The personal cloud market will have a compound annual growth rate of 33.1 per cent between now and 2020, by which time it will be worth $89.9 billion globally, according to a new study.
The report, World Personal Cloud Market- Opportunities and Forecasts, 2014-2020, says growing customer awareness of personal cloud services is driving the growth. Europe and the USA will be surpassed by the Asia-Pacific region as the most voracious users of personal cloud apps, with the latter accounting for two-fifths of total market share in 2020.
Advances in smartphones, tablets and mobile devices have boosted 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 2015, is cited as a major confidence builder in the personal cloud.
In turn, 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.