Personal Cloud Market To Hit $90 Bn By 2020
The global personal cloud market is expected to top almost $90 billion in revenue by 2020, according to the latest forecast by Allied Market Research. The research firm anticipates a compound annual growth rate (CAGR) of 33.1 percent between 2015 and 2020, with growing customer awareness cited as boosting growth and personal cloud for individuals continuing to lead the market.
Individual users will comprise around 60 percent of total market revenue by 2020 according to Allied, however the SMB segment is expected to take nearly a quarter of revenue at a CAGR of 35 percent across five years. In terms of share between cloud providers and user-hosted solutions, provider-hosted personal cloud will constitute nearly 75 percent of the market value by 2020; yet user-hosted cloud is expected to grow at a CAGR of 46 percent to make up the remaining quarter.
Advances in smartphones, tablets and mobile devices have driven the growth of the personal cloud market as storage needs grow, it says. The change was catalysed by the virtualizing of the work environment as employers began using personal cloud storage as a solution to work problems, says the report.
Growth rate apart, the main finding of the study by Allied Market Research was that there has been a reversal of expectations, with individuals dictating the growth of corporate networks. In addition, the study found that the personal cloud will become a conduit for lead generation and other indirect marketing methods. These could create new opportunities and provide the potential for revenue generated through advertising. Individuals will continue to lead the personal cloud as a result of the increasing influence of personal digital content, as devices with cameras proliferate and visuals become increasingly influential in the multimedia world, says the study.
The faster growth rate enjoyed by the Asia-Pacific region is anticipated as a result of different consumer behaviour in a different computing environment. Its population has significantly higher usage of multimedia devices coupled with faster broadband networks, according to the report.
Another strong influence will be exerted by the established market players, such as Google, Apple, Microsoft and Dropbox, who are leading the market with their flexible packages and affordable pricing structure. Their advanced features and attractive app prices, such as two-factor authentication for security, have improved customer satisfaction and driven wider adoption. The addition of Dropbox’s two-factor authentication, in June this year is also cited as a major confidence builder in the personal cloud.
The research also points out that the mobile social media applications made possible by the new multi-featured, affordable smartphones created the demand for storing personal data using personal cloud platforms. Improvised secure features helped to popularise personal data storage and make the cloud a less ominous proposition, said the report.
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