The personal cloud market has been forecast to increase at a compound annual growth rate (CAGR) of 45.61% over the next five years, rising from a valuation of $6.6 billion in 2013, to hit a market value of $43.5 billion in 2018.
Consumers spend over $2 trillion a year on content, devices and services, and the emergence of personal clouds reflects their desire to access content on any device without complications or restrictions.
The emergence of personal clouds reflects a desire to access content on any device without complications or restrictions.
Personal cloud is a relatively new concept which offers a truly personalised experience to an individual user using cloud. In today's digital world, users are keen on storing and managing their personal data via multiple devices, while ensuring secure access to the same.
An educated guess of the total number of users of personal cloud services today is north of 500 million and counting, depending on one's definition of a personal cloud.
Regardless of the definition, however, adoption is rapidly growing, due to the increasing use of smartphones and mobile data plans, as well as the growing prevalence of 'multi-device' users (i.e., people who use multiple mobile devices, such as smartphones, laptops and Tablets), on a daily basis.
This is helping the personal cloud evolve from a nice-to-have for early adopters to a must-have for mass market business and consumer users to backup mobile data, files and rich media in the cloud, and to sync them across devices and share content with others.
Apple's iCloud is pre-installed on the iPhone and other iOS devices, and users get 5GB of free storage, with the option to buy another 10GB for $20 per year.
Similarly, Google's cloud services encourage people to use as many of its disparate services as possible, with the intent to capture user data and content in its cloud, and to lock users into ongoing use. This user-generated content can be mined for advertising, Google's primary source of revenue.
To be successful within the personal cloud industry, marketers need to pay close attention to both the strategic and tactical aspects of launching and operating the service. By applying the lessons learned to a new personal cloud, it is possible to create a highly popular and lucrative service.
For more information on the personal cloud market, see the latest research: Personal Cloud Market
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