The market for consumer cloud storage services is foreseeing a huge expansion owing to factors such as increasing demand for virtual data storage rising quickly in several nations, such as China, the U.K., and India, because of a continuous rise in various mobile workforces. Expansion in various mobile devices, rapidly increasing generation of user data in several developing nations and the rising penetration & adoption of the Internet are speedily boosting the utilization of these advanced services. Growth in the progressions in mobile communication technologies is also one of the major indicators promoting the market growth. In addition, the deployment of 5G networks and the existence of next-generation cloud technologies all over the world are in addition a few of the aspects pushing the market for consumer cloud storage services.
The global market is projected to expand at a 15% CAGR over the assessment period. In 2017, the market for consumer cloud storage services was estimated at US$ 913 Million and is likely to expand significantly to touch US$ 3,072 Million through 2026 because of a rise in the accessibility of HD video content all over the world.
North America is anticipated to lead the worldwide market for consumer cloud storage services because of progressions in next-generation communication technologies in the nation. Additionally, the region has foreseen the far-flung deployment of cloud technologies over the recent years. These indicators are pushing the market growth for the consumer cloud storage services in North America. The Europe market has also high potential on account of foremost technological progressions in the telecommunication sector along with a rise in the mobile workforce in some nations of the region.
The consumer cloud storage services can be stored into >= 10 TB, 1 TB – 9.99 TB, and50 GB-999 GB. Of these, the 50 GB-999 GB is indicated to expand at a comparatively higher CAGR and gain maximum share in the global market. Also, the utilization of social media sites, for instance, Twitter, YouTube, and Facebook are steep in emerged nations and these sites are becoming multimedia-heavy gradually that is motivating users to generate more content, for example, photos and videos. With these aspects, the 1 TB – 9.99 TB category will also generate potential prospects for the vendors. Since multimedia content is nowadays being accessed via subscription services by numerous users, the providers are anticipating new possible employments with data stored on the cloud.
In terms of the age of users, the global market is categorized into>40 years, 18-40 years, and < 18 years. Of these, the 18-40 years category is likely expand at a comparatively higher CAGR for the duration of the forecast.
The foremost companies active in the worldwide market are Google (Alphabet Inc.), Apple Inc., Dropbox Inc., Box, Inc., Microsoft Corporation, Amazon Web Services (AWS), Hubic (OVH), Sync.com Inc., pCloud AG, Mediafire and others.