Consumer Cloud Storage Services Market Sustains Competitiveness by Adoption of Technological Innovations

Consumer cloud storage services allow users to store, download, edit, and share their media content such as videos, images, documents, and other files on the cloud. These consumer cloud storage services support more than 270 file formats and 100 languages. Consumer cloud storage services facilitate working with personal devices such as smartphones, tablets, notebooks, and others.

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, the market is sub-segmented into 50 GB-999 GB, 1 TB – 9.99 TB, and >= 10 TB. The 50 GB-999 GB subsegment is expected to grow at a relatively higher CAGR as the demand for virtual data storage is growing rapidly in various countries, such as India, the U.K., and China, due to a continuous increase in the number of mobile workforces. Moreover, the global adoption of the Internet is rapidly driving the usage of advanced consumer cloud storage services. Furthermore, the 50 GB-999 GB subsegment is also expected to capture the largest share in the global consumer cloud storage services market and is expected to create an incremental opportunity of more than US$ 1000.0 Mn between 2018 and 2026.

The 1 TB – 9.99 TB subsegment is also expected to witness high growth rates during the forecast period as the generation of user data is increasing very rapidly in various developing countries around the world. Furthermore, this segment is expected to create an incremental opportunity of more than US$ 700.0 Mn during the forecast period.

Growth in the number of mobile devices and the rising adoption & penetration of the Internet are among factors driving the consumer cloud storage services market. Owing to these factors, the >= 10 TB subsegment is projected to register a double-digit market share in 2018 in the global consumer cloud storage services market.

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Based on the age of users, the consumer cloud storage services market is subsegmented into < 18 years, 18-40 years, and >40 years. Growth in the demand for consumer cloud storage services for data storage as well as advancements in mobile communication technologies are some of the major factors promoting the growth of the market. Furthermore, the 18-40 years subsegment is expected grow at a relatively higher CAGR during the forecast period. Moreover, the presence of next-generation cloud technologies and the deployment of 5G networks across the globe are also some of the factors driving the consumer cloud storage services market.

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 technologies in the country. In addition, the region has witnessed the widespread deployment of cloud 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 an increase in the mobile workforce in various countries of the region.

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 key participants in the global consumer cloud storage services market report include Apple Inc.; Google (Alphabet Inc.) Box, Inc.; Dropbox, Inc.; Amazon.com, Inc.; Microsoft Corporation; Sync.com Inc.; Hubic (OVH) Mediafire and pCloud AG.

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