According to the latest report by IMARC Group, titled "Personal Cloud Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global personal cloud market exhibited strong growth during 2015-2020. Personal cloud is a local network-attached storage (NAS) cloud facility that is widely used for facilitating file storage and sharing among the employees within an organization. It is used for storing personal or professional data in the form of videos, photos and documents. It is utilized for safeguarding crucial business documents while enabling synchronization of sensitive data with multiple devices, such as tablets, smartphones and personal computers. Apart from this, these solutions are an assembly of digitally stored services and information that can be remotely accessed in a convenient manner. As a result, they are increasingly utilized in small and medium enterprises across various end use industries.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Personal Cloud Market Trends:
The global market is majorly driven by the rapid digitization across numerous industries. Coupled with the rising trend of remote working and bring your own devices (BYOD), this is expected to provide a boost to the market growth. Moreover, the widespread preference for cloud-based data recovery systems across small and medium organizations across the globe is also creating a positive outlook for the market. The market is further driven by the increasing popularity of social media platforms among the masses, which has provided an impetus to the demand for personal storage systems for storing data that can be accessed across several devices. Apart from this, continual technological advancements in the market have led to the rising preference for Cloud as a Service (CaaS) business models that offer enhanced flexibility, improved productivity and reduced infrastructural costs, thereby creating a positive outlook for the market. Some of the other factors contributing to the market include significant growth in the information technology (IT) industry, the proliferation of high-speed internet connectivity and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of around 23% during 2021-2026.
- On the basis of the revenue type, the market has been divided into direct and indirect.
- Based on the hosting type, the market has been classified into service providers and consumers.
- On the basis of the end user, the market has been bifurcated into individuals and enterprises.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Amazon Web Services Inc. (Amazon.com Inc), Apple Inc., Barracuda Networks Inc, Box Inc., Buffalo Americas Inc, Dropbox Inc., Egnyte Inc., Google LLC (Alphabet Inc), Microsoft Corporation and SpiderOak Inc.
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