Market Overview:
Personal Cloud Market was estimated to occupy a market value of about USD 14.51 billion during the forecast period. Moreover, the market is expected to extend a value of about USD 332.20 Billion during the forecast period till 2030 with a CAGR of about 30.15%.
A personal cloud has been defined as small cloud storage of the personal and public cloud. Compared to the public cloud, the personal cloud is much more accessible and cheap that used for storing. A personal cloud can store information and file along with personal documents. The files will be well accessed from the interconnection to wherever it is present. Cloud, in general terms, can be defined as the network of services that transfers data and safely store it without any problematic conditions. Personal Cloud Market is gaining much attention as many industries seek interest in its valuable application. Cloud is also convenient for storing the data that has been edited in the online mode. The personal cloud lessens the demand for any hardware store on the cloud devices. A huge number of cloud storage manufacturers have linked with other key players in the market to produce cloud services that have already been installed, which will be helpful to running a business, and the people will get good opportunities via this initiative. These devices grasp information in a managed way with high accessibility and security features for the safety of users’ shared data.
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The environment is highly hampered due to the horrifying effect caused by the Covid-19 pandemic. The economic stage of the globe has lost its value rapidly. Difficulty also faced by the Personal Cloud Market in its growth and development. Expansion of the personal cloud market stopped flourishing during the pandemic. Value chain analysis of the market showed certain restrictions. The customers' behavior fluctuated, and it made the developmental growth of the market to be hampered and dismantled. Later the government took the initiative to safeguard the nation with certain steps.
Key Players:
Market Segmentation:
The market segmentation has been fractionated based on its type and technology. Based on the type, the market is further categorized into device cloud, online cloud, and network-attached storage cloud. Some of the classified producers of the Personal Cloud Market are Google drive and drop box. The personal cloud industry has been globally segmented into cloud type, user type, hosting type, revenue type, and regions.
Through technology, the market is classified into a broad spectrum as the increase in the number of social media platforms and digital applications are gaining prominence over the population. Broadening technological aspects are helping in storing videos, photos, and other crucial files altogether. Certain multiple devices and the advancement of modern technologies are helping the market grow splendidly.
Regional Analysis:
A mass number of people prioritizes the influential growth of the Personal Cloud Market, so the market is expected to grow vastly during the estimated period. Among the regions, North America is leading its way and holding the largest share in the market. The region has the leading manufacturers in the market. Demand for on-the-go storage facilities among the region's people is increasing the value of the market significantly. Electronic and smart devices are also boosting the growth of the market. Next, the Asia Pacific is also showing huge growth in the market due to the demand of the people. Rapid digitalization is fueling the market's growth speed and influencing other regions to adopt the facilities extensively.
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Personal Cloud Industry Developments:
January (2023): Google announced that it would be shutting down its Google Drive Quota Program, which gave users free storage space for their photos and videos. This move was met with some criticism, but Google said that it was necessary to make sure that the service was sustainable in the long term.
February (2023): Amazon launched a new feature for its Amazon Photos service called "Family Vault." This feature allows families to share photos and videos with each other, and it also includes features like facial recognition and automatic backup.
March (2023): Apple released a new version of its iCloud service that includes a number of new features, such as the ability to share files with others, and the ability to store and stream your photos and videos in high resolution.
April (2023): Microsoft announced that it would be acquiring the personal cloud storage company Box for $1.5 billion. This acquisition is seen as a way for Microsoft to expand its cloud storage offerings and compete with other providers like Google and Amazon.
May (2023): Dropbox announced that it would be raising its prices for its paid plans. This move was met with some criticism, but Dropbox said that it was necessary to make sure that the company was profitable.
June (2023): Google announced that it would be launching a new personal cloud storage service called "Google One." This service will offer a variety of storage plans, and it will also include features like family sharing and device backup.
These are just a few of the personal cloud industry developments that have happened in 2023 so far. It will be interesting to see what other developments happen in the rest of the year.
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