Cloud computing has undergone expansive transformation during the last decade with the rise in consumerization of IT and soaring digitalization trend among users. These advancements have enlarged the outreach of cloud-based services from businesses to consumers along with transforming the way data is being accessed, stored, and shared. These novel data access, storage and sync avenues have turned personal cloud imperative and cost-effective storage option over the traditional and relatively expensive hard disk drives.
The proliferation of mobile devices such as smartphone and its extensive penetration among users has escalated the data generation activities, globally. This manifold increase in data generation activities among users and the need to access this data from anywhere using any device has propelled the demand for personal cloud for real-time data access and its sharing. Additionally, the growing need to create a backup of critical data, along with provisions for data recovery and planning for digital contingency, is boosting the personal cloud adoption consideration among enterprises as well as individuals. Moreover, the Bring Your Own Device (BYOD) initiative among small businesses having budget constraints to enlarge their IT resources is supplemented, leveraging the personal cloud solutions, as it facilitates real-time employee collaboration. However, the privacy and data security apprehensions among users are constraining the market growth. Nevertheless, for cashing on this need gap, several storage vendors have started offering users premises based personal cloud devices including Network Attached Storage (NAS); users demanding full control over their data are increasingly adopting it.
The personal cloud solutions are becoming extensive, as they offer remote data access, sharing and collaboration at a minimal cost. The ongoing demand for personal cloud services has further encouraged technological progressions along with the enhanced network connectivity such as 4G and LTE to overcome the network constrictions which in turn has further accelerated its adoption consideration. The ongoing trend of lowering the prices of personal cloud services has declined the profit margins for the companies. This has encouraged them to offer enriched services that are lucrative for businesses and diversify their product portfolio to upturn their profits and remain competitive in the market. It further enlarges the prospects for technological developments and introduction of enhanced services, specifically for businesses.
In the years to come, the personal cloud providers are expected to focus on business users as they turn to be big revenue pockets along with offering superior value added services for users, supplemented by the integration of wearable technologies.
MarketsandMarkets forecasts the personal cloud market to grow from USD 12.02 billion in 2015 to USD 80.02 billion by 2020, at an estimated CAGR 46.1% between 2015 and 2020. The report analyzes the way personal cloud market evolved and exhibits its growth rate, prevailing pricing strategies, and implementation across various regions.
