Data Center Rack Market Expected to Reach $9.5 Billion by 2031, Fueled by Growing Demand for Scalable Infrastructure
Increased cloud adoption, demand for high-density computing, and IoT expansion drive the growth of the Data Center Rack Market.
PORTLAND, ORIGON, UNITED STATES , December 1, 2023 /EINPresswire.com/ — The concept of data center rack has gained attraction nowadays due to the increase in need for additional data storage capacity to meet the requirements of internal and external IT services. The data center rack market has emerged as a lucrative option to enhance the business continuity and to increase the existing data center capacity. Many enterprises, especially small- and medium-sized enterprises, prefer using data center rack technology rather than investing huge capital in developing their own data centers.
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Furthermore, the market is considerably concentrated with major players consuming significant market share. The degree of concentration will remain the same during the forecast period. The vendors operating in the market are taking several initiatives such as new product launches and partnership to stay competitive in the market and to strengthen their foothold in the market. In addition, companies are heavily investing in R&D activities to develop advanced data center solutions, which is opportunistic for the data center rack industry.
KEY FINDINGS OF THE STUDY:
► By component, the solution segment accounted for the largest data center rack market share in 2021.
► By rack type, the cabinets/ enclosed racks segment accounted for the largest data center rack market share in 2021.
► On the basis of data center size, the large data centers segment accounted for the largest data center rack market share in 2021.
► Depending on rack height, the 42u and below segment accounted for the largest data center rack market share in 2021.
► Depending on industry vertical, the BFSI sector accounted for the largest data center rack market share in 2021.
► Region wise, North America generated highest revenue in 2021.
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On the basis of industry vertical, the BFSI sector dominated the data center rack market size in 2021 and is expected to continue this trend during the forecast period. Increase in trend among banking and insurance firms to adopt next generation server solutions such as data center rack for their extensive business goals to ensure efficient and effective use of their servers is a major factor that drives the adoption of data center rack in the BFSI sector. However, the manufacturing sector highest growth market share in the upcoming year. The adoption of data center rack technologies in the manufacturing sector is driven by need to maintain closer control of the supply chain, increase productivity through automation, and use data processing to thoroughly manage manufacturing processes. In addition, advanced functions of modular data centers are rapidly being used to consolidate operations as well as to integrate diverse manufacturing & service functions.
Region-wise, North America dominated the market share in 2021 for the data center rack market. Adoption of data center rack growing steadily to meet increasing demands from today’s businesses to enhance their business process and improve the customer experience will provide lucrative opportunities for the market in this region. Moreover, surge in need of data analytics and low cost data storage shifting the inclination of customer service from traditional way of commercial interaction. Data center rack provides opportunities for service providers to set up service based on the latest advanced technology being developed for the data centers. However, Asia-Pacific is expected to exhibit highest growth during the forecast period. This is attributed to increasing demand of data center rack across Asia-Pacific, due to emergence of high-end technologies such as artificial intelligence, high speed 5G network and growing need of low cost and high speed data processing and data storage system and major shift toward digitization impact positively on the data center rack market forecast. In addition, the IT & telecom, BFSI as well as retail sector in Asia-Pacific is actively investing in data center rack, which is expected to drive the growth of the market.
The outbreak of COVID-19 is expected to provide numerous opportunities for the market to grow during the forecast period, due to increase in demand for higher and faster bandwidth networks attributed to remote working and rise in need to adopt next generation data processing system.
Service providers are developing their data processing and storing strategies due to the pandemic to simplify the network congestion, thereby improving user experience. Also, adoption of 5G network enables new network architecture, which provides more high speed and low cost data transfer, thus providing numerous opportunities post pandemic.
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Factors, such as shut down of educational institutions, offices, & manufacturing facilities for an indefinite period; major sports and events postponed; major shift toward work-from-home culture; and implementation of social distancing policies, have led to increasing need of technologies, which can help them to pass through these difficult times. COVID-19 has positively impacted data center service providers.
High usage of data center rack for accessibility of data and security of data during the work-from-home model resulted into significant increase in revenue in the data center rack market across the globe. Although the COVID-19 does not have major negative impact on the growth of the market, the outbreak of COVID-19 will surely provide numerous opportunities for the market to grow during the forecast period.
Key Market Players:
► Black Box
► Eaton Corporation
► Great Lakes Data Racks & Cabinets
► Oracle Corporation
► Schneider Electric
► Hewlett Packard Enterprise Development LP
► Fujitsu
► Dell Technologies Inc.
► Rittal GmbH & Co. KG
► Samsung Electronics Co., Ltd.
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