Storage solutions provider Western Digital Corp. (WDC - Free Report) recently introduced My Cloud solutions, a personal cloud offering.
The new WD My Cloud application can be used to store, organize and secure photos, videos, music and important documents uploaded from computers and mobile devices. These files can then be accessed from any part of the world. The content can be accessed with the help of a MyCloud personal cloud drive, which is connected to the Internet, without the payment of any monthly fee.
Additionally, the new My Cloud is also accessible through Apple’s (AAPL - Free Report) iOS and Google’s Android operating systems, which enables users to access their files via smartphones or tablets. For personal cloud storage access, My Cloud is available in 2 TB, 3 TB and 4 TB capacities, thus providing adequate storage capacity.
Priced at $149.99 for 2 TB, $179.99 for 3 TB and $249.99 for 4 TB, the 2 TB and 3 TB My Cloud is currently available at selected U.S retailers and online. The 4 TB My Cloud is expected to be available in November.
According to a recent survey by Gartner, the average household will require about 3.3 TB of storage by 2016. The growing demand requires a new storage standard and easy accessibility.
Moreover, Western Digital has been expanding its presence in the solid state drive (SSD) storage market due to sluggish demand in the PC market (which primarily relies on HDD). SSDs are now being used in servers due to the reduction in latency, which in turn helps in faster response to real-time applications. Therefore, focusing on SSDs for the enterprise segment looks like a smart move in the current scenario.
Western Digital has been acquiring companies to strengthen its SSD lineup. The company recently announced the acquisition of Virident Systems Inc. for $685 million. The acquisition strengthens Western Digital’s position in the storage market, especially compared to peers Seagate Technology (STX - Free Report) and Fusion-io, Inc.
Currently, Western Digital has a Zacks Rank #3 (Hold).