Personal Cloud Market Trends 2023-2028 | Industry Analysis by Revenue, Hosting and End User

IMARC Group has recently released a new research study titled "Personal Cloud Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.

Market Overview:

The global personal cloud market size reached US$ 24.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 68.7 Billion by 2028, exhibiting a growth rate (CAGR) of 18.72% during 2023-2028.

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Industry Definition and Application:

A personal cloud is a cloud computing service that is designed for individual use. It provides a secure and convenient way to store and access data, applications, and other resources from anywhere, at any time, using any device with an internet connection. Personal cloud services are becoming increasingly popular due to their ease of use, affordability, and flexibility. Personal cloud services typically include features, such as file storage and synchronization, media streaming, and backup and recovery. Users can store their files, music, photos, and videos in the cloud and access them from any device.

Personal cloud also allows users to stream their media content directly from the cloud, thus eliminating the need to download or transfer files. Personal cloud offers backup and recovery services to protect users' data in case of loss or corruption.  

What are the emerging trends in the personal cloud market?

The shift toward remote work and flexible work arrangements worldwide is facilitating the demand for personal cloud services, which, in turn, represents one of the key factors driving the market growth. These services enable users to access their files and collaborate with colleagues from anywhere and at any time. This convenience is driving the demand for personal cloud extensively across the globe, thus driving the market growth.

Moreover, growing concerns about data security and privacy have prompted individuals to seek more control over their personal information. Since personal cloud services offer enhanced security measures and privacy controls, this is contributing to market growth. Personal cloud services eliminate the need for expensive hardware and physical storage devices. By opting for cloud storage, individuals can save costs on purchasing and maintaining physical storage solutions, which is acting as another major growth-inducing factor.

Also, personal cloud services simplify data sharing and collaboration among individuals and teams. Users can easily share files, documents, and media with others, thus boosting productivity, which is fueling the market growth. The increasing availability of high-speed internet connections and improved bandwidth has made it easier for individuals to access and utilize personal cloud services thereby, infrastructure development supports market growth.

Personal cloud services provide reliable backup and disaster recovery solutions. Users can easily store and retrieve their data in the event of device failure, loss, or damage, driving the market growth of personal cloud services. Besides this, with the widespread adoption of Internet of Thing (IoT) devices, the need for centralized storage and access to data generated by these devices is becoming pivotal. Personal cloud services provide a convenient solution for managing IoT data, thereby favouring the market growth.

Personal cloud services are often designed to be compatible with various operating systems and devices, which enables users to seamlessly access their data across different platforms. This is driving the market toward growth. Other factors, such as growing popularity of multimedia content and rising awareness about the benefits of personal cloud, are creating a positive outlook for the market across the globe.

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Who are the key players operating in the industry?

The report covers the major market players including: 

Personal Cloud Key Companies: 

• Amazon Web Services Inc. (Amazon.com Inc)
• Apple Inc.
• Barracuda Networks Inc
• Box Inc.
• Buffalo Americas Inc
• Dropbox Inc.
• Egnyte Inc.
• Google LLC (Alphabet Inc)
• Microsoft Corporation
• SpiderOak Inc.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Revenue Type:

• Direct
• Indirect

Breakup by Hosting Type:

• Service Providers
• Consumers

Breakup by End User:

• Individuals
• Enterprises

Breakup by Region:

• North America
• Asia-Pacific
• Europe
• Latin America
• Middle East and Africa

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Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

f you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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This release was published on openPR.