At CAGR of 24.6%, Personal Cloud Market Value to Exceed USD 161.39 Billion by 2027

The market for personal clouds was valued at $26.80 billion in 2019 and is anticipated to rise to $161.39 billion by 2027, at a CAGR of 24.6%.

Personal cloud services provide improved user data storage, accessibility, and sharing capabilities in addition to more robust security features. By providing a better user experience and ease of use, they have established new benchmarks for those using cloud computing services. Personal cloud market services have expanded as a result of the rise in social media sites, smartphone use, and broadband connections.

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The internet and social media applications as well as emergence of multi-featured, affordable smartphone devices have led to the trend of storing and accessing personal data using personal cloud platforms. Improvised secure features and personalized data storage offer an exceptional user experience. This has resulted in the increased demand for personal cloud solutions among individuals and has created growth opportunities for developing customized solutions. Aforementioned is a major driving factor of the personal cloud market growth. In addition, rise in trend of adopting Bring-Your-Own-Device (BYOD) among organizations has helped in boosting the growth of the market.

Global personal cloud market can be analyzed based on some crucial factors such as type of deployment of personal cloud, type of hosting storage system and modes of revenue generation. The global private cloud market report is analyzed on the basis of four geographical regions, which include North America, Europe, Asia-Pacific and LAMEA (Latin America, Middle East and Africa). Furthermore, the key trends and opportunities in the leading markets of each region have been provided.

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In the recent years, increasing awareness among individuals for personal cloud services has provided lucrative opportunities for service providers. Moreover, the other segments such as small and medium sized business groups, have increasingly focused on mobile workforce to gain a leading edge over their competitors. Mobile workforce in conjunction with their personal mobile devices have assisted in improving the productivity of their organizations.

Personal cloud models are hosted in two ways: user premises or provider premises. User hosting requires hardware devices to be deployed at the home/office of the users; whereas, provider hosting does not require hardware support, as the data is stored at the data centers of the service providers.

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Some of the key market players profiled in the personal cloud market analysis include Apple Inc., Google Inc., Microsoft Corporation., Amazon Web Services, Inc., Dropbox, Inc, Egnyte, Inc., Copy (Barracuda Networks, Inc.), SpiderOak, Box, Inc. and Buffalo Inc. Major players operating in this market have witnessed significant adoption of strategies that include business expansion and partnership to reduce supply and demand gap. Further, these players are anticipated to invest more in R&D activities to provide more compact and cost-effective solutions for numerous applications.

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