Personal Cloud Will be a $90 Billion a Year Business by 2020

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A new report published by Allied Market Research entitled “World Personal Cloud Market – Opportunities and Forecasts, 2014-2019” claims that the personal cloud market will be worth $89.9 billion dollars by year 2020. Allied cites a compound adjusted growth rate (CAGR) of 33.1% during the next 5 years for personal cloud.
While everyone within tech circles knows about the cloud, consumers have heard about the cloud but they may not know how they can make the cloud work for them. With sophisticated apps being produced for mobile devices, the need for a personal cloud storage solution becomes a necessity to mobile users.
You would think that North America would lead the world in personal cloud storage consumption going forward. Allied Market Research has discovered that this may not be the case. In fact, if the personal cloud storage business keeps expanding rapidly in Asia. The Asian Pacific region will become the world market leader in personal cloud storage consumption by utilizing nearly 40% of the total market share.
Solutions for businesses in the personal cloud storage arena have been on the market for quite sometime. Small businesses such as freelancers or other one or two person agencies are expected to contribute to the largest group of personal cloud storage solution adopters between 2015 and 2020. While consumers will take up nearly 60% of the total personal cloud market share, small business will experience a compound adjusted growth rate of 35%.
Another driver for growth within small businesses and personal cloud is the adoption of BYOD policies for workplaces. While more organizations sign on to the idea of end users bringing their own mobile devices onto the company network, businesses will become more supportive of personal cloud hosting solutions for specialty apps.
Allied Market Research provides key insights for tech investors, entrepreneurs and visionaries. Allied’s website provides reports on cloud services, colocation, data centers and more.