Driven by the demand for personal cloud services, the global personal cloud market is forecast to grow from $6.6 billion in 2013 to $43.5 billion in 2018, according to a new report.
The prediction represents a compound annual growth rate (CAGR) of 45.61 percent over the next five years.
Based on current adoption patterns, individual users will continue to be the largest market for personal cloud services but SMB users are also expected to adopt this service “in the near future to a larger extent,” according to the report from Markets and Markets.
With more SMBs and startups looking to the cloud for their storage needs and more control over syncing folders and files, the cloud storage market is becoming intensely competitive – with companies such as Dropbox, SugarSync, Google, Microsoft (News - Alert) and Apple forging into the cloud storage space.
In terms of geography, North America continues to be the biggest market for personal cloud services followed by Europe. However, over the next five years, Asia-Pacific (APAC) and Middle East and Africa (MEA) will experience increased market traction once proper awareness is created, according to the report, “Personal Cloud Market: Global Advancements, Business Models, Technology Roadmap, Forecasts & Analysis (2013-2018).”
A separate report from Gartner (News - Alert) validates this forecast by defining ‘personal cloud’ as a strategic technology “with the potential for significant impact on the enterprise in the next three years.”
The personal cloud will gradually replace the PC as the location where individuals keep their personal content, access their services and personal preferences and center their digital lives, Gartner said.
“It will be the glue that connects the web of devices they choose to use during different aspects of their daily lives,” the analyst firm said in a statement.
The personal cloud will entail the unique collection of services, Web destinations and connectivity that will become the home of their computing and communication activities, Gartner added.
The personal cloud shifts the focus from the client device to cloud-based services delivered across devices.
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