Portland, OR, Nov. 10, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global personal cloud market was valued at 26.80 billion in 2019 is expected to hit $161.39 billion by 2027, registering a CAGR of 24.6% from 2020 to 2027. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends.
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Increase in demand for fast, and real time access to diversified data, surge in need for disaster recovery, and growing BYOD and mobile workforce trends drive the global personal cloud market. On the other hand, data security and privacy issues impede the growth to some extent. However, rise in initiatives to bridge the connectivity and accessibility gap in developing economies is expected to create multiple opportunities in the industry.
Impact of COVID-19 Pandemic on Personal Cloud Market:
- The outbreak of the pandemic has led most of the organizations embrace the trend of work-from-home practice and with this drift on board, there is an increasing need of sharing and storing professional data. This factor has impacted the global market positively.
- Also, there’s been a huge demand from the corporate sector to store digital content, thereby driving the growth of the market.
Get detailed COVID-19 impact analysis on the Personal Cloud Market
The global personal cloud market is segmented across revenue type, hosting type, end-users, and region. Based on revenue type, the direct revenue segment accounted for more than three-fifths of the total market revenue in 2019 and is anticipated to rule the roost by 2027. The indirect revenue segment, on the other hand, would cite the fastest CAGR of 25.6% throughout the forecast period.
Based on type of hosting, the service provider segment contributed to more than four-fifths of the total market share in 2019 and is expected to lead the trail by 2027. Simultaneously, the consumer segment would manifest the fastest CAGR OF 26.7% till 2027.
Based on region, North America held the major share in 2019, garnering nearly two-fifths of the global market. At the same time, Asia-Pacific would portray the fastest CAGR of 27.0% from 2020 to 2027. The two other regions studied in the report include Europe and LAMEA.
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Key Market Players:
The key market players analyzed in the global personal cloud market report include Apple Inc., Google Inc., SpiderOak, Box Inc., Buffalo Inc., Dropbox Inc., Copy (Barracuda Networks Inc.), Egnyte Inc., Microsoft Corporation, and Amazon Web Services Inc. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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