Market Overview
A proper data management center is necessary for every industrial sector to run smoothly. Protection, management, and storing of critical data is considered one of every department's critical tasks. The growing demand for the management of data, especially in the IT sectors, is enhancing the growth rate of the Data Center Market share. The data center is usually required to collect and maintain the software data in various companies. Due to the increased rate of urbanization, the development of many companies has been observed, and this is to continue even in the future years. This factor is propelling the demand for Data Center Market. The advanced usage of the internet and IoT technologies in remote areas is one of the major driving factors of the market.
The rise in demand of different industrial and commercial sectors sets emerging opportunities for the Data Center Market. The widespread preference for cloud security, which provides advanced security to store and protect relevant data, is a major market growth factor. The advanced features of cloud technology to restore lost data and backup features fuel up the market's growing intensity. The market is even facing restraining, and challenging factors such as the requirement of high cost in the making of the data center is showing growth limiting impact. But, through the support of key players, the market will overcome these issues.
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During the pandemic period, the Data Center Market has noticed a positive impact due to the remote working culture due to the lockdown. The data center played an effective role during the virus outbreak by storing, managing, and organizing important data. The use of cloud technology in various companies has increased at a high rate during this period.
Due to the market's consistent growth in recent years, it is estimated to witness a strong CAGR of 11% during the evolution period.
Market Segmentation
The Data Center Market is segmented into different parts based on type, density, and vertical. Under the type segment, the market is classified into corporate data centers and web hosting data centers. The corporate segment is expected to account for the largest share of the global market because of the rising demand of major companies for affordable data centers to store and protect bulk quantities of information and data. The market is categorized into low, medium, high, and extremely in the density segment based on the vertical type segment. The market is further divided into banking & financial services, telecom & IT, government, and healthcare.
Regional Analysis
According to the geographical distribution, the US Data Center Market has shown remarkable growth in various regions such as North America, Europe, and the Asia Pacific region. The North American market is receiving high demand for data centers, especially in the major countries such as US and Canada. Therefore, the North American market is estimated to hold the largest market share of the global Data Center Market. The increased adoption of multi-cloud architecture in the European region to propel the market's growth rate in the region. The wide expansion of the telecom sector is fueling up the Asia Pacific market.
Industry News
According to the recent news, Airtel Africa and Ericsson are all set to launch the data center in Seychelles. Ericsson is awarded a turnkey project to relocate and modernize its existing network and core services to a new data center in Seychelles.
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