Consumer Cloud Storage Services Market Expected to Account for CAGR 14.9% by 2020May 5, 2021
Persistence Market Research (PMR) recently published a report titled “Consumer Cloud Storage Services Market – Global Industry Analysis 2013-2017 and Forecast 2018-2026.” The adoption of consumer cloud storage services by is increasing owing to an increase in the amount of data generated by users. Consumer cloud storage services help users store data securely and gain access to it at any point in time from any device. These devices include smartphones, PCs, and tablets. The global consumer cloud storage services market is expected to grow at a CAGR of 14.9% during the forecast period. The consumer cloud storage services market was valued at US$ 912.6 Mn in 2017, and is projected to grow significantly to reach US$ 3,071.2 Mn by 2026 due to an increase in the availability of HD video content across the globe.
In this report, PMR has segmented the global consumer cloud storage services market on the basis of storage tier, user age, and region. By storage tier, the market is subsegmented into 50 GB-999 GB, 1 TB – 9.99 TB, and >= 10 TB. Due to an affordable pricing structure, the 50 GB-999 GB subsegment was valued at 487.7 Mn in 2017. The 50 GB-999 GB subsegment of the consumer cloud storage services market is also projected to grow with a double-digit growth rate during the forecast period. Furthermore, the usage of social media sites, such as Facebook, YouTube, and Twitter, is very high in developed countries such as the U.S., U.K., Germany, and Canada. These sites are getting multimedia-heavy day by day, which is motivating users to create more content such as videos and photos.
With these factors, the 1 TB – 9.99 TB subsegment is also expected to create potential opportunities for the vendors of consumer cloud storage services. As multimedia content is now being accessed through subscription services by a large number of users, cloud service providers are looking for new possible usages with data stored on the cloud. Major area of focus for several cloud service providers are collaboration tools and third-party integrations.
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Owing to this, the 18-40 years segment, a subsegment of the “by user age” segment, is projected to hold a market share of more than 70% at the end of 2018 in the global consumer cloud storage services market. Moreover, the 18-40 years subsegment is expected to grow at a relatively higher CAGR as the demand for consumer cloud storage services is growing rapidly in various countries such as India, U.K., and China. Due to a continuous increase in the number of mobile workforce, the 18-40 years subsegment is also expected to witness a high growth rate during the forecast period.
On the basis of geography, the North America consumer cloud storage services market is expected to dominate the global consumer cloud storage services market due to advancements in next-generation communication and cloud technologies in the country. The region has witnessed the widespread deployment of smartphones and virtual storage technologies in the past couple of years. These factors are fuelling the growth of the consumer cloud storage services market in North America. The consumer cloud storage services market has high potential in Europe owing to major technological advancements in the telecommunication industry and increase in the number of mobile workforce in various countries of the region.
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According to PMR analysis, long-term contracts with business partners are likely to increase revenue and new innovation strategies are estimated to enable the vendors of consumer cloud storage services to reach new growth markets. Some of the market participants in the global consumer cloud storage services market report include:
- Apple Inc.
- Google (Alphabet Inc.).
- Box, Inc.
- Dropbox Inc.
- Amazon Web Services (AWS)
- Microsoft Corporation
- Sync.com Inc.
- Hubic (OVH)
- pCloud AG