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. Personal cloud is a cloud storage platform that allows customers to access, synchronize, and share data stored in the cloud and across devices. Personal cloud services provide improved data storage, accessibility, and sharing, as well as enhanced security features. They have raised the bar for individuals to use cloud computing services by providing a better user experience and ease of use. The personal cloud market is gaining popularity across industries as there is a rise in the number of devices, which has increased the demand for high bandwidth applications with the growing use of internet services.
The Consumer segment is estimated to have the largest market size during the forecast period
Since the introduction of the internet, the computer industry has been shifting away from local to server-based storage. However, it was only with the introduction of personal storage and file-sharing services that cloud storage began to achieve popular notice and use. The drive toward the personal cloud is to complete utilization of the storage of computer or mobile as consumers can put media and documents in an online drive and share it across devices.
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The SMEs is expected to hold a higher growth rate during the forecast period
Personal cloud is undoubtedly one of the most profitable investments a small firm can make. Due to its cost-effectiveness and flexibility of use, online storage solutions for small businesses have exploded in popularity in recent years. These cloud-based storage systems are scalable and dont require a large upfront investment in physical storage equipment. Other benefits of using Cloud storage solutions include disaster recovery, increased security, and real-time data updates. Some of the key players for SMEs are Spideroak, Just Cloud, which supports third-party apps to run smoothly and efficiently. Cloud storage for SMEs has some features, such as workflow management, data management, and user management. Small business storage and backup options provide 100% data security and privacy, as well as complete customer control.
Some of the major players in the personal cloud market are Alphabet Inc, (US), Microsoft Corporation (US), Apple Inc. (US), Dropbox, Inc. (US), Amazon Web Services, Inc. (US), Box(US), Seagate Technology LLC (US), Western Digital Corporation (US), Synchronoss Technologies, Inc. (US), Egnyte, Inc. (US), Buffalo Inc. and Melco Holdings Inc. (Japan), Funambol, Inc. (US), j2 Global, Inc. (US), D-Link Corporation (Taiwan), ElephantDrive Inc. (US), ownCloud(Germany), Cloudike(US), SpiderOak Inc. (US), pCloud AG (Switzerland), Tresorit, and ASUS Cloud Corporation (Switzerland), Internxt Inc. (Spain), IceDrive, Sync.com(Canada), iDrive Inc. (US), MiMedia Inc. (US), Dracoon(Germany), and OpenDrive Inc. (US).
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Microsoft is a multinational technology corporation that manufactures computer software, consumer electronics, personal computers, and related services. The Microsoft Windows operating system line, the Microsoft Office suite, and the Internet Explorer and Edge web browsers are among its most well-known software products. The Xbox video game consoles and the Microsoft Surface lineup of touchscreen personal computers are its flagship hardware products. Microsoft has a stake in various verticals, which include Azure, Appsource, automotive, government, healthcare, manufacturing, financial services, and retail.
Apple is a multinational technology company that specializes in consumer electronics, software, and online services. It is the most valuable company in the world, the fourth-largest personal computer vendor in terms of unit sales, and the second-largest mobile phone manufacturer. Along with Alphabet (Google), Amazon, Meta (Facebook), and Microsoft, it is one of the Big Five American information technology companies. Apple has various products, such as Macintosh, iPhone, iPad, wearables, and services. Apple has an intelligent software assistant named Siri, which has cloud synchronized data with iCloud. As cloud storage solutions are becoming increasingly popular, Apple is introducing deep learning scans for facial data in photos on the user’s local device, before uploading the content to Apple’s iCloud storage system.
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