Global Consumer Cloud Storage Services Market to Reach $2.8 Billion by 2025 – Persistence Market Research

Persistence Market Research analyzed several aspects of the consumer cloud storage services market from a global standpoint and has presented these in its new research publication titled Consumer Cloud Storage Services Market: Global Industry Analysis (2012-2016) and Forecast (2017-2025) ($4,900).

The consumer cloud storage services market research report covers various trends, opportunities, drivers and restraints influencing the growth of the global market along with regional analysis, competitive scenario and revenue forecasts. This analysis focuses on each segment and sub-segment of the global market based on which analysts have given their opinions regarding various market scenarios.
    
Forecast Analysis 
The global market for consumer cloud storage services is expected to grow at an exponential rate during the period of forecast. As per the research study, the global market is estimated to reach a valuation of more than $2.8 billion by the end of the assessment year from a value of $873 million in 2017 and is poised to register a CAGR of 15.9% during the period of forecast, 2017-2025.

Key Segmental Forecasts 
The global consumer cloud storage services market is segmented by user age, storage tier and region.

• By storage tier, the 50GB-999GB segment is the largest and is likely to dominate the global market by the end of 2025 with an estimated market value above $1,600 million. It is also the fastest growing segment.
• By user age, the 18-40 segment leads the market with a high market valuation and is poised to register a meteoric CAGR of 17.4% during the forecast period.
• By region, AsiaPac is the fastest growing region. The market in AsiaPac is projected to reflect a high CAGR of 18.6% during the forecast period. However, the consumer cloud storage services market in North America is estimated to reach a higher valuation of more than $1,200 million by the end of the year of assessment.

Dynamics Influencing Growth 
Several factors are expected to drive revenue growth of the global consumer cloud storage services market. Factors such as growth in HD videos, increasing use of social media, increasing internet penetration, higher disposable income coupled with increasing smartphone usage, increasing focus on enterprise customers to sustain personal cloud business, prevalence of multiple devices per user, affordability of cloud storage services, increasing demand for cloud storage from gamers, BYOD assisting cloud adoption, increasing usage of cloud as a secure backup and volatility of external storage devices are boosting the growth of the global consumer cloud storage services market. But the market is not devoid of challenges. Growth of subscription services, data privacy concerns, lack of awareness, free storage tiers, high penetration of external storage devices, high prices and low internet speeds are posing restraints to the growth of the global market for consumer cloud storage services

Key players are Apple Inc., Google (Alphabet Inc.), Box, Inc., Dropbox Inc., Amazon.com Inc., Microsoft Inc., Sync.com Inc., Hubic (OVH), Mediafire and pCloud.