MarketsandMarkets forecasts the Personal Cloud Market size to grow from USD 23.7 billion in 2019 to USD 73.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 25.4% from 2019 to 2024. The proliferation of digital content and upsurge in internet usage are expected to increase the adoption of personal cloud across the globe during the forecast period.
The direct revenue segment is expected to account for a higher market share during the forecast period
In the personal cloud market, generally, players follow the freemium pricing model for a trial period. Direct revenues in the personal cloud market consist of revenues generated from the subscription being offered to consumers and other enterprises. The direct revenues are also generated from the sale of Network-Attached Storage (NAS) devices. The major part of direct revenue comes from North America and Europe, as users in these regions follow subscription-based pricing for easy access. In the coming 5 years, most of the users are expected to start using paid services with the rise in the demand for personal cloud services.
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The consumer segment to grow at a higher CAGR during the forecast period
Technological advancements have completely revolutionized the cloud offerings to customers, earlier available only for personal computers. The mobile devices have been recognized to be more competent in handling diverse applications. This has further given rise to the need to access personal cloud-based applications from mobile devices. The consumers, nowadays, are using a variety of personal cloud apps, which include apps for media and entertainment, travel and navigation, and healthcare verticals. The easy availability of various consumer apps that are easy to configure and deploy, secure and scalable to use, and cater to the instantaneous needs to be virtually connected all the time has facilitated the rise in mobile cloud app usage by customers.
The personal cloud market includes major vendors, such as Google (US), Microsoft (US), Apple (US), Dropbox (US), AWS (US), Box (US), Seagate (US), Western Digital (US), Synchronoss (US), Egnyte (US), Buffalo Technology (Japan), Funambol (US), SugarSync (US), D-Link (Taiwan), ElephantDrive (US), ownCloud (Germany), Cloudike (US), SpiderOak (US), pCloud (Switzerland), ASUS Cloud (Taiwan) and Tresorit (Switzerland). These players have adopted different growth strategies to expand their global presence and increase their market shares. New product launches and partnerships/collaborations are some of the important strategies adopted by the major players to grow further in the personal cloud industry.
Dropbox (US) is recognized as one of the leading vendors in the personal cloud market. It is one of the leading providers of cloud storage and file sharing services to businesses and individuals globally. The company offers Dropbox service that allows users to edit files, add photos and videos from anywhere, and share these files with anyone. Dropbox, being a pure-play personal cloud provider, offers 2 GB of free cloud storage to consumers. It includes various features, such as flexible storage plans, file and version recovery, team folder manager, link permissions, smart sync, account transfer tool, third-party app integrations, live support, and others. It has a large customer base, including Fortune 100 companies, local businesses, and freelancers across the world. It focuses on organic and inorganic growth strategies. For instance, in September 2019, Dropbox partnered with BetterCloud, one of the leading SaaS operations management platforms. The partnership aimed to integrate the two platforms to provide advanced data protection and orchestration functionality for Dropbox teams. Moreover, this new offering for Dropbox customers would allow businesses to enforce custom security policies, scan content for sensitive data, and automate critical processes.
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Microsoft (US) is an American multinational technology and consulting firm. In the personal cloud market, Microsoft offers OneDrive. It is a cloud storage that users can access from any device, anywhere. It allows users to store their personal documents, images, and other important files, which can be accessed through any other device. The solution also allows users to share their pictures and other documents across platforms such as Android and iOS. It enables collaboration with updated Office 365 apps, such as PowerPoint, Word, Excel, Outlook, and OneNote, to create and edit documents from anywhere on the user’s phone, tablet, PC, or Mac. OneDrive keeps users’ personal content safe and easily recovers files after accidental deletes or malicious attacks. The company offers OneDrive Basic with 5 GB free storage for individuals. For business users, it offers 1 TB of OneDrive storage per user with 24/7 phone and web support.
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