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Consumer Cloud Storage Services Market Size, Application, Region, Growth Forecast [ 2023 - 2033 ]
Global Consumer Cloud Storage Services Market: Forecast Analysis
The global market for consumer cloud storage services is expected to grow at an exponential rate during the period of forecast. As per the research study, the global market is estimated to reach a valuation of more than US$ 2.8 Billion by the end of the assessment year from a value of US$ 873 Million in 2017 and is poised to register a CAGR of 15.9% during the period of forecast, 2017-2025.
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Global Consumer Cloud Storage Services Market: Key Segmental Forecasts
The global consumer cloud storage services market is segmented by user age, storage tier and region.
• By storage tier, the 50 GB - 999 GB segment is the largest and is likely to dominate the global market by the end of 2025 with an estimated market value above US$ 1.6 Billion. It is also the fastest growing segment.
• By user age, the 18-40 segment leads the market with a high market valuation and is poised to register a meteoric CAGR of 17.4% during the forecast period.
• By region, Asia Pacific (APAC) is the fastest growing region. The consumer cloud storage services market in Asia Pacific is projected to reflect a high CAGR of 18.6% during the forecast period. However, the consumer cloud storage services market in North America is estimated to reach a higher valuation of more than US$ 1.2 Billion by the end of the year of assessment.
Global Consumer Cloud Storage Services Market: Dynamics Influencing Growth
Several factors are expected to drive revenue growth of the global consumer cloud storage services market. Factors such as growth in HD videos, increasing use of social media, increasing internet penetration, higher disposable income coupled with increasing smartphone usage, increasing focus on enterprise customers to sustain personal cloud business, prevalence of multiple devices per user, affordability of cloud storage services, increasing demand for cloud storage from gamers, BYOD assisting cloud adoption, increasing usage of cloud as a secure backup and volatility of external storage devices are boosting the growth of the global consumer cloud storage services market. But the market is not devoid of challenges. Growth of subscription services, data privacy concerns, lack of awareness, free storage tiers, high penetration of external storage devices, high prices and low internet speeds are posing restraints to the growth of the global market for consumer cloud storage services.
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Global Consumer Cloud Storage Services Market: Competitive Assessment
The research report includes a dedicated section on competition analysis. In this section, details of major companies in the market have been slated. Key developments, trends, innovations, SWOT analysis, key financials, product portfolio analysis and strategies of key players such as
• Apple Inc.
• Google (Alphabet Inc.).
• Box, Inc.
• Dropbox Inc.
• Amazon Web Services (AWS)
• Microsoft Corporation
• Sync.com Inc.
• Hubic (OVH)
• Mediafire
• pCloud AG
• Others.
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