Between this year and 2020, it has been estimated that the Personal Cloud market will have an annual compound growth rate of 33.1 per cent. If this is the case, it should reach a staggering $89.9 billion within the next five years.
There are many changes happening in the use of global technology with the workplace becoming less traditional and more virtual. These changes are business led, as employers utilise Personal Cloud storage as solutions to work problems. The new report, entitled World Personal Cloud Market- Opportunities and Forecasts, 2014-2020, emphasises that it is increased customer awareness of just how useful personal cloud services are that is driving growth rates.
Even though there will be European and US increases, this will be overtaken by the Asia-Pacific region, with the latter making up around two-fifths of the market share, by the beginning of the next decade. With technology for smartphones, mobile devices and tablets boosting the growth in the personal cloud market, the study highlighted that it is now individuals that dictate corporate network growth.
The study by Allied Market Research claims that the Personal Cloud will become crucial for lead generation, and many other indirect marketing methods. The result could create many new business opportunities. The Asia-Pacific growth rate has been anticipated because of consumer behaviour that is different from the US and Europe. This is an entirely different virtual environment, with a higher usage of multimedia devices and traditionally faster broadband speeds.
The report concluded that because of affordable smartphones, there is now a high demand in the business and private sector for storing personal data using Cloud platforms. These days, with secure and improved features, the cloud has become less of an ‘ominous proposition’, concluded the report.