Global Consumer Cloud Storage Services Market was Estimated to be US$ 1,251.2 Mn in 2018 and is Expected to Reach US$ 4,231.9 Mn by 2027 Growing at a CAGR of 14.5% Over the Forecast Period, Says Absolute Markets Insights

Some of the players operating in the global consumer cloud storage services Apple Inc., Box Inc., Google, LLC, Microsoft, Dropbox Inc., pCloud AG, and Sync.com, Inc. among others.

PUNE, India, Feb. 27, 2020 /PRNewswire/ -- The global consumer cloud storage services market is expected to gain significant traction owing to the increasing penetration of smartphones and smart devices that leverages cloud storage services for data backup and recovery. An escalation in the data moving across network is among the key factors, which is expected to propel the consumer cloud storage services market. According to an analytical report published by Telefonaktiebolaget LM Ericsson, North America accounted for nearly 8.6 gigabytes (GB)/month of data traffic per smartphone, followed by Northeast Asia (7.9 GB/month), China (7.2 GB/month), and India (6.8 GB/month). The advent of 4G technology is enabling individuals as well as businesses to gain faster access to the internet, thereby allowing them to store files and documents on-the-go. Businesses are using cloud storage services as primary backup by using cloud gateways to backup directly to the cloud. Some of these direct cloud backup applications include an option for IT to keep a copy of high priority data on-premises for immediate recovery as needed. Growing online cloud data consumption is enabling individuals and businesses to consume data from the cloud for their personal as well as workplace uses, allowing them to manage their personal and professional data. Thus, such factors are anticipated to increase the penetration of smartphones among individuals and workplaces to efficiently manage their data and impel the consumer cloud storage services market.

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Service providers in the consumer cloud storage services market are offering paid as well as partially paid services to individuals and workplaces owing to the increasing use of smartphones for data transfer, backup, and storage within businesses. In addition, the explosive growth in unstructured data is pushing service providers to offer newer cloud storage models in order to allow end-users to consume available data. For instance, in 2018, pCloud AG announced a new 2TB lifetime family plan that offers lifetime license to pCloud Crypto for families with up to 5 members. Similarly, in 2019, Apple, Inc. collaborated with Microsoft to create a new iCloud drive for windows applications. The iCloud drive allows the users to access files, photos, emails, videos and other information from their iCloud account, smartphones or PC. Therefore, such considerations are anticipated to contribute in the growth of the consumer cloud storage services market during the forecast period.

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The detailed research study provides qualitative and quantitative analysis of global consumer cloud storage services market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

Key Findings of the Report:

  • In terms of revenue, global consumer cloud storage services market was evaluated at US$ 1,251.25 Mn in 2018 and is expected to reach US$ 4,231.94 Mn by 2027 with a CAGR of 14.5%.
  • On the basis of service plan, the partial paid segment accounted for the largest market share in 2018 and it is expected to account for highest CAGR during the forecast period.
  • Based on region, North America held for the largest market share in 2018. However, Asia Pacific is expected to be the fastest growing region over the forecast period.
  • Some of the players operating in the global consumer cloud storage services Apple Inc., Box Inc., Google, LLC, Microsoft, Dropbox Inc., pCloud AG, and Sync.com, Inc. among others. 

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Global Consumer Cloud Storage Services Market:

  • By Service Plan
  • By Access Medium
  • By Geography

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SOURCE Absolute Markets Insights