North America and Europe have been the biggest markets for personal cloud solutions.
The market will be driven by data generation & access, disaster recovery & contingency planning, remote access and BYOD. These factors will help the personal cloud market reach $43.5bn by 2018, rising at a compound annual growth rate (CAGR) of 45.61% from 2013 to 2018.
According to a report by Markets&Markets, market growth will be boosted by opportunities in business tie-ups with electronic device manufacturers and making personal cloud appealing to business users.
The personal cloud market is expected to grow with firms like Dropbox, Google, Microsoft and Apple.
The report said that firms have already commenced offering personal cloud services for free but overwhelming price tags have made the market become even more competitive.
North America is claimed to be the biggest market for personal cloud solutions followed by Europe, while Asia-Pacific (APAC) and Middle East & Africa (MEA) are expected to witness increased market traction over the next five years.