

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The product provides a large volume of storage space for the users and these users can browse these papers using internet-connected devices such as laptops, smartphones, and tablets. The widespread usage of camera-equipped devices such as smartphones and tablets has resulted in significant increase in product demand for safe digital content storage.

The product has a wide range of applications in small and medium businesses across a variety of industries. The bring-your-own-device concept is gaining traction in the enterprise sector due to its certain benefits such as increasing productivity, flexibility, and lowering infrastructure costs.

During the COVID-19 pandemic, the demand for advanced technologies such as cloud computing are in high demand for several applications such as analyzing patient data in the platforms used by hospitals and clinics. To manage and protect patient information with high speed and flexibility, healthcare systems require scalable and secure cloud infrastructure.

As the number of electronic health records grows, healthcare providers are turning to scalable and highly secure cloud storage options to handle a growing number of cases. The market growth is accelerated due to the pandemic.

Personal Cloud Market Trends, Drivers, Restraints, and Opportunities

• Rising demand for storing and sharing personal and professional data across several industries are driving the market.

• Rapid growth of the world population and increasing consumers’ usage of smart devices present key driving factors of the market.

• Increasing demand for advanced data storage solutions and services to sync, and share documents, files, and photographs among employees is likely to boost the market.

• Application developers who are developing product applications and making available of these products at cheap costs are another key factors fueling the market.

• Issues concerning the security and safety of stored data and users’ privacy safety are major hurdles that can hamper the market growth.

• Availability of various digital applications, data recovery, and increased data generating activities are key factors likely to create lucrative opportunities for market expansion during the forecast period.

Scope of Personal Cloud Market Report

The report on the global personal cloud market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Personal Cloud Market Segment Insights

Indirect revenue segment to expand at a considerable CAGR

On the basis of revenue types, the personal cloud market is bifurcated into indirect revenue and direct revenue.

The indirect revenue segment is projected to expand at a considerable CAGR during the forecast period due to the rising electrical equipment sale globally. Licensing, advertising, commercial partnerships with large technology providers or device manufacturers, and white-label cloud products are major examples of indirect revenue.

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Enterprises segment to hold significant share of the market

In terms of end-users, the market is divided into indirect consumers and enterprises.

The enterprises segment is expected to hold significant share of the market ascribed to meet the needs of their customers. The combination of mobile devices and cloud computing has altered corporate culture. It has also prompted businesses to approve personal cloud in large numbers in order to boost their overall productivity. The ability to access work content on one's own mobile device from anywhere and at any time has aided the growth of the segment.

North America is anticipated to constitute a key market share

In terms of regions, the personal cloud market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.

North America is expected to constitute a key share of the market during the projected period due to rising personal cloud services adoption across several businesses. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period owing to the increasing need for advanced intelligent solutions for data storage among various enterprises in the region.

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