WESTFORD, Mass., July 24,
2024 /PRNewswire/ -- According to SkyQuest, the
global Data Center Market size was valued at USD 342.06 billion in 2022 and is poised to grow
from USD 364.50 billion in 2023 to
USD 605.96 billion by 2031, growing
at a CAGR of 6.56% during the forecast period (2024-2031).
The data center market will continue to experience expanded
energy demand due to fresh technologies like artificial
intelligence and IoT. These technologies are increasing pressure on
the current grids. The market players are continually seeking new
methods to push innovation while guaranteeing that their objectives
and policies are being fulfilled. Moreover, they also are ensuring
satisfying to the mounting demand and staying sustainable in the
market.
Moreover, the growing penetration of sophisticated cloud
computing in businesses on a global scale in emerging economies is
substantially propelling the growth of the data center market.
Also, a rise in investments in the application of data centers
worldwide is projected to fuel industry growth to a certain
level.
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Data Center Market Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
USD 364.50
Billion
|
Estimated Value by
2031
|
USD 605.96
Billion
|
Growth Rate
|
Poised to grow at a
CAGR of 6.56%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Component, Type, Server
Rack Density, Data Center Redundancy, PUE, Design, Tier Level,
Enterprise Size, End User, and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Latin America, and Middle East and Africa.
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Introduction of Green
Data Centers
|
Key Market
Drivers
|
Rampant Increase in
Data Generation
|
Segments covered in Data Center Market are as
follows:
- Component
-
- Hardware (servers, enterprise network equipment PDU, and UPS),
software (DCIM, virtualization, and others), services (managed
infrastructure services, hosting services, support services, and
professional services).
- Type
-
- On-premise, hyperscale, HPC, Colocation, Edge
- Server Rack Density
-
- <10kW, 10-19kW, 20-29kW, 30-39kW, 40-49kW, >50kW
- Data Center Redundancy
-
- PUE
-
- 1.2, 1.2 - 1.5, 1.5 - 2.0, Greater than 2.0
- Design
-
- traditional, containerized, modular
- Tier Level
-
- Tier 1, Tier 2, Tier 3, Tier 4
- Enterprise Size
-
- Large enterprise, small & medium enterprises
- End User
-
- Cloud service provider, technology provider, telecom,
healthcare, BFSI, retail & e-commerce, entertainment &
media, energy, others
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Growing Penetration of Social Media and E-Commerce to Shift
Focus on the Development of the Hardware Segment
By component, the hardware segment registered for a maximum
share of the data center market owing to worldwide increasing use
of e-commerce, social media, internet of things that need expanded
data storage and better computational competency. cyclic hardware
is facing improvements in most key areas like storage facilities,
processing equipment, graphic processing, and more, which is
impelling the hardware domain.
The growth of software sub-segment is anticipated to be
fastest-growing owing to intensifying demand for cloud computing
services and virtualization. This will majorly be advantageous for
improved software solutions, assisting them to enhance their
defense services like detection of potential intruders, encryption,
monitoring, and controlling access. Moreover, with the emergence of
green data centers, the software segment will rescale to control
cooling and power intake tools. This will eventually increase the
demand for data centers, fueling the market.
Large Enterprise Domain Leads Due to Increased Operations
that Need Efficient Solutions
The large enterprise domain held the majority share of the
market in the past years since they produce and manage abundant
data from numerous sources like communications, customer
transactions, operation, and more. Moreover, the growing
implementation of cloud computing to enhance scalability, reduce
costs, and boost operations has been increasing significantly.
Hence, increasing operations worldwide along with improving
technologies is propelling the market in larger businesses.
Small and medium enterprises are projected to be the fastest
growing on the back of their increasing focus on spending on online
technologies to gain a huge consumer base and remain competitive.
Several small enterprises rely on data centers to handle customer
details, inventory, transactions, and storage solutions safely and
efficiently. They are also observed to be implementing cloud
services for improved storage, cost-effectiveness, and
infrastructure solutions. This increasing demand from small
enterprises is projected to impact the growth of the data center
market in the near future.
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/data-center-market
Telecom Segment Dominates Due to Heavy Adoption of Software
and Applications
The telecom industry registered a major share of the market
owing to the constant adoption of enhanced applications and
software available in the industry along with the formation of most
startups. In 2023, the telecom sector captured nearly 40% of the
industry share and will continue dominance due to the use of more
improved solutions that allow storing of data on a large scale.
The BFSI segment is projected to be the fastest-growing due to
heavy dependency on internet banking and increased penetration of
the online payment services and mobile wallets. Moreover, the need
for BFSI industry to maintain efficient operations for better
economic activity and trade is remarkably expanding the data center
market.
Growth of Green Technology to Favour Market Growth
2024, and further will offer thrilling technological
improvements. The world will witness AI become more integrated into
daily lives with key application areas like transportation and
healthcare. 5G networks will experience better internet speeds, and
mounting adoption, allowing for fresh potential to transform
different domains. Moreover, the focus on green technology will
rise in the coming years. Data centers will be of utmost
significance to show the business scene. Hence business owners need
to stay updated with every trend and technology, since they will
reshape the data center's future.
Related Report:
Data Center Colocation Market
Modular Data Center Market
Data Center Construction Market
Data Center Liquid Cooling Market
Software Defined Data Center Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and
Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization has expanded our
reach across North America,
Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
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SOURCE SkyQuest Technology