Personal Cloud storage has been efficient for storing data, During the forecast period, the Personal Cloud Storage Market size is expected to register a CAGR of 37.6% during the review period, 2020–2027.
The market is showing its excellent growth speed due to the driving force. The higher need for mobility is accelerating the demand of the Personal Cloud Storage Market. The global demand is increasing diversely in prominent regions. The industrial verticals are utilizing cloud storage systems for storing large amounts of data. The growth of industry verticals such as the IT sector is highly driving the market.
During the pandemic period, the Cloud Storage Market has noticed a steady growth rate. Due to the lockdown, people preferred to stay at home and work remotely. The data consumption and the requirement for data storage were highly propelled during this period. Most industries prefer to use cloud storage systems for securely storing data. These factors have accelerated the market’s growth rate. The pandemic period has brought up good growth opportunities for the market. It is estimated to continue its growth performance consistent in the post-pandemic period.
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The Cloud Storage Market is segmented into major segments such as the components, verticals and deployment methods.
The component segment of the market is fragmented into solutions and services. The solution segment has data archiving, cloud storage gateway, backup storage, disaster recovery, and primary storage. While the service segment is subdivided into support and maintenance, training and consulting, migration and cloud integration, and managed services.
The vertical segment of the market involves industrial verticals such as travel and hospitality, education, BFSI, healthcare industry, e-commerce and retail, IT and telecommunication, government, and others. The cloud deployment model consists of private cloud, hybrid cloud, and public cloud.
According to the geographical report, the Cloud Storage Market covers major regions such as the North American region, Europe, Asia Pacific and the rest of the world.
The North American region occupies the largest market share due to the higher investment in cloud-based solutions. The increased rate of adoption of advanced technologies is accelerating the market.
The Asia Pacific region will also show a good growth rate in the forecast period due to its consistent growth performance and the wide usage of cloud storage systems in various sectors.
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Google has announced the launch of BigLake, and it is a new and advanced data lake storage engine. It makes it easier for enterprises to analyze the data in data warehouses and data lakes.
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