Market Overview:
The Personal Cloud market industry is projected
to grow from USD45.8128 Billion in 2023 to USD 377.1726 billion by 2032,
exhibitinga compound annual growth rate (CAGR) of 30.15% during the forecast
period (2023 - 2032). A personal cloud has been defined as small cloud storage of
the personal and public cloud. Compared to the public cloud, the personal cloud
is much more accessible and cheap that used for storing. A personal cloud can
store information and file along with personal documents. The files will be
well accessed from the interconnection to wherever it is present. Cloud, in
general terms, can be defined as the network of services that transfers data
and safely store it without any problematic conditions. Personal
Cloud Market is gaining much attention as many industries seek
interest in its valuable application. Cloud is also convenient for storing the
data that has been edited in the online mode. The personal cloud lessens the
demand for any hardware store on the cloud devices. A huge number of cloud
storage manufacturers have linked with other key players in the market to
produce cloud services that have already been installed, which will be helpful
to running a business, and the people will get good opportunities via this
initiative. These devices grasp information in a managed way with high
accessibility and security features for the safety of users’ shared data.
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Key Players:
Key Companies in the
Personal Cloud market include,
- JAPAN, Box Inc. of the United States
- Amazon Web Services Inc. of the United States
- Egypt of the United States
- Seagate Technology PLC
- Dropbox Inc of the United States
- Others
The environment is highly hampered due to the
horrifying effect caused by the Covid-19 pandemic. The economic stage of the
globe has lost its value rapidly. Difficulty also faced by the Personal
Cloud Market in its growth and development. Expansion of the personal
cloud market stopped flourishing during the pandemic. Value chain analysis of
the market showed certain restrictions. The customers' behavior fluctuated, and
it made the developmental growth of the market to be hampered and dismantled.
Later the government took the initiative to safeguard the nation with certain
steps.
Market Segmentation:
The market segmentation has been fractionated based
on its type and technology. Based on the type, the market is further
categorized into device cloud, online cloud, and network-attached storage
cloud. Some of the classified producers of the Personal Cloud Market are
Google drive and drop box. The personal cloud industry has been globally
segmented into cloud type, user type, hosting type, revenue type, and regions.
Through technology, the market is classified into a
broad spectrum as the increase in the number of social media platforms and
digital applications are gaining prominence over the population. Broadening
technological aspects are helping in storing videos, photos, and other crucial
files altogether. Certain multiple devices and the advancement of modern
technologies are helping the market grow splendidly.
Regional Analysis:
A mass number of people prioritizes the influential
growth of the Personal Cloud Market, so the market is expected to
grow vastly during the estimated period. Among the regions, North America is
leading its way and holding the largest share in the market. The region has the
leading manufacturers in the market. Demand for on-the-go storage facilities
among the region's people is increasing the value of the market significantly.
Electronic and smart devices are also boosting the growth of the market. Next,
the Asia Pacific is also showing huge growth in the market due to the demand of
the people. Rapid digitalization is fueling the market's growth speed and
influencing other regions to adopt the facilities extensively.
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Personal Cloud Industry Developments:
January: Dropbox announces a new feature
called "Dropbox Family," which allows up to six family members to
share a single Dropbox account.
February: Google launches a new personal
cloud service called "Google One." Google One offers more storage
space than Google Drive, and it also includes additional features such as
family sharing and offline access.
March: Apple releases a new version of
its personal cloud service called "iCloud+." iCloud+ includes new
features such as Hide My Email, Private Relay, and HomeKit Secure Video.
April: Amazon launches a new personal
cloud service called "Amazon Photos." Amazon Photos offers unlimited
photo storage for Prime members, and it also includes features such as facial
recognition and automatic album creation.
May: Microsoft launches a new personal
cloud service called "OneDrive Personal Vault." OneDrive Personal
Vault is a secure folder that can be accessed only with a PIN or fingerprint.
June: Seagate releases a new personal
cloud device called "GoFlex Home." GoFlex Home is a wireless storage
device that can be accessed from anywhere with an internet connection.
July: Western Digital releases a new
personal cloud device called "My Cloud Home." My Cloud Home is a
network-attached storage (NAS) device that can be used to store files, stream
media, and back up devices.
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