Market Analysis
The global Data Center Market will grow at a 12.29% CAGR by 2023, states the new Market Research Future (MRFR) report.
The modern era of computing is defined by the explosion of data and the need to store, process, and analyze it quickly and efficiently. This has led to the rise of massive data centers that can host thousands of servers, store petabytes of data, and provide reliable and secure computing services to businesses and individuals around the globe.
At its core, a data center is simply a large facility filled with racks of servers, along with the infrastructure needed to keep them running smoothly. This includes things like cooling systems, power supplies, and network connections.
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Drivers
Remote Working Trend to Boost Market Growth
The trend of remote working will boost market growth over the forecast period. Workers are working remotely and have to rely in IoT technologies and the internet to receive and send information to their main offices from their homes.
Opportunities
Growing Construction of New Data Centers to offer Robust Opportunities
The growing construction of new data centers will offer robust opportunities for the market over the forecast period. This is due to the growing need for data storage by organizations across the world.
Besides, the emerging cloud technology in the data center is also boosting market growth. Cloud technology is highly flexible as this can be accessed with various devices and is easy for recovering the lost data. Cloud computing at the same time offers high speed that helps other businesses in growing.
Key Players
Eminent industry players profiled in the global Data Center Market report include IBM Corporation (U.S), Digital Realty Trust, Inc. (U.S), Cisco System, Inc. (U.S), Hitachi Ltd (Japan), EMC Corporation(U.S), Hewlett-Packard Inc. (U.S), Global Switch (U.K), CyrusOne (U.S), Telehouse (U.K), and DuPont Fabros Technology(U.S) among others.
Restraints
Data Privacy Issues to act as Market Restraint
Concerns related to data privacy and various standards needs may act as market restraint over the forecast period.
Challenges
High Initial Investment to act as Market Challenge
The high initial investment may act as market challenge over the forecast period.
Market Segmentation
The global Data Center Market is bifurcated based on type, density, and verticals.
By type, the corporate data centers will lead the market over the forecast period.
By density, the extreme segment will dominate the market over the forecast period.
By verticals, the telecom and IT segment will spearhead the market over the forecast period.
Regional Analysis
North America to Head Data Center Market
North America will head the Data Center Market over the forecast period. The growing use of multi-cloud services for specific application services, expansion of the data centres, increasing awareness regarding the customization benefit of multi-cloud services, and adoption in numerous enterprises that helps to improve the performance threshold of the company are adding to the global Data Center Market growth in the region.
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