Data Center Market Research Report | USD 517.17 Billion by 2030 with a CAGR 10.5%
The data center market is segmented on the basis of component, type, enterprise size, end user and region
PORTLAND, OR , UNITED STATES, UNITED STATES, September 12, 2022 /EINPresswire.com/ — The global data center market size was estimated at $187.35 billion in 2020, and is anticipated to hit $517.17 billion by 2030, registering a CAGR of 10.5% from 2021 to 2030.
Key market players such as – Alphabet Inc., Amazon.com Inc., Digital Realty, Equinix Inc., Hewlett Packard Enterprise, IBM Corporation, Microsoft, NTT Communication Corporation, Oracle, and SAP SE.
Increase in penetration of Internet of Things and hybrid & multi cloud architecture solutions are expected to pave the way for lucrative opportunities in the industry. Rise in penetration of high-end cloud computing in enterprises and increase in investment in data center applications across the globe drive the growth of the global data center market.
Based on region, the market across North America dominated the market with major share in 2020, accounting for nearly two-fifths of the global data center market, due to the presence of a large number of data centers across the province. On the other hand, the market across Asia-Pacific is expected to witness the fastest CAGR of 14.7% from 2021 to 2030. This is owing to increasing volumes of data center traffic in countries, such as India, Australia, and China.
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Based on solution, the hyperscale segment held the highest market share in terms of revenue, accounting for more than two-fifths of the global data center market. This is attributed to surge in demand for energy-efficient and cost-effective data interruptions solutions across large and small & medium enterprises. Simultaneously, the edge segment is estimated to exhibit the fastest CAGR of 13.1% during the forecast period.
Based on component, the solution segment dominated with the largest share in 2020, holding more than three-fourths of the global data center market. This is because in order to minimize the costs associated with the operations of data centers and to maximize profits, various organizations are now adopting more scalable and efficient power and cooling data center solutions. However, the services segment is expected to cite the fastest CAGR of 12.4% throughout the forecast period, owing to increasing expenditure in data center technology.
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Impact of COVID-19 on Data Center Market –
• Surge in demand from cloud computing network solutions, during the pandemic, impacted the global data center market negatively.
• However, increase in dependency on data center across healthcare, government, and BFSI sectors has driven the market positively, thereby providing the market with a mixed impact.
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Key drivers that are propelling the growth of the market included in the report. Additionally, challenges and restraining factors that are likely to curb the growth of the market are put forth by the analysts to prepare the manufacturers for future challenges in advance.
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