Although complicated, personal cloud computing is gaining popularity amongst users from different business backgrounds. Personal cloud is an effective form of data storage, which works like private cloud with additional personal control settings. Wireless networking and easy access for home consumers are the two features of personal cloud storage that make it so popular. Thanks to the numerous technological advancements, the personal cloud market is booming on global scale. Increasing use of smart phone, web and personal computers have created better business opportunities in this industry, which is aiming to double in terms of size and revenue channels.
The technology of personal cloud storage has been there on the market for several years. However, last couple of years witnesses great growth in terms of applications of this technology. According to the experts, similar trends are expected to show in the years to come. Increased applications and diversification in technology has affected the segmentation in the global personal cloud storage market. Segmentation is based on several crucial factors including the types of revenue, deployment models and types of hosting platforms. Geographical demands are also considered while gathering market trends for the cloud technology.
Direct and indirect revenue are the basic types of revenues used for personal cloud. Based on hosting platforms, the market is divided into two categories, namely, provider hosting and user hosting. Deployment of these services is ideal in different industry verticals including small and medium businesses and home users or individuals. According to geographical regions, the global industry is divided into five basis segments. These geographical segments include North America, Latin America, Asia Pacific, Europe and Middle East-Africa. All these segments need careful observation, which helps in concluding with market trends and forecasting for the businesses in the industry.
Researchers have studied the personal cloud market for forecasting trends. Based on the reports indicating market trends from 2013 to 2018, the global industry is expected to grow at a whopping CAGR of 45.61%. At this rate, the market will reach past $43.5 billion, at the end of 2018. North America and Europe will be the most dominating geographical segments, while Asia Pacific, Middle East Africa and Latin America will also record significant growth. Great fragmentation is the biggest challenge in this market. Being newly formed, the market is yet to consolidate into a regular shape, which may hinder several businesses.
Accessing the right information at the right time is also a great challenge for the established enterprises. However, increasing demands for smart phones, personal computers, USB’s, laptops and portable hard drives will increase the need for personal cloud storage. This is a great sign for the new entrants as well.