The Global Market for Consumer Cloud Services is Forecast to Reach US$260.5 Billion by 2024
Rise of On-Demand Consumerism in the Entertainment and
Data Storage Space Drives Demand for Consumer Cloud Services, According to a New
Report by Global Industry Analysts, Inc.
GIA launches comprehensive analysis of
industry segments, trends, growth drivers, market share, size and demand
forecasts on the global Consumer Cloud Services market. The global market for Consumer Cloud Services is forecast
to reach US$260.5 billion by 2024, fueled
by the rise of on-demand consumerism in the entertainment and data storage
space and the resulting rise of streaming music, videos, games and cloud
storage services.
The rise of the “On-Demand” economy and
its revolutionizing influence on consumer behavior is wielding a significant
impact on the way entertainment services such as music, videos, and games are demanded,
delivered and consumed. Defined as instant fulfillment of consumer demand
through immediate provisioning of goods and services, the on-demand economy
feeds on developments in Internet infrastructure, communication technology, and
innovations in mobile computing networks and devices. Digitalization of modern
life has hardwired consumers to want things instantly, pushing the world into
the era of “instant gratification”. Ubiquitous spread of mobile devices and
anytime anywhere access to the Internet, have enabled consumers to be always
plugged-in with the digital world, thus reducing the need for waiting.
Streaming is therefore emerging as the most successful application of cloud
technology. High speed broadband
Internet has enabled movies, music and videos to stream almost instantaneously.
Digital technologies powered by the cloud and the Internet are liberating
consumers and driving the on-demand era by offering convenience, speed and
instant gratification. Growing consumer demand for higher levels of
customization of products and services, and rising preference for prompt and
rapid delivery of services are driving demand for cloud services such as streaming music,
games and videos.
With a rising percentage of the world
population currently “Motivated by Mobility” and utilizing mobile computing
devices and technologies to manage personal, social and work lives, there is growing
demand for consumer cloud storage services. To encourage widespread adoption,
service providers are repositioning their storage services on a new platform
that positions cloud storage benefits and functionalities beyond just a form of
online storage. Developments in technology and architecture now enable even synchronizing
unlimited devices, sharing, streaming of stored data, content based access, and
remote data synchronization among multiple devices. The growing prominence of cloud storage services can be put into perspective by the fact that in the
United States alone, over 70% of internet users utilize cloud storage services
in some form or the other.
As stated by the new market research
report on Consumer Cloud Services the United States represents the largest market
worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 37.8%
over the analysis period led by factors such as development of the Internet and
telecom infrastructure; digitalizing lifestyles of the middle class population
and a parallel increase in appetite for digital forms of entertainment; growing
cloud readiness of Asian economies; rising smartphone penetration and mobile
internet subscriptions largely due to falling device costs and service tariffs;
and growing consumer reliance on cloud storage for managing the data explosion triggered
by consumer IoT.
Major players in the market include Amazon.com
Inc., Apple Inc., Carbonite Inc., Deezer, Dropbox Inc., GameFly Inc., Google
Inc., Hatch Entertainment Ltd., Hulu LLC, Microsoft Corporation, Napster, Netflix
Inc., Box Inc., SugarSync Inc., Nextcloud, Pandora Media Inc., Sony Interactive
Entertainment LLC, SoundCloud Limited, SpiderOak, Spotify Ltd., Tidal, Utomik
Inc., Valve Corporation, YouTube LLC, YouTube Red, and Vudu, among others.
The research report titled
“Consumer Cloud Services: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides
a comprehensive review of market
trends, issues, drivers, mergers, acquisitions and other strategic industry
activities of global companies. The
report provides market estimates and projections for all major geographic
markets such as the USA, Canada, Japan, Europe (France, Germany, Italy, UK,
Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of
Asia-Pacific), and Latin America (Brazil and Rest of Latin America) and Rest of
World. The report also analyzes the global market by following segments - Cloud
Gaming, Cloud Music, Cloud Videos, and Cloud Storage.
Global Industry
Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.
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