Advanced data storage tools have become the need of the hour, which is also driving the technology market at a superior speed. Cloud computing comes across as one of the best inventions of the 2000’s. Since the time of its invention, the cloud technology has come a long way. This growth is accredited to technological advancements, increasing popularity, applications and growing demand for cloud based services across different industrial verticals. Different types of cloud computing including private cloud, personal and government cloud have also significantly evolved over the past few years. Personal cloud market is making remarkable progress in terms of innovation and increasing applications of these services. The driving forces for this industry are expected to take it to a stable place in terms of revenue turnovers and demand and supply.
Features of Personal Cloud Based Services
Often known as Mi-Fi, personal cloud is a personal wireless router, which works with mobile wireless data signal. These routers interpret these signals into Wi-Fi. Access to information has always been an issue for digital age. Increased dependency on digital devices for information storage and sharing have given way to different problems regarding storage space and privacy of data. Accessing critical information at the right time is also becoming challenging with increasing information storage. In these conditions, cloud based services like personal cloud come in handy. Personal cloud is a relatively newer concept in the industry, but it is already making waves across various business verticals. Technological advancements also play a vital role in the current position of personal cloud market.
Segmentation in Personal Cloud Market
Basic segmentation in personal cloud market is based on the types of revenue, deployment models, hosting and different geographic regions. Provider hosting and user hosting are the two vital types of hosting available in personal cloud base services market. Revenue transfer takes place in two ways, which include direct and indirect revenues. These services are deployed across small and medium businesses (SMBs) as well as large enterprises. Geographically, the industry is divided into Europe, Asia Pacific, North America, Latin America and Middle East and Africa. Asia Pacific region also includes Japan. Analysis of all these segments clears the broader picture in terms of market trends, opportunities, threats and prospects of progress for future.
Forecasting Reports for Personal Cloud Industry
According to market research reports, personal cloud market is estimated to grow at a CAGR of over 45% within next four to five years. Reports claim that from 2013 the industry will jump on to become worth more than $43.5 billion by 2018. The market has taken remarkable leap within past two to three years, which is attributed to rising demand, advances in terms of technology and applications across different industrial verticals. Although complicated, these services are easily applicable for small and medium businesses as well as large enterprises.