The global personal cloud market is expected to register growth over the forecast period. The industry is expected to grow over the next seven years at a significant rate on account of increasing investments for technological development. Rising demand for storing and sharing personal or professional data is expected to augment the market over the forecast period. Demand for cloud computing is expected to increase with the rising population and its technology awareness among consumers primarily in Asia Pacific.
The product provides continues access to employees and keep their documents secure which encourages organizations to incorporate these services in their business. The product has wide application scope in small and medium enterprises in various end-use industries. Rising demand for personal cloud solutions and services to sync, store and share documents, files, and photos is expected to augment the market over the forecast period.
Enterprises demanding advanced solutions to expand their market are expected to install the product which in turn will augment its demand over the next seven years. Application developers are increasing product applications at low cost which is expected to drive the personal cloud market over the next seven years. Digital applications, recovery of the destroyed data, and rising data generation activities are also expected to have a positive impact on personal cloud industry demand over the next seven years.
In the enterprise sectors, bring-your-own-device (BYOD) trend is gaining acceptance which benefits the enterprises on account of improved productivity, flexibility, and reduction of the infrastructure costs. The product facilitates file storage and sharing of the data in and among numerous enterprises. However, issues regarding security and safety of stored data are expected the challenge growth over the next seven years.
The product offers storage space at the user home and data center of the service provider. The product helps users to view these documents using internet connected devices such as laptops, smartphones, and tablets. The wide use of camera-equipped devices such as smartphones and tablets has created huge product demand for secured storage of the digital content. New standards for the personal cloud industry such as fast and convenient access to stored data and sharing of information is expected to create cost-effective opportunities for market players over the forecast period.
The global personal cloud market is segmented into three depending on its use, revenue, and type of hosting. The market is segmented on the basis of use such as individual, small business, and large organizations. Individual users segment is expected to dominate the market over the forecast period. The market can also be segmented into host type including user host and provider host. The demand for user hosted cloud storage is expected to be high due to easy availability and cost-effectiveness of cloud solutions from service providers. However, provider-hosted segment is expected to dominate the personal cloud industry over the next seven years.
The rising demand for high frequency data access and data sharing, cost effective, and efficient storage and safety against data loss are expected to augment the personal cloud market demand over the next seven years. However, delivering safe data storage is one of the challenges faced by cloud service providers. Lack of consumer awareness, security concerns, and low funding are expected to challenge the growth over the next seven years.
The market is segmented into North America, Latin America, the Middle East and Africa, and Asia Pacific. North America is expected to dominate the market, while Europe and Asia Pacific are expected to experience rise in the sales over the next seven years. Major players present in the market include Apple Inc., Amazon, Microsoft Corp., Google, Dropbox Inc., Seagate, Egnyte, Buffalo Technology, SpiderOak, MEGA Ltd., D-Link Corporation, ElephantDrive, Mozy Inc., POLKAST LLC, Dell, Just cloud.com and Sugarsync.
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Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.