Personal cloud market to hit $90bn by 2020
According to the latest forecast by Allied Market Research, by 2020 the personal cloud market is expected to reach a value around $90 billion, around £58.5bn.
The report defines a personal cloud as “a cloud storage platform that enables the customers to access, synchronize and share stored data across various mobile devices such as smartphones and tablets. In this era of digitalization, there is an increasing need of storing and sharing personal data or professional data.”
The report anticipates a compound annual growth rate of 33.1% between 2015 and 2020, with growing customer awareness partly accounting for the staggering growth. The research continues to estimate that 60% of the market will comprise of individual users, with the SMB market predicted to claim nearly a quarter of revenue of the compound annual growth rate – around 35% over five years.
Provider hosted personal clouds will account for almost 75% of the full personal cloud market value by 2020. User hosted clouds are expected to grow at a compound annual growth rate of 46% – accounting for the remaining quarter.
The key growth drivers are anticipated to be:
- Flexible packages
- Affordable pricing structures
- Increased security features
Increased uptake from the Asia Pacific region is expected to contribute significantly to overall growth, representing a greater market share than North America and Europe in six years.