Online Cloud Storage Systems to Account for Over 4 in 10 Global Sales: Fact.MR Study
Published : 23 Sep 2021 Industry: Technology
As per Fact.MR, a market research and competitive intelligence provider, the global personal cloud market is anticipated to top US$ 220 Bn by 2031, surging at a CAGR of 40% over the next ten years.
Personal cloud, or mobile cloud, refers to a local network-attached storage (NAS) cloud facility used for storing and sharing personal or professional data, such as videos, photos, and documents. It is an assembly of digitally stored services and information that can be accessed remotely, and is commonly used by individuals, small businesses, and organizations.
Significant growth in the information technology (IT) industry across the globe, along with rapid digitization, is among the key factors driving the personal cloud market growth. Moreover, increasing adoption of cloud-based data recovery systems is providing a thrust to market expansion.
With the proliferating social media platforms, there is growing requirement for personal storage systems for storing data that can be accessed through multiple devices. In line with this, emergence of bring-your-own-devices (BYOD) and work from home (WFH) trends are also contributing to the growth of the market.
Organizations use personal cloud storage systems to promote file storage and sharing among employees and businesses. Additionally, various technological advancements and widespread adoption of Cloud as a Service (CaaS) business models are acting as other growth-inducing factors.
These innovations offer individuals and organizations enhanced flexibility, productivity, and reduced infrastructural costs. Other factors, including extensive research and development activities, along with increasing Internet penetration, especially in developing economies, are anticipated to drive the market forward at an astonishing pace.
Key Takeaways from Market Study
- Global personal cloud market to top US$ 220 Bn by 2031.
- Online cloud projected to reach around US$ 115 Bn by 2031.
- NAS cloud projected to record above 35% CAGR over next 10 years.
- Market in North America holds share of more than 40%.
- Market in Canada expected to reach valuation of US$ 30 Bn by 2031.
- Market in Australia to record 30% CAGR over forecast period 2021- 2031.
“Propagation of digital content, proliferation of smart & connected devices, and rising demand for cloud-based services are key factors anticipated to boost personal cloud market growth over the coming years,” according to a Fact.MR analyst
- In July 2019, Google announced the acquisition of Elastifile, a cloud storage vendor to strengthen its offering portfolio with added functionalities.
- In October 2019, Microsoft Corp, acquired Mover, a Canada-based cloud storage migration startup for strengthening its Microsoft 365 file migration capabilities.
- In November 2019, Microsoft and AT&T announced a partnership. This partnership will allow Microsoft to use AT&T’s 5G network for seamless data transfer. The strategy will allow Microsoft to further strengthen its grip over the global personal cloud space.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the personal cloud market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study divulges essential insights on the market on the basis of cloud type (online cloud, NAS cloud, server cloud, home-made cloud, and on-premise cloud), revenue (direct revenue and indirect revenue), hosting (service providers and users), and end user (consumers, enterprises, small businesses, and medium businesses), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa).
About the Technology Division at Fact.MR
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Shambhu Nath Jha
Consultant – ICT Division