Personal Cloud Market worth $50.8 billion by 2027, Growing at a CAGR of 19.6%: Report by MarketsandMarkets™

Chicago, Aug. 30, 2023 (GLOBE NEWSWIRE) -- The global Personal Cloud Market is projected to grow from USD 20.8 billion in 2022 to USD 50.8 billion by 2027 at a compound annual growth rate (CAGR) of 19.6% during the forecast period, according to a new report by MarketsandMarkets™.

Based on user type, the personal cloud market has been segmented into consumers and enterprises. The enterprises segment has been further divided into SMEs and large enterprises. Enterprise users account for the majority of an organization’s income rely on personal cloud services to store data, essential documents, and files. Regardless of the size of the company, file sharing is an important aspect of the business process. Businesses all over the world are grappling with the issues of handling large amounts of data and the security considerations that come with digital material. As a result, they are using personal cloud to focus on their core strengths while still ensuring data security.

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306 - Tables
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236 - Pages

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The usage of personal cloud storage is higher than ever before due to Google Drive and Dropbox. While concerns about privacy and data security continue to exist, according to a GoodFirms survey of 600+ cloud users, cloud-based internet computing is becoming the new normal. Personal cloud saves consumer data across the server, which makes the data safe. Multiple people can collaborate on a single file using cloud storage. For example, a customer can grant numerous people access to a file so that they can view and update it. The file can be accessed in real-time by the authorized individual from anywhere in the world. Given the current state of cloud innovation, consumer use of personal cloud is likely to increase in the future.

Enterprises comprise small and medium-sized enterprises (SMEs) and large enterprises. Enterprises with several employees ranging from 2 and 999 are categorized into SMEs. Those with more than 1,000 employees are categorized as large enterprises. In a world awash in organized and increasingly unstructured data, 54% of leading companies are utilizing analytics to extract insights from big data, which is allowing them to target customers and product prospects. As the focus of business decision-makers shifts from cost efficiencies in back-office systems to advances in customer interaction systems, cloud is frequently viewed as the most effective means of creating a closer relationship with customers. There is a need to access business applications from any device anywhere. And this need is driving the adoption of personal cloud among enterprises. Cloud storage platforms enable businesses to offload the costs and management burden that physical hardware entails. Enterprises use personal cloud for better accessibility, collaboration, elasticity, flexibility, and data protection.

The continuous demand for data storage, increasing volume of digital content, and demand for accessibility of cloud from anywhere and any devices are driving the growth of the personal cloud market. The huge usage of smartphones and laptops is also driving the market. Data security, privacy concerns, internet, and connectivity issues are the factors restraining market growth. The rise in the use of smart devices and the use of cloud-based services, growing trends of big data, and analytics are the opportunities of the personal cloud market. North America is estimated to be the overall leader in the adoption and implementation of personal cloud. There is steady growth in the personal cloud market in the Asia Pacific and Latin American regions due to the decreasing cost of personal cloud services and the large penetration of mobile devices across the region. The Middle East & Africa is more cautious toward its adoption due to an awareness of its benefits. Because of various variables, such as the existence of many organizations with modern IT infrastructure and the availability of technical skills, North America is the most developed market in terms of cloud computing services adoption. Due to increased digital infrastructure availability and a growth in demand for cloud computing in educational institutions, North America accounted for the largest market share in the global cloud computing market. Cisco, Google, IBM, Salesforce, Amazon Web Services Inc., and HP are some of the most well-known market participants in North America. They have been working in this sector for several years and have new technology and powerful distribution networks worldwide. 

Top Trends in global Personal Cloud Market:

• As data breaches and privacy concerns increased, people became increasingly concerned about where their personal information was held and who had access to it. Personal cloud services focused on improving encryption, security features, and data user control.
• The epidemic of COVID-19 has hastened the use of remote work and collaboration capabilities. Personal cloud solutions were utilised to store and exchange data between remote teams, allowing for easy access to work-related information and resources.
• The Internet of Things (IoT) development has had an impact on personal cloud services. People used personal clouds to store data created by IoT devices such as smart home appliances, wearables, and others.
• Some personal cloud providers provided hybrid solutions that integrated on-premise storage with cloud-based access. This gave customers more control over their data while still enjoying the convenience of cloud access.
• The increased need for personal data access across many platforms, including smartphones, tablets, and laptops, has resulted in a focus on flawless synchronisation and mobile-friendly interfaces.
• The incorporation of artificial intelligence and automation into personal cloud services was becoming more common. These technologies were utilised to help with data organisation and management, file categorization, and user experience.
• Personal cloud providers were progressively implementing end-to-end encryption techniques to ensure that only the user had access to their data, adding an extra degree of security against unauthorised access.
• Personal cloud solutions were integrating advanced search and content management capabilities to enable users rapidly discover specific files and information throughout their storage.

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Key Industry Development in global Personal Cloud Market:

• Personal cloud providers were beginning to combine AI and machine learning technology to improve user experience. This includes capabilities such as intelligent file organisation, predictive search, and automatic tagging to improve data management efficiency.
• In response to growing concerns about data privacy and security, personal cloud providers have increased their emphasis on end-to-end encryption, user-controlled encryption keys, and other methods to guarantee that users' personal data stays secure and private.
• Some providers were offering hybrid cloud solutions that integrated local storage with cloud capabilities. This gave customers more control over their data while still enjoying the convenience of cloud access.
• As remote work and collaboration became more popular, personal cloud services began to incorporate more collaboration features. Real-time document editing, sharing, and commenting were incorporated, making it easier for people and teams to collaborate on projects.
• Personal cloud providers were increasingly ensuring that their platforms were compatible with a wide range of devices and operating systems, allowing for seamless synchronisation and access across several platforms.
• As the Internet of Things (IoT) expanded, personal cloud services accommodated the storage and administration of data created by IoT devices, contributing to the creation of smart home ecosystems.
• Some providers provided additional configurable capabilities, allowing users to tailor their personal cloud settings to their preferences and needs.
• Improved search capabilities and content discovery processes were implemented to assist users in swiftly locating specific files and data within their own cloud storage.

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