According to a study published by Insure Insights, the personal cloud market is expected to grow at a CAGR of 46.1% during the forecast period. A personal cloud is a set of digital services and information that can be accessed from any location, giving the users the advantage of accessing the data. It enables users to store, edit, and synchronize the content, thereby allowing them to share data efficiently on various platforms. Typically, there are four types of personal clouds: home-made clouds, online cloud, NAS device cloud, and server device cloud. Personal Clouds offers several advantageous features, such as a capacity for more extensive storage, cheap cost, and accessibility from several devices.
Top Driver: Surge in Demand for Cost-Effective Storage and Upsurge in Smartphones
The personal cloud market is driven by the surge in demand for cost-effective storage, safety against data loss, data sharing, ease in data access, and use of portable devices. Cloud market services provide enhanced accessibility, sharing users’ data, and improved security features and storage facilities, leading to enhanced user experience and ease-of-access. The market has also driven from the augmentation of broadband connections and smartphones. It is estimated that these services shall be in demand among business customers and individuals due to data storage platforms’ requirements, leading to the rapid adoption of cloud solutions and services.
Indirect Revenue Segment to Make Crucial Contribution to Growth of Global Personal Cloud Market
The global personal cloud market can be segmented on the basis of revenue type Direct Revenue, Indirect Revenue. Indirect revenue accounted for a larger market shar owing to the huge sale of electronic devices across the globe. On the basis of user type the market is segmented into Consumer, Enterprise. The Enterprise segment account for the largest market share since the introduction of cloud survives has allowed enterprises to manage huge amount of data and store it in a feasible manner.
Rising Adoption of personal cloud services to Benefit North America Market
North America is anticipated to hold the largest market size in the global personal cloud market. Furthermore, Asia Pacific (APAC) is likely to grow at the highest CAGR in the coming years. North America is anticipated to be the leading region in terms of adopting personal cloud services. US and Canada, the developed economies of North America, there is an increase in focus on the innovations obtained from Research and Development (R&D) and technology which would help the industry to grow in the coming years. Further, the presence of major personal cloud vendors in the region to boost market growth. The APAC region is anticipated to be the fastest-growing region in the personal cloud market, due to the growth in need for advanced intelligent solutions.
Players to Focus on Expanding Applications in Complex Computing, Healthcare, Finance
The global cognitive computing market is expected to stay fragmented with the increase in the number of new entrants in the coming years. Google, Microsoft, Apple, Dropbox, AWS, Box, Seagate, Western Digital, Synchronoss, Egnyte, Buffalo Technology, Funambol, SugarSync, D-Link, ElephantDrive, Cloudike, SpiderOak, pCloud, ASUS Cloud and Tresorit among others could be at the forefront of the competition in the global cognitive computing market.
Google: In July 2019, Google Cloud made another acquisition under new CEO Thomas Kurian. The company announced that it plans to buy cloud storage vendor Elastifile. Google is trying to grow its market share in the cloud space.
Apple: In July 2019, Apple and Intel had signed an agreement for Apple to acquire the majority of Intel’s smartphone modem business. Approximately 2,200 Intel employees will join Apple, along with intellectual property, equipment and leases. The transaction, valued at $1 billion, is expected to close in the fourth quarter of 2019, subject to regulatory approvals and other customary conditions, including works council and other relevant consultations in certain jurisdictions.
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