Consumer Cloud Storage Services Will Increase In the Next Decade

Persistence Market Research (PMR) has published a report entitled “Consumer Cloud Storage Services Market” that offers an analysis of the industry from 2013 to 2017 and predicts some of its developments over the next eight years. Cloud storage services help users store data securely and gain access to it from any device. According to the report, the adoption of consumer cloud storage services is increasing due to an increase in the amount of data generated by users.
 
The report also predicts that the cloud storage services market will grow at a compound annual growth rate of 14.9 percent during the forecast period. The market was valued at $912.6 million in 2017 and is projected to reach $ 3.0712 billion by 2026 due to an increase in the availability of HD video content.
 
In the report, PMR segmented the market based on storage tier, user age, and region. By storage tier, the market is sub-segmented into 50-GB to 999-GB users, 1-TB to 9.99-TB users, and over-10-TB users. Due to an affordable pricing structure, the 50-GB to 999-GB sub-segment was valued at $487.7 million in 2017. This sub-segment is also projected to grow with a double-digit growth rate during the forecast period.
 
Furthermore, the usage of social media sites is very high in developed countries such as the United States, the United Kingdom, Germany, and Canada. These sites are getting multimedia-heavy day by day, which is motivating users to create more content such as videos and photos. Due to this, the 1-TB to 9.99-TB sub-segment is expected to create opportunities for storage vendors.
 
Major areas of focus for cloud service providers include collaboration tools and third-party integrations. Because of this, the 18 to 40 age segment is projected to hold a market share of more than 70 percent at the end of 2018. Moreover, this segment is expected to grow at a relatively higher compound annual growth rate as the demand for cloud storage services grows rapidly in India, the United Kingdom, and China.
 
In addition, the North American market is expected to dominate due to advancements in next-generation communication and cloud technologies in the county. The region has witnessed the widespread deployment of smartphones and virtual storage technologies in the past couple of years. These factors will fuel market growth. The cloud storage services market also has high potential in Europe. This results from major technological advancements in the telecommunication industry and an increase in the European mobile workforce. Long-term contracts with business partners are likely to increase revenue in these regions as well.
 

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