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The Personal Cloud Storage market is impacted by a huge number of elements that on the whole shape its elements. One of the essential drivers is the raising interest for information storage arrangements among purchasers. As people collect huge measures of computerized content, going from photographs and recordings to reports and applications, the requirement for a solid and open storage stage becomes basic. This flood in information age, combined with the rising consciousness of information security, fills the development of the personal cloud storage market.
Mechanical progressions likewise assume a urgent part in molding the market scene. The consistent development of cloud storage arrangements, with enhancements in encryption, synchronization, and consistent mix across gadgets, draws in clients looking for effective and easy to understand storage choices. The coming of 5G innovation further upgrades the capacities of personal cloud storage, empowering quicker information move and access, which is especially pivotal for clients managing huge records and interactive media content.
The serious scene and evaluating techniques embraced by market players are huge elements affecting customer decisions. With a plenty of choices accessible, clients frequently float towards suppliers offering cutthroat evaluating, liberal storage limits, and extra elements, for example, record sharing and cooperative functionalities. The consistent development and separation in help contributions among suppliers add to an energetic and dynamic market, furnishing buyers with different choices to suit their particular requirements.
Besides, security concerns apply a significant effect on the personal cloud storage market. As clients share their touchy and personal information with these stages, guaranteeing vigorous safety efforts becomes foremost. Market players put vigorously in improving security conventions, executing progressed encryption strategies, and taking on multifaceted verification to construct trust and relieve the gamble of information breaks. The view of a supplier's dependability in shielding client information essentially impacts customer decisions, making security a vital market factor.
Unofficial laws and consistence principles likewise shape the personal cloud storage market. Rigid information insurance regulations and guidelines propel suppliers with comply to explicit norms, encouraging a feeling of trust and responsibility among clients. Consistence with worldwide information security guidelines, like GDPR, is especially essential for suppliers working on a worldwide scale. Fulfilling these guidelines guarantees legitimate consistence as well as improves the standing of the specialist co-op according to security cognizant clients.
The multiplication of cell phones and the rising pattern of remote work further add to the development of the personal cloud storage market. With clients getting to and making information on different gadgets, the interest for consistent synchronization and openness across stages rises. Personal cloud storage tends to this need by furnishing clients with an incorporated and synchronized vault for their information, working with simple access and cooperation regardless of the gadget being utilized.
Personal Cloud Storage Market Highlights:
Personal Cloud Storage Market Overview
Personal cloud storage market is a special form of cloud storage for home users to store and safe keep their personal data. Although personal cloud storage is specially designed for sharing photos, videos, and documents, the personal cloud often also provides streaming options for different multimedia files. The global personal cloud storage market is estimated to witness a gradual growth owing to the advent of modern technologies and innovations in the IT sector. The concept of cloud revolves around providing cloud storage to store data for residential users as the cloud storage is designed for storing and sharing data such as photos, documents, and videos. The Personal Cloud Storage Market is expected to register a CAGR of 19.30% during the review period, 2022–2030.
Figure 1: Personal cloud storage Market Size, 2022-2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Demand for efficient storage, increased frequency of data access, data sharing, usage of portable devices such as tablets and multimedia phones, cost-effective storage, and safety against data loss are expected to drive the market over the next few years. A low degree of awareness, credible security concerns, and a lack of funds are expected to restrain market growth. Delivering affordable and safe data storage is a challenge for cloud service providers.
The global personal cloud storage market has been segmented based on revenue type, user type, hosting type, and regions. The provider hosting type is expected to grow significantly and dominate the hosting type segment with a larger share than users hosting. Also, the individual user segment is attributed to have the highest revenue segment. However, small business deployment types would constitute the fastest CAGR during the forecast period.
Personal Cloud Storage Market Key Players
The Global Personal Cloud Storage Market is characterized by the presence of several regional and local providers. Some of the Key Players in the market are:
- Amazon
- Apple
- Seagate
- Box
- Microsoft
- Dropbox
- Engyte
- Buffalo Technology
- Sygarsync.
- Lima Technology
- Gemalto
- MEGA Ltd.
- D-Link Corporation
- ElephantDrive,
- Mozy Inc.,
- POLKAST LLC,
- Dell
Key Developments
November 2022: Dell Technologies Inc. reported that Dell PowerFlex is now available in the AWS Marketplace as part of its ongoing development of the Dell APEX business. By using the current cloud credits, customers can get mission-critical performance, resilience, scale and management of PowerFlex. This broadens its AWS data protection portfolio whereby Dell’s leading storage software offerings will be made available on public clouds via Project Alpine.
As an example, at RSA 2022 in June 2022, Cisco System introduced Everything-as-a-Service Cisco Plus for Unified Secure Access Service Edge.
“Cloud replication,” launched by Backblaze in June 2022, facilitates data storage across multiple sites. Many businesses are using B2, which is not just a simple backup solution but a framework to develop applications and services on top of it. On the other hand, this new service by Backblaze called cloud replication is meant to auto-save all customer’s data currently saved on B2.
In May 2022, Red Hat And Accenture expanded their near-12-year strategic alliance to drive enterprise-wide open hybrid-cloud innovation. The organizations have also agreed to invest in co-development of solutions required to manage smoothly through a multi-cloud/multi-hybrid world, articulate their objectives and increase their innovation intensity with a view to achieving faster value realization.
For instance, in September 2021, Microsoft and global travel technology company OYO announced a multi-year strategic alliance to co-develop next-generation travel and hospitality products and technologies. OYO will use Microsoft Azure as one of the key enablers driving cloud-based innovations aimed at reimagining hospitality and travel tech industries.
June 2021 Wisekey International Holding SA is going to launch WISeID Cloud Storage as an additional feature to the WISeID platform for digital identity & cybersecurity services. As such, users are able to store their secured files in the cloud on servers safeguarded by Swiss technologies used by WiseKey.
Similarly, in February 2021, Google Cloud and Nasuni Corporation, one of the file cloud data storage companies, partnered. The major factor that affected it was a growing demand for enterprise information storage. Using these models enables organizations to satisfy basic needs, including data security, availability and durability. This is expected to encourage businesses to adopt cloud-based data storage via their features.
Personal Cloud Storage Market Segmentation
The Global Personal Cloud Storage Market has been segmented based on revenue Type, User Type, Hosting Type, and Region.
- By Revenue Type, the market has been segmented into direct revenue and indirect revenue.
- By User Type, the market has been divided into individual, small business and medium business.
- By Hosting Type, the market has been divided into providers hosting and users hosting.
- The regions included in the study are North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.
Personal Cloud Storage Market Regional Analysis:
Geographically, the Global Personal Cloud Storage Market has been categorized into four regions, namely North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
North America dominates the personal cloud storage market owing to the advent of new technologies and increased awareness among the masses in the region. Along with North America, Europe is expected to show significant growth opportunities during the forecast period.
Asia-Pacific is estimated to grow rapidly with the highest CAGR and is expected to contribute immensely to the market revenue. The market in the Middle East and Africa is also expected to grow and its progress will rely heavily on the need for service agility and data security concerns. Similarly, the market in South America is expected to grow steadily over the forecast period.
Key Questions Addressed by the report
- What was the historic market size (2018)?
- What will be the growth rate by 2025?
- Who are the key players in this market?
- What are the strategies adopted by key players?
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